We recently compiled a list of the 10 Firms Mirror Broader Market Downturn Ahead of 2025. In this article, we are going to take a look at where D-Wave Quantum Inc. (NYSE:QBTS) stands against the other firms that mirror broader market downturn ahead of 2025.
Ten companies mirrored a wider market downturn on Monday, as investors repositioned their portfolios in preparation for 2025.
On Monday, the Dow shed 0.97 percent or 418 points, while the S&P’s broader index decreased 0.95 percent or 56.48 points. The tech heavy Nasdaq registered the biggest decline, down 1.19 percent or 235.24 points.
In this article, let’s look at why some of the relatively larger-cap companies declined and what dragged down the performance of their shares.
A modern computer datacenter, running an advanced quantum computer system.
D-Wave Quantum Inc. (NYSE:QBTS)
Shares in D-Wave Quantum Inc. (NYSE:QBTS) decreased by 6.16 percent on Monday to end at $9.30 apiece, as investors sold off positions while waiting for further catalysts to bolster trading appetite.
Despite the decline, the company’s current valuation still marked a 16.32-percent increase in the past five days and an impressive 237-percent jump in the past 30 days, bolstered by quantum advancements led by Google’s Willow chips and Amazon’s Quantum Embark.
Analysts believe that prospects for the company remained robust especially with the quantum computing sector expected to be at the forefront of technological advancements, particularly AI, over the next few years.
US lawmakers also announced support for quantum computing development, recently promising $2.7 billion in government funding to supercharge quantum innovation across computing, sensing, and communications.
Overall, QBTS ranks 9th on our list of firms that mirror broader market downturn ahead of 2025. 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 time frame. 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.
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Disclosure: None. This article is originally published at Insider Monkey.