D-Wave Quantum Inc. (QBTS) stock soared 13.53% in pre-market trading on Wednesday, driven by renewed optimism surrounding the company's commercial progress and future prospects in the quantum computing space.
The surge came after D-Wave CEO Alan Baratz refuted remarks from tech leaders like Nvidia's Jensen Huang and Meta's Mark Zuckerberg, who expressed skepticism about the near-term usefulness of quantum computing. Baratz emphasized that D-Wave's quantum annealing technology is already solving real-world problems for clients, highlighting the company's work with Pattison Food Group and NTT DOCOMO.
Fueling the rally further were positive analyst ratings and price target increases from firms like B. Riley and Benchmark. Analysts cited D-Wave's potential in the quantum computing market, the sale of its first Advantage quantum computer to a customer, and the company's recent capital raise at a higher share price, which reduced expected dilution. Benchmark particularly noted the customer purchase as validation of accelerating market demand for quantum technology.
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