D-Wave Systems Inc. (QBTS) stock experienced a significant 15.07% pre-market plunge on Friday, as the recent hype surrounding quantum computing stocks faced a reality check.
QBTS, along with other quantum computing companies like Rigetti Computing (RGTI), saw their share prices surge in the past week after Alphabet Inc. (GOOGL) announced a breakthrough in quantum computing with its new Willow chip. However, the euphoric investor interest drove these stocks to speculative levels that did not accurately reflect the companies' current capabilities and financial stability.
The sell-off in QBTS was further exacerbated by reports that the company's largest investor, the Public Sector Pension Investment Board (PSP), had sold nearly $80 million worth of QBTS shares from December 10th to 12th at an average price of $4.29 per share. This significant insider selling eroded investor confidence in the company's near-term prospects, contributing to the stock's decline.
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