TradingKey – IBM surged 12.4% on a proposed $1B CHIPS Act quantum foundry award targeting fault-tolerant quantum by 2029. Q1 EPS $1.91 beat, Red Hat AI services launched. Trendline breakout. Target $263–$277.

On May 22, IBM (IBM) rallied 12.43% to $252.97 following news that the Department of Commerce has put forth an award for a CHIPS Act project funding a $1 billion quantum foundry for the United States with the participation of IBM as the leading company. With this award, IBM has been nominated as the nation’s leader in quantum infrastructure, which in turn provides a floor of government demand to a sector of business that has steadily built toward the realization of fault-tolerant quantum computing by 2029.

On a daily chart, IBM has…