IBM Launches America's First Quantum Foundry

International Business Machines Corporation (NYSE: IBM ) stock is trading higher by 9% on Thursday as the company disclosed a significant partnership with the U.S. Department of Commerce to establish America’s first purpose-built quantum foundry. This company said that the initiative is expected to enhance the U.S.’s global leadership in quantum technology and boost domestic manufacturing capabilities. As per the deal, IBM and the U.S. Department of Commerce have signed a Letter of Intent to create a new company, Anderon. The new company will focus on quantum wafer production. This venture is backed by a $1 billion investment in CHIPS Act incentives from the government. Alongside this, IBM will invest $1 billion in cash into Anderon, while also contributing key intellectual property, assets, and specialized talent. Based in Albany, New York, Anderon will operate as an independent company and serve as an advanced 300mm quantum wafer foundry. The initiative is intended to strengthen U.S. leadership in the emerging quantum computing industry, which is projected to create up to $850 billion in economic value by 2040. AI-Powered Security Offering Expansion This week, IBM announced the latest expansion of its ... Full story available on Benzinga.com