D-Wave Quantum Inc., a leading provider of quantum computing systems, software, and services, is set to join the Russell 3000 Index, a benchmark for the US stock market. The inclusion, effective from July 1, 2024, reflects D-Wave’s leadership in commercial quantum computing. The Russell 3000 Index, determined by FTSE Russell, captures the 4000 most extensive US stocks, ranked by market capitalization. Dr. Alan Baratz, CEO of D-Wave, believes this will increase visibility among the global investor community for their innovative quantum solutions.
D-Wave Quantum Inc. to be Included in Russell 3000® Index
D-Wave Quantum Inc., a company specializing in quantum computing systems, software, and services, has announced its forthcoming inclusion in the broad-market Russell 3000® Index. This development is set to take effect at the opening of US equity markets on Monday, July 1st, 2024, following the annual reconstitution of the 2024 Russell US Indexes. D-Wave Quantum Inc. is recognized as the world’s first commercial supplier of quantum computers.
The Russell US Indexes Reconstitution is an annual event that captures the 4000 largest US stocks as of Tuesday, April 30th, 2024, ranking them by total market capitalization. Inclusion in the Russell 3000® Index, which lasts for one year, automatically qualifies a company for inclusion in either the large-cap Russell 1000® Index or the small-cap Russell 2000® Index, as well as the appropriate growth and value style indexes. FTSE Russell, a leading global index provider, determines membership for its Russell indexes primarily based on objective, market-capitalization rankings, and style attributes.
The Significance of Joining the Russell 3000 Index
Dr. Alan Baratz, CEO of D-Wave, expressed his appreciation for the company’s inclusion in the Russell 3000 Index, which he views as a significant benchmark for the US stock market. This development is seen as a testament to D-Wave’s role in advancing the commercial application of quantum computing. It is also expected to enhance the company’s visibility among the global investor community.
Russell indexes are extensively utilized by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. As of the end of December 2023, approximately $10.5 trillion in assets were benchmarked against the Russell US indexes, which are part of FTSE Russell.
The Role of Russell Indexes in the US Economy
The Russell indexes, now in their 40th year, continue to evolve to reflect the dynamic US economy. Fiona Bassett, CEO of FTSE Russell, an LSEG Business, emphasized the importance of annual rebalancing in establishing accurate benchmarks. This process ensures that the indexes accurately represent their designated market segments and remain unbiased regarding size and style.
About D-Wave Quantum Inc.
D-Wave Quantum Inc. is a company that specializes in the development and delivery of quantum computing systems, software, and services. It is recognized as the world’s first commercial supplier of quantum computers. D-Wave is the only company that builds both annealing quantum computers and gate-model quantum computers. The company’s mission is to harness the power of quantum computing to benefit businesses and society. It achieves this by providing practical quantum applications for various problems, including logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling.
FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors. It offers a precise view of the market relevant to the investment process. FTSE Russell’s indexes are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers, and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives. FTSE Russell is wholly owned by the London Stock Exchange Group.
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