We recently compiled a list of the 10 Hottest Stocks: What’s Fueling Their Rise. In this article, we are going to take a look at where D-Wave Quantum Inc. (NYSE:QBTS) stands against the other stocks that skyrocketed yesterday.
Ten companies—predominantly involved in the quantum computing sector—have taken the spotlight on Thursday, booking significant gains despite a lackluster performance from Wall Street’s main indices.
To come up with Thursday’s top gainers, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.
A modern computer datacenter, running an advanced quantum computer system.
D-Wave Quantum Inc. (NYSE:QBTS)
Shares of D-Wave Quantum (QBTS) rallied by 24.53 percent on Thursday to close at $9.90 apiece, with the booming quantum computing industry continuing to create a domino effect on quantum computing stocks, including D-Wave.
Year-to-date, it registered an impressive growth of 1,107 percent from the $0.82 registered on January 2.
D-Wave Quantum, a Canada-based firm that designs and sells quantum computing systems and provides a quantum-as-a-service (QaaS) platform, has been capitalizing on the recent surge in quantum advancements.
Analysts believed that Google’s Willow chips and Amazon’s Embark quantum advancements have sparked a broader rally in the quantum stocks at large, including D-Wave.
It is also worth noting that US lawmakers recently announced $2.7 billion in government funding to supercharge quantum innovation across computing, sensing, and communications.
Overall QBTS ranks 3rd on our list of the stocks that skyrocketed yesterday. While we acknowledge the potential of QBTS as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than QBTS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Disclosure: None. This article is originally published at Insider Monkey.