D-Wave Quantum (QBTS) Drops on Profit-Taking
D-Wave Quantum dropped its share prices by 3.33 percent at intraday trading on Thursday, as investors continued to book profits following Nvidia Corp. CEO Jensen Huang's optimistic comments about the quantum computing industry.
At a conference in Paris on Wednesday, Huang said that quantum computing was reaching an inflection point, sparking an intraday rally among quantum computing stocks before slight profit-taking pulled their share prices back.
A modern computer datacenter, running an advanced quantum computer system.
According to Huang, the world is within reach of being able to use quantum computers to be applied in areas and solve interesting problems in the coming years.
In recent news, D-Wave Quantum Inc. (NYSE:QBTS) announced plans to raise as much as $400 million to fund general corporate purposes, including working capital, capital expenditures, and possible acquisitions and expansion plans.
This followed another $95.8 million previously through the issuance of 8.33 million warrants at a price of $11.50 apiece.
The warrants were assumed by D-Wave Quantum Inc. (NYSE:QBTS) in connection with its merger with DPCM Capital Inc., which was completed on August 5, 2022.
While we acknowledge the potential of QBTS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
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