Quantum computing stocks surged, led by Rigetti Computing and D-Wave Quantum, following Microsoft's announcement of its new Quantum Ready program for businesses. Rigetti Computing jumped 8%, while D-Wave Quantum rallied more than 17.5%, propelling the sector forward. Microsoft emphasized the significance of this advancement, stating:
"We are at the advent of the reliable quantum computing era." – Microsoft
Amid the quantum computing excitement, several major banks reported robust fourth-quarter results that surpassed analyst expectations. Citigroup's shares gained over 3% after posting earnings of $1.34 per share on revenue of $19.58 billion, surpassing analysts' predictions of $1.22 per share on revenue of $19.49 billion. Similarly, Wells Fargo reported earnings that exceeded Wall Street's projections, leading to a 3.2% increase in its share price. The bank also anticipates a 1%-3% rise in net interest income for 2025 compared to the previous year.
Goldman Sachs delivered a remarkable performance with earnings of $11.95 per share on revenue of $13.87 billion for the period, beating the consensus estimate of $8.22 per share on revenue of $12.39 billion. This success was attributed to a rebound in Wall Street deals and stronger-than-expected trading revenue. BlackRock also reported fourth-quarter results that exceeded expectations, resulting in a rise in its shares by more than 3.7%.
In addition to these financial institutions, JPMorgan Chase posted strong fourth-quarter results, driven by robust performances from its fixed income and investment banking sectors. Digital Realty Trust shares saw a 1.7% increase during thin premarket trading following an upgrade to "buy" from "hold" by Deutsche Bank.
The rise in quantum computing stocks reflects growing investor interest in this cutting-edge technology, fueled by Microsoft's strategic initiative to integrate quantum solutions into business applications. IonQ also experienced a significant gain of 4.8% as part of this broader market trend.
Leave a Reply