Why D-Wave Quantum Inc. (QBTS) Went Down On Thursday?

We recently published a list of Thursday’s 10 Worst-Performing Stocks. In this article, we are going to take a look at where D-Wave Quantum Inc. (NYSE:QBTS) stands against other Thursday’s worst-performing stocks.

Wall Street’s main indices edged lower on Thursday, erasing gains from the previous trading day that was buoyed by the Federal Reserve’s decision to keep rates unchanged.

Among the major indices, the tech-heavy Nasdaq led the drop, losing 0.33 percent. The S&P 500 declined by 0.22 percent, while the Dow Jones dipped by 0.03 percent.

Ten companies, predominantly under the micro- and small-cap sectors also mirrored losses. In this article, we have identified Thursday’s 10 worst performers and detailed the reasons behind their gains.

We classify micro-cap companies as those between $50 million and $300 million in market capitalization and small-cap firms as those between $300 million and $2 billion in market capitalization.

A modern computer datacenter, running an advanced quantum computer system.

D-Wave Quantum Inc. (NYSE:QBTS)

D-Wave Quantum fell for a third straight day on Thursday, losing 18.02 percent to end at $8.69 each as investors sold off positions during Nvidia Corp.’s (NASDAQ:NVDA) Quantum Computing day which occurred on the same day.

During the discussion, NVDA CEO Jensen Huang walked back comments he made in January when he cast doubt on the quantum computing industry, saying that he does not expect the sector to be very useful in the next 15 to 30 years. His earlier comments resulted in investors selling off positions in quantum computing stocks.

“This is the first event in history where a company CEO invites all of the guests to explain why he was wrong,” Huang said.

“Of course, quantum computing has the potential and all of our hopes that it will deliver extraordinary impact. But the technology is insanely complicated,” he added.

However, his remarks failed to bolster investing appetite in quantum computing stocks, with firms under the sector remaining in the red on Thursday.

Overall, QBTS ranks 10th on our list of Thursday’s worst-performing stocks. 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 as promising as 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.