Why Arqit Quantum Rallied 26% Today
It took a while to get going, but Arqit Quantum (NASDAQ:ARQQ) shares finally took off following Wednesday morning's news of a new business agreement. Namely, shares of the UK-based cybersecurity outfit ended today's session 26.5% higher on the heels of an announcement that it would be exploring network security opportunities with Juniper Networks (NYSE: JNPR).
If you've never heard of the company, don't sweat it. Arqit Quantum has only been a publicly traded company since late last month when it combined with Centricus Acquisition, a special purpose acquisitions company (SPAC). The deal makes it easier for an organization like Arqit Quantum to raise funds. Trading in the meantime has been volatile, to say the least, although mostly bullish and understandably so.
Arqit Quantum offers encryption solutions for computer networks. It can even defend against a newer type of computing called quantum computing, which could theoretically evade many cyber defense measures being used today. Such a defense may have helped prevent the digital hijacking of oil pipelines operated by the Colonial Pipeline Company in May of this year, which served as something of a wake-up call to the rest of the world.
Source Fool.com
