D-Wave Quantum Stock Soars Further After Breakthrough Claim

Key Takeaways

Shares of D-Wave Quantum (

QBTS

) were on track for a fresh record closing high Monday following last week’s
announcement
that its quantum computer bested a supercomputer in a special task.

D-Wave said in a press release last Wednesday announcing the publication of “a scientific breakthrough” in the journal

Science

that its “annealing quantum computer outperformed one of the world’s most powerful classical supercomputers in solving complex magnetic materials simulation problems with relevance to materials discovery.”

CEO Dr. Alan Baratz called it “an industry first,” arguing that D-Wave’s “annealing quantum computers are now capable of solving useful problems beyond the reach of the world’s most powerful supercomputers.”

Since the announcement, shares of D-Wave Quantum have roughly doubled, trading today up 7% to $10.87. Shares of another company in the sector, Quantum Computing (

QUBT

), have also gotten a boost from D-Wave’s announcement, rising nearly 20% Monday to $8.47.

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