Jul. 27 at 2:53 PM
$QBTS "Shares of D-Wave Quantum Inc. (NASDAQ: QBTS) are surging today, up over 15.3% to
$18.69. The sudden breakout is driven by a massive, high-profile commercial expansion with a major telecom provider, alongside a high-profile corporate milestone. Despite today's rally, the stock is emerging from a volatile period, down roughly 23% year-to-date prior to today’s news due to a broader tech and high-beta sector rotation.
The stock is soaring after D-Wave announced that AT&T is significantly expanding its use of D-Wave’s quantum annealing technology. In early applications, AT&T revealed that D-Wave’s hardware slashed processing times for complex network optimization workloads from one hour down to under 15 seconds (a 240x speed up).
Capitalizing on the news, analysts at Benchmark initiated coverage on QBTS today with a "Buy" rating and a
$30 price target, validating the stock's massive commercial momentum."
