Why Xanadu Quantum Technologies Stock Jumped 17% Today
Shares of Xanadu Quantum Technologies (NASDAQ:XNDU) soared on Tuesday morning, slowing a deep downtrend over the last month. As of 11:25 a.m. ET, the Canadian quantum computing company was up by 16.8%.
The company announced a multi-year partnership with GlobalFoundries (NASDAQ:GFS), co-developing a large-scale manufacturing process for Xanadu’s photonic quantum computing chips.
Photonic quantum computers run on light, and reading their answers means counting photons one at a time. Xanadu does that with superconducting nanowire single-photon detectors (SNSPDs). It then routes the photons through ultra-low-loss silicon nitride circuits that work like optical circuit boards. Both technologies are now headed for GlobalFoundries’ 300 mm production line in Malta, New York.
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