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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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