Quantum computing stocks are rising today after a key announcement from one of the industry’s leaders.
While the fast-growing artificial intelligence (AI) market tends to overshadow quantum computing, the industry has been growing steadily, with one particular company leading the way. Now this company has reminded investors that while quantum may not be as trendy as AI, it is evolving quickly and offers investors key opportunities.
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Quantum computing may sound complex, but at its core, it simply refers to a type of highly advanced computing that leverages the principles of quantum mechanics to perform tasks at a higher rate than classical systems.
Any investor who follows the sector knows that when one quantum stock catches fire, its peers tend to rise in solidarity. Today, a shocking announcement from one of the sector’s best-known names is boosting several of its peers.
A quantum computing leader just revealed something important
Many tech companies have reported Q1 earnings recently, with overall mixed results. While some of the sector’s leaders have demonstrated a clear ability to withstand the volatile economic conditions, others are struggling and losing ground.
Related: Quantum computing leader has blunt 9-word take on Nvidia stock
However, D-Wave Quantum (QBTS) is among the industry’s biggest Q1 winners, having just reported record quarterly revenue of $15 million, a year-over-year (YOY) increase of more than 500%. It also set records for both Generally Accepted Accounting Principles (GAAP) gross profit and quarterly end cash position, with $13.9 million and $304 million, respectively.
Given the key financial milestones that the company has achieved, it makes sense that QBTS stock would be surging today. As of this writing, it is up 35% for the day and is showing no signs of slowing down. Over the past two quarters, D-Wave has struggled against some volatility but remained mostly in the green.
Considered a leader in the quantum space, D-Wave develops commercial quantum systems and is focused on delivering practical systems with value for consumers. It also provides software and services for consumers who want to use their systems for building applications.
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Other quantum computing stocks such as Quantum Computing, Rigetti Computing, and IonQ are also rising today, but none of their gains are close to D-Wave’s.