Quantum Computing Inc. (NASDAQ: QUBT) shares bounce over 40 per cent on Wednesday, bolstered on the back of good news regarding its second purchase order for its thin film lithium niobate (TFLN) photonic chip foundry from the University of Texas at Austin.
The University of Texas at Austin will use the order to advance chip-scale acoustic and cross-domain microsystems by leveraging the scalable industrial processes provided by the QCi Foundry.
QCi will apply its standard TFLN processing recipes to conduct a custom fabrication run tailored to the University’s research group. This collaboration paves the way for broader applications of TFLN in micro electromechanical systems, showcasing its versatility as a material system and reinforcing its role as a key enabler for next-generation photonics and beyond.
The broader quantum computing market has seen a surge in activity, with competitor IonQ announcing advancements in hybrid quantum computing. This announcement has likely bolstered investor confidence in the potential of the quantum computing sector, indirectly benefiting Quantum Computing Inc. by drawing attention to promising technologies within the industry.
“This strategic collaboration with the University of Texas at Austin underscores the expanding capabilities and commercial viability of the QCi Foundry, which has been designed to meet the increasing demand for signal processing, sensing, and computing applications as well as advanced acoustic systems for volume deployment,” said Dr. William McGann, Chief Executive Officer at QCi.
QCi recently secured its first Asian order for its TFLN photonic chip foundry, set to begin production in Tempe, Arizona, by Q1 2025, cementing its market leadership.
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Options trading spikes over 4000 per cent
Quantum Computing Inc. designs quantum machines that are accessible, affordable, and operate at room temperature with low power. Its portfolio includes products for high-performance computing, artificial intelligence, cybersecurity, and remote sensing.
Options trading activity around the company has also spiked, with a 4,315 per cent increase in volume.
This unusual trading surge suggests traders anticipate significant stock price movement, which has likely drawn increased attention and speculative investment.
Strategic partnerships like this one demonstrate both the tech and the company’s expanding role in research and development sectors.
The company recently raised USD$40 million in a public stock offering, achieving a significant financial milestone. This infusion of capital supports the company’s ongoing initiatives, including its quantum photonic chip foundry, which remains on track to begin operations in 2025.
The company also secured a new contract with NASA to develop cost-effective quantum remote sensing technology for spaceborne LIDAR imaging.
This collaboration highlights Quantum Computing Inc.’s growing role in advancing quantum technologies for aerospace applications.
Additionally, the company extended its partnership with Los Alamos National Laboratory to further develop the Dirac-3 quantum optimization machine.
Despite these advancements, the company faces potential delisting from the Nasdaq due to non-compliance with a listing rule. The company is actively addressing this challenge to maintain its presence on the exchange.
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