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Takeaways
- D-Wave Quantum on Tuesday The market reversed its course after a recent rally and gave up the 10% it gained on Monday.
- The stock value had nearly doubled since last week, when the company announced it had made an important breakthrough with its quantum computing system.
- Tuesday, other quantum computing stocks fell as well.
D-Wave Quantum shares (QBTS), which had gained Monday, fell Tuesday morning. This halted a rally that began after the company announced last week that it had achieved a breakthrough.
The CEO of the company said that it was a “remarkable moment for quantum computing” when its quantum computer outperformed a powerful, high-performance supercomputer at solving complex simulation problems.
This rally continued through Monday. The stock gained another 10%, reaching $11.18, the highest close since August 20,22. Tuesday, the momentum reversed with shares falling more than 8 percent.
The announcement of last week comes after months of optimism in the quantum computing industry, as tech giants Microsoft(MSFT), Amazon(AMZN) and Alphabet (GOOGL), Google have each showcased its own quantum computing chip since December.
Tuesday’s sell-off also affected other stocks in the quantum computing sector. Rigetti, Quantum Computing and IonQ all fell Tuesday morning.
