South Korea Quantum Computing Stocks Surge on US $2 Billion Support Plan
Summary
- Quantum computing-related stocks are surging after the U.S. Commerce Department announced plans to provide a total of $2 billion to nine companies, including IBM and GlobalFoundries.
- In South Korea, quantum computing theme stocks including KCS, Wooriro, and Xgate are posting double-digit gains.
- Funding under the CHIPS Act is lifting quantum computing-related shares, with IBM jumping 12.43%% overnight in New York trading.
Forecast Trend Report by Period
Quantum computing-related stocks in South Korea surged after the U.S. Commerce Department unveiled plans to provide a total of $2 billion to nine companies in the sector, including IBM and GlobalFoundries.
As of 9:19 a.m. on May 22, KCS was trading at 17,820 won, up 4,110 won, or 29.98%, from the previous session. Wooriro rose 2,290 won, or 26.44%, to 10,950 won, while Xgate climbed 4,380 won, or 25.66%, to 21,450 won.
Other quantum computing theme stocks were also sharply higher, including Dream Security, up 21.94%; Woorinet, up 19.43%; Kowever, up 17.21%; RaonSecure, up 15.51%; Solid, up 13.91%; and Opticis, up 11.49%.
The rally followed news that the U.S. government would support quantum computing-related companies with funding from the CHIPS Act, the semiconductor law enacted in 2022.
IBM reached an agreement with the U.S. government to receive $1 billion to establish the first quantum semiconductor foundry in the U.S. Its shares jumped 12.43% overnight in New York trading.
GlobalFoundries, a contract chipmaker, is also set to receive $375 million.
Han Kyung-woo, Hankyung.com reporter, case@hankyung.com
