D-Wave Quantum Inc. (NYSE:QBTS) shares traded lower on Tuesday as quantum stocks experienced volatility ahead of Nvidia Inc’s (NASDAQ:NVDA) Quantum Day, which is set to take place during the Nvidia GPU Technology Conference (GTC) this week.
What To Know: Investor enthusiasm for Nvidia's GTC has been a key driver of quantum and AI-related stocks, with expectations that Nvidia will showcase its next-generation Blackwell Ultra and Rubin chips. Nvidia's data center revenue projections, estimated to more than double by 2027, have fueled market interest but competition from in-house chips developed by companies like Amazon and Google remains a challenge.
Despite overall investor excitement surrounding the Nvidia conference, quantum stocks including D-Wave, have seen increased volatility, with some analysts warning of pump-and-dump schemes and short squeezes in the sector.
A panel discussion featuring D-Wave Quantum, IonQ and Rigetti Computing is set to take place on Thursday.
Economic concerns have also weighed on the broader market, with weaker-than-expected retail sales data adding to investor cautiousness. The potential impacts of tariffs from the Trump administration has also sparked recession fears.
D-Wave Quantum helped drive momentum in the quantum computing space last week after the company reported a more than 500% increase in fourth-quarter bookings. Several analysts also raised price targets on the stock following the company’s quarterly results. The stock appears to be consolidating a bit after surging more than 75% over the past month.
QBTS Price Action: D-wave Quantum shares closed Tuesday down 3.58% at $10.78, according to Benzinga Pro.
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