We recently published an article titled These 10 Stocks Defied Tuesday’s Bloodbath. In this article, we are going to take a look at where D-Wave Quantum Inc. (NYSE:QBTS) stands against the other stocks.
The stock market fell further into negative territory on Tuesday as trade tensions between the US and its largest trading partners continued.
The Dow Jones fell the most, losing 1.55 percent, while the S&P 500 declined 1.22 percent. The Nasdaq dropped by 0.35 percent.
Following the start of President Donald Trump’s blanket 25-percent tax on goods from Canada and Mexico on Tuesday, and a 10-percent tax on Chinese imports, both Canada and China moved to retaliate with higher taxes on US imports. Mexico is also expected to follow suit.
Despite uncertainties, 10 companies managed to stay stronger, posting impressive gains mostly on the back of better earnings performance. In this article, we have detailed the reasons behind their gains.
To come up with Tuesday’s top gainers, we considered only the stocks with $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)
D-Wave Quantum Inc. (NYSE:QBTS) snapped a four-day losing streak on Tuesday, adding 8.57 percent to close at $5.32 apiece as investors resorted to bargain-hunting ahead of its 2024 earnings results.
Slated for Thursday, March 13, D-Wave Quantum Inc. (NYSE:QBTS) investors will be looking out for any cues on the company’s business outlook for the rest of the year, taking into account the booming Artificial Intelligence and quantum computing industries in China that are challenging US players.
Earlier, D-Wave Quantum Inc. (NYSE:QBTS) announced that it successfully developed, along with Staque Solutions, a commercial hybrid-quantum application that would help accelerate computing solutions for agricultural decision-makers.
The new product was expected to enhance agri-robotics, farming sustainability, planning for ever-changing conditions, and most importantly, crop production.
Overall QBTS ranks 10th on our list of Tuesday’s top gainers. 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 doing so within a shorter time frame. If you are looking for an AI stock that is more promising than QBTS but 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.
