D-Wave Quantum Stock Tumbles, Giving Back Monday Gains

Key Takeaways

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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