Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.5%), and DJIA (-0.2%) continue to trade in a relatively stable range.

IBM (IBM 242.08, +17.08, +7.59%) is sharply higher today after the company announced a letter of intent to build an American quantum chip foundry, securing the nation's global quantum leadership and fueling the country's growing quantum ecosystem. The CHIPS incentive from the Department of Commerce will support the research and development efforts of a new IBM company: Anderon, which will be America's first pure-play quantum foundry. This initiative represents one of the most significant commitments by the U.S. Government to date in quantum R&D to position the United States to manufacture most of the world's quantum wafers.

In addition to the $1 billion in CHIPS incentives provided by the Department of Commerce, IBM will contribute $1 billion of cash into Anderon, along with IBM investing significant intellectual property, assets, and a skilled workforce, with additional investors expected as Anderon grows.