Shares of D-Wave Quantum (NYSE: QBTS) surged 47% on Friday, capping a five-day rally that saw the stock climb 93%. The spike followed the company’s unveiling of a stronger-than-expected revenue forecast for the current quarter on Thursday.
The momentum was further supported by a peer-reviewed paper published in Science, which highlighted D-Wave’s quantum computer outperforming one of the world’s most powerful classical supercomputers. This breakthrough has captured investors’ attention and contributed to the stock’s recent climb.
Other quantum computing companies also saw gains on Friday. Quantum Computing (NASDAQ: QUBT) rose 29%, IONQ (NYSE: IONQ) added 17%, and Rigetti Computing (NASDAQ: RGTI) increased 28.3%, reflecting broader optimism in the sector.
Quantum computing is gaining attention for its superior speed and efficiency compared to traditional systems. The technology can perform parallel operations, predict multiple outcomes simultaneously, and store enormous amounts of data. Microsoft’s (NASDAQ: MSFT) recent unveiling of a new quantum chip has also added to the buzz surrounding its potential.
Needham analyst N. Quinn Bolton weighed in on D-Wave Quantum stock (NYSE: QBTS) performance, stating,
“D-Wave closed 2024 on a high note. The company achieved quantum supremacy on a real-world magnetic materials simulations problem, meaningfully strengthened its balance sheet, and announced its first-ever Advantage system sale.”
He maintained a Buy rating on the stock with an $8.50 price target.
Bolton pointed to several key factors behind the optimism, including the scientific publication, a system sale to the Julich Supercomputing Center, the calibration of a third 4,400-qubit Advantage2 processor, and a cash balance now topping $300 million—all of which contribute to the positive outlook and stock movement.
