Here’s Why D-Wave Quantum Inc. (NYSE:QBTS) Is Skyrocketing

We recently compiled a list of the Investor Optimism Boosts Jump of These 10 Stocks. In this article, we are going to take a look at where D-Wave Quantum Inc. (NYSE:QBTS) stands against the other stocks.

Wall Street’s main indices ended Monday’s trading session on a mixed note, with the Dow Jones Industrial Average the only decliner, dipping by 0.06 percent or 25.57 points to close at 42,706.56.

In contrast, the S&P 500 and Nasdaq Composite both registered gains, up 0.45 percent and 1.24 percent, respectively.

Monday’s overall rally was largely driven by strong performances in the bitcoin mining and quantum computing sectors, with 10 companies seeing notable gains.

To come up with the day’s top advancers, we considered only the stocks with 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 Inc. rose by 11.71 percent on Monday to end at $10.21 each as investors resorted to bargain hunting following a decline in Friday’s trading.

Investor sentiment was also boosted by news that Foxconn, a fellow semiconductor firm, reported a record high revenue of $64.7 billion, marking a 15.2-percent increase, at T$2.13 trillion on the back of booming orders for artificial intelligence servers. Official figures beat analyst estimates.

In addition, investors are also waiting on the sidelines for any updates on the company’s participation in the 27th Annual Needham Growth Conference on January 14.

Its CEO, Dr. Alan Baratz is expected to address a variety of topics related to the company’s leadership position in the quantum computing industry, including its technical progress, why quantum optimization is the killer use case for quantum computing, how its annealing technology is increasingly used in customer production deployments, and the convergence of quantum computing and AI.

Overall QBTS ranks 8th on our list of the stocks that soared today. 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.

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Disclosure: None. This article is originally published at Insider Monkey.