Key Takeaways
- D-Wave Quantum shares on Tuesday reversed course from a recent rally, giving up the 10% they gained Monday.
- The stock had roughly doubled in value since the company said it had made a breakthrough with its quantum computer last week.
- Other quantum computing stocks were also moving lower Tuesday morning.
Shares of D-Wave Quantum (QBTS) sank Tuesday morning, giving back the stock’s Monday gains and halting a rally that started when the company said it had made a breakthrough last week.
The company last week said its quantum computer had outperformed a powerful supercomputer in solving complex simulation problems, as its CEO called the moment a “remarkable day for quantum computing.”
That rally had extended through Monday, with the stock gaining another 10% to $11.18, its highest close since August 2022. That momentum has reversed Tuesday, with shares down more than 8%.
The announcement last week came after months of optimism for the quantum computing industry as tech giants Microsoft (MSFT), Amazon (AMZN), and Alphabet’s (GOOGL) Google have each showcased their own quantum computing chips since December.
Tuesday’s pullback was also affecting other quantum computing stocks, with Rigetti (RGTI), Quantum Computing (QUBT), and IonQ (IONQ) each down Tuesday morning.
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