Quantum computing stocks continued to pop as investors mulled President Donald Trump's first moves, including an executive order that eased artificial intelligence regulation.
President Donald Trump on Tuesday announced a major investment in artificial-intelligence infrastructure that calls for OpenAI, SoftBank Group Corp. and Oracle Corp. to create a joint venture named Stargate that will focus on data centers and other infrastructure projects.
Many tech industry pundits expect long-range synergy between artificial intelligence, which requires enormous computing power, and quantum computing.
Shares of Rigetti Computing soared 11.5%. QUANTUM CORP up 4.8%; D-Wave Quantum Inc. up 3%.
Trump on Monday canceled the Biden administration's 2023 executive order that required companies developing advanced AI models to share information with the U.S. government.
Quantum computing would pose serious competition to Nvidia in processing artificial intelligence workloads. Nvidia is the dominant supplier of AI chips but also is developing quantum technology.
Also, quantum stocks rallied in December after Alphabet's Google announced the Willow quantum computing chip. Google has been a leader in quantum research.
Advances in quantum computing are expected to surpass today's electronic-chip-based supercomputers. Quantum computing works on a subatomic level and uses exotic technologies, like supercold superconductor chips. Quantum computing's ultimate benefit is that it solves problems too complex for today's classical computers.
Further, Trump has named former PayPal Holdings executive and Silicon Valley venture capitalist David Sacks as his artificial intelligence and cryptocurrency czar. Further, Sacks is an associate of Tesla and SpaceX founder Elon Musk, who has emerged as a key advisor to Trump.
