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The Trump administration’s reported decision to award $2 billion in grants to leading quantum-computing companies marks one of the strongest signals yet that quantum technology has moved from experimental science into the realm of national strategic infrastructure.

According to a Reuters report citing the Wall Street Journal, the U.S. Department of Commerce is expected to distribute funding across nine companies, with major allocations going to IBM and GlobalFoundries, while firms including D-Wave Quantum, Rigetti Computing, and Infleqtion are also expected to receive substantial support.

What makes the initiative especially notable is the structure of the investment. The U.S. government is reportedly taking equity stakes in participating firms, expanding a strategy already used in semiconductor manufacturing and critical minerals. The move reflects growing concern in Washington over technological competition with China and the need to secure domestic leadership in emerging computing systems.

Quantum computing has long been viewed as a transformative technology capable of solving highly complex mathematical and optimization problems that classical computers struggle to process efficiently. Potential applications range from pharmaceutical discovery and financial modeling to logistics, cybersecurity, and advanced defense systems.

Yet the industry remains in an early and technically difficult phase. Current quantum systems still devote enormous computational resources to error correction, limiting practical large-scale deployment. That challenge has kept the sector largely speculative despite years of investor enthusiasm.

The latest federal backing could change that dynamic.

Government participation provides not only funding, but also validation. Markets responded immediately, with shares of several quantum-related companies reportedly rising between 7% and 21% in premarket trading following the news.

While much of the attention remains focused on hardware developers and chipmakers, the broader quantum ecosystem is beginning to attract increasing interest. Analysts are now watching companies involved in quantum software, infrastructure, cybersecurity integration, and specialized enabling technologies that could support commercial adoption over the next decade.

The larger companies are using different fundamental approaches to Quantum computation. Among the emerging names being discussed within the sector is Delta Gold Technologies (AQSE:DGQ) (USOTC:DGQTF), which is working with Penn State in the USA and University of Toronto, Canada on a new way to make the fundamental building block called a qubit. 

As government-backed investment accelerates across the quantum space, smaller and mid-stage technology firms connected to supporting architectures, data security, and next-generation processing environments may increasingly benefit from sector-wide momentum.

The administration’s investment strategy also underscores a broader shift in industrial policy. Rather than relying solely on private capital markets, Washington appears increasingly willing to act as a direct strategic investor in technologies considered vital to economic competitiveness and national security.

That approach could reshape the development timeline for quantum computing in the United States.

For decades, quantum research was largely confined to universities and specialized laboratories. Today, it is becoming a geopolitical priority, an industrial policy objective, and potentially one of the defining technology races of the next generation.

If the current funding wave succeeds in accelerating breakthroughs in stability, scalability, and error correction, the sector could move significantly closer to commercial viability. And as the ecosystem matures, companies operating adjacent to the core hardware layer, including firms like Delta Gold Technologies, may find themselves increasingly relevant participants in a rapidly expanding strategic industry.

Mitchells & Butlers (LSE:MAB) shares fell more than 5% on Thursday after the pub and restaurant group reported a sharp slowdown in recent like-for-like sales growth, despite first-half earnings broadly matching market expectations.

The company, which owns brands including Harvester, Miller & Carter and Toby Carvery, generated adjusted operating profit of £181 million for the 28 weeks ended April 11, unchanged from the same period last year.

The result was broadly in line with analyst expectations, compared with forecasts of £182 million from both Morgan Stanley and Visible Alpha consensus estimates.

Revenue increased to £1.49 billion from £1.45 billion a year earlier, although this came in slightly below analyst forecasts of between £1.50 billion and £1.51 billion.

Like-for-like sales rose 3.3% during the first half, supported by strong trading in the first quarter when growth reached 4.5%. However, momentum slowed during the second quarter, where comparable sales growth eased to 1.8%.

For the 30 weeks to April 25, like-for-like sales growth stood at 3%.

The company said growth slowed further to just 1.1% in the most recent three-week period, attributing the weaker performance to “a strong prior year comparative, which benefited from favourable weather alongside some indications of macroeconomic pressures and, more recently, disruption from tube strikes.”

Adjusted earnings per share came in at 17.4 pence, slightly ahead of Morgan Stanley’s forecast of 17.1 pence but below the Visible Alpha consensus estimate of 17.8 pence.

Adjusted pre-tax profit totaled £139 million, compared with analyst estimates ranging from £138 million to £143 million.

Adjusted EBITDA reached £256 million, exceeding both Morgan Stanley’s £254 million estimate and the Visible Alpha consensus forecast of £251 million.

The group’s adjusted operating margin narrowed by 0.3 percentage points to 12.1%.

“The company puts weakness down to unhelpful weather, tube strikes and some broader macro uncertainty, but sounds upbeat on the outlook. We currently model FY26e LfL sales +3.5% which implies an improvement to +3.7% in H2, which looks a tad ambitious,” Morgan Stanley said.

Mitchells & Butlers said full-year cost headwinds are now expected to total around £120 million before mitigation measures, equivalent to roughly 5.5% of the company’s cost base and around £10 million lower than previous guidance.

Management added that approximately 60% of those cost pressures are expected to fall within the first half of the financial year.

Looking ahead to fiscal 2027, the company expects annual cost headwinds before mitigation to moderate to around £95 million, representing approximately 4% of the cost base.

Net debt excluding leases fell to £747 million from £860 million a year earlier.

Cash inflow before bond amortisation totaled £98 million compared with £131 million in the prior-year period, while capital expenditure increased to £117 million from £92 million.

Mitchells & Butlers currently operates 1,712 locations across the UK and Germany, including 1,638 directly managed sites.

Oil markets recovered on Thursday, with prices climbing more than 1% after steep losses in the previous session, as investors continued to monitor uncertainty surrounding peace negotiations between the United States and Iran while falling inventories and supply concerns provided additional support.

By 06:18 GMT, Brent crude futures were up US$1.27, or 1.21%, at US$106.29 per barrel, while U.S. West Texas Intermediate crude futures gained US$1.29, or 1.31%, to US$99.55 per barrel.

Both benchmarks had plunged more than 5.6% on Wednesday to their lowest levels in over a week after President Donald Trump said negotiations with Iran were in the “final stages,” although he also warned that additional attacks could follow if Tehran refused to accept a peace agreement.

“The oil market remains overly sensitive to Iran-related headlines, with participants continuing to pin considerable hope on reports that talks between the U.S. and Iran are progressing,” ING analysts said in a note Thursday.

“We’ve been in this situation multiple times before, which ultimately led to disappointment,” they added, while forecasting an average Brent crude price of US$104 per barrel during the current quarter.

Iran responded by warning against further military action and announced new measures aimed at strengthening its control over the Strait of Hormuz, the strategic maritime passage that before the conflict handled oil and liquefied natural gas shipments equivalent to around 20% of global demand.

On Wednesday, Tehran announced the creation of a new “Persian Gulf Strait Authority,” stating that a “controlled maritime zone” would be enforced within the Strait of Hormuz.

Iran effectively shut the strait following U.S. and Israeli strikes that triggered the conflict on February 28. Although most military activity has eased since a ceasefire was reached in April, Iran continues restricting maritime traffic through Hormuz while the United States maintains a blockade along Iran’s coastline.

The disruption to supplies from the critical Middle Eastern energy-producing region has forced governments to draw heavily on both strategic and commercial reserves, increasing concerns over rapidly shrinking inventories.

According to the U.S. Energy Information Administration, the United States withdrew nearly 10 million barrels from its Strategic Petroleum Reserve last week, marking the largest weekly drawdown on record.

Additional support for crude prices came from EIA data showing a sharper-than-expected decline in U.S. oil inventories, reinforcing concerns about ongoing supply disruptions.

“The drawdown in oil inventories will make it difficult for oil prices to remain low,” said Mingyu Gao, chief researcher for energy and chemicals at China Futures.

“With the Strait of Hormuz blocked, global refined-product and onshore crude inventories are expected to fall below their lowest levels for this time of year in the past five years by late May and late June.”

Gold prices traded modestly lower on Thursday as markets weighed optimism over a possible diplomatic breakthrough between the United States and Iran against the pressure of elevated bond yields and a resilient U.S. dollar.

By 05:33 ET (09:33 GMT), spot gold was down 0.2% at US$4,536.09 an ounce, while gold futures declined 0.5% to US$4,536.01 an ounce.

Investor sentiment has increasingly focused on hopes that negotiations could bring an end to the conflict between Washington and Tehran, which has continued for more than two months. President Donald Trump said the United States was in the “final stages” of discussions surrounding a draft peace agreement, although he cautioned that tensions could escalate again, warning that “we’re going to do some things that are a little bit nasty” if talks fail.

Iran has meanwhile stated that it is reviewing the latest proposals submitted by Washington aimed at ending the war.

Markets remain especially attentive to any developments that could reopen the Strait of Hormuz, the crucial shipping corridor off Iran’s southern coastline that has been largely shut to tanker traffic since the outbreak of the conflict in late February. Shipping data referenced in media reports earlier this week indicated that some vessels have recently resumed passage through the route.

Brent crude futures, the global benchmark for oil prices, were last trading lower at US$103.97 a barrel after retreating from levels around US$110 following Trump’s remarks about a potential agreement. Despite the decline, oil remains substantially above pre-conflict levels near US$70 a barrel.

Concerns continue to circulate that a prolonged Middle East conflict could reignite global inflation through higher energy prices, potentially prompting central banks to keep interest rates elevated or tighten policy further.

Gold, which does not generate yield, often struggles to compete in high-rate environments.

At the same time, demand for the U.S. dollar as a safe-haven asset during the geopolitical crisis has reduced some of gold’s appeal. Some investors believe the United States could be comparatively insulated from rising oil prices because of its role as a major energy exporter. A stronger dollar also makes gold more expensive for holders of foreign currencies.

Other precious metals also weakened, giving back part of their recent gains. Spot platinum fell 0.3% to US$1,949.70 per ounce, while spot silver dropped 0.6% to US$75.4065 per ounce.

“Base metals are starting the morning on a cautious footing as markets continue to balance shifting geopolitical signals with a softer macro backdrop,” analysts at Britannia Global Markets said in a note.

French videogame publisher Ubisoft (EU:UBI) warned on Wednesday that it expects another difficult financial year ahead after reporting a record operating loss for the year ended March 2026, intensifying pressure on the company as it continues its restructuring efforts.

The group posted an International Financial Reporting Standards (IFRS) operating loss of €1.3 billion (US$1.40 billion), which chief financial officer Frederic Duguet described during a press call as a record result for the company. Net bookings declined 17.4% year-on-year to €1.53 billion.

Investor reaction was sharply negative, with Ubisoft shares falling more than 15% in early Thursday trading by 08:04 GMT.

Looking ahead, Ubisoft said it expects revenue in 2026-27 to decline by around 8% to 9%, while forecasting a high single-digit operating loss margin and potential cash burn of up to €500 million. Management said the company aims to return to profitability and positive free cash flow in 2027-28, supported by a stronger pipeline of game releases and expansion in live-service multiplayer titles designed to encourage long-term player spending, similar to Riot Games’ “League of Legends.”

The company added that it currently has sufficient liquidity to meet near-term debt obligations and confirmed it is in discussions with lenders regarding refinancing upcoming maturities.

“Ubisoft appears to be responding to the (difficult) market environment, but with significant uncertainties around delivery as well as effectiveness of the new operational structure, we expect the risk-reward to remain wide,” Morgan Stanley analysts commented on the stock in a post-earnings note.

Ubisoft also announced that Nicolo Laurent, former chief executive of Tencent-owned Riot Games, will join Vantage Studios — the Tencent-Ubisoft partnership overseeing Ubisoft’s major franchises — as a special adviser.

The publisher said first-quarter net bookings are expected to reach around €250 million, ahead of the launch of “Assassin’s Creed Black Flag Resynced,” a remake of the company’s 2013 Caribbean-themed hit title.

As part of its restructuring programme, Ubisoft reduced its workforce by around 1,200 employees over the past year, leaving total headcount at approximately 16,600 staff. The group also cut fixed costs by €118 million to €1.435 billion during 2025-26 and is targeting a further reduction to €1.25 billion by March 2028 as it works to stabilise cash flow generation.