US, China escalate quantum race with rival investment drives
The US and China are intensifying their competition in the quantum computing sector. Following a US$2 billion funding announcement for American firms, Chinese quantum stocks have surged, indicating a likely response from Beijing. Analysts predict that this funding will accelerate China's investment in quantum technology, which is already a priority in its development plans.
- ▪Shares of Chinese quantum companies rose significantly after the US announced a funding package for its firms.
- ▪The US funding, totaling US$2.013 billion, aims to support domestic quantum foundries and computing companies.
- ▪China has been making advancements in quantum technology, launching new superconducting quantum computers and other innovations.
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Shares of key Chinese quantum computing companies have surged about 20% over two trading days after Washington announced a US$2 billion funding package for nine US firms, as investors bet that Beijing would respond with its own push to keep pace in the global race for quantum supremacy. Quantum CTEK surged 19% to 641.08 yuan (US$88.70) in just two trading days on May 22 and 25. GuoChuang Software gained nearly 18% to 40.24 yuan, while Koal Software rose 9.5% to 20.97 yuan. The rally mirrored a sharp move in US quantum stocks as Infleqtion soared more than 30%, Rigetti Computing jumped over 63%, D-Wave surged roughly 53% and IBM gained around 13% in the two trading days after Washington announced the funding package. China’s quantum sector had already been building momentum this month.
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