Quantum stocks Rigetti Computing and D-Wave surged double digits this week. Here’s what’s driving the big move

Quantum computing stocks are wrapping up a big week of double-digit gains.

Shares of Rigetti Computing, D-Wave Quantum and Quantum Computing have surged more than 20%. Rigetti and D-Wave Quantum have more than doubled and tripled, respectively, since the start of the year. Arqit Quantum skyrocketed more than 32% this week.

The jump in shares followed a wave of positive news in the quantum space.

Rigetti said it had purchase orders totaling $5.7 million for two of its 9-qubit Novera quantum computing systems. The owner of drugmaker Novo Nordisk and the Danish government also invested 300 million euros in a quantum venture fund.

In a blog post earlier this week, Nvidia also highlighted accelerated computing, which it argues can make “quantum computing breakthroughs of today and tomorrow possible.”

Investors have piled into quantum computing technology this year, as tech giants Microsoft, Nvidia and Amazon have embraced the technology with a wave of new chip announcements, multimillion-dollar investments and research plans.

Smaller companies have also made strides.

Earlier this year, Maryland-based IonQ bought U.K.-based quantum computing startup Oxford Ionics in a roughly $1.1 billion deal, while Finland-based IQM said it raised $320 million in funding last month.

Proponents argue that quantum computing can solve problems too complex for regular computers and parse larger quantities of data. But critics say there’s more work ahead before the technology successfully hits the market.

Google Quantum AI’s director of hardware Julian Kelly told CNBC in March that the technology is “five years out from a real breakout.”

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