Core Insights - Quantum computing stocks, particularly IonQ, Rigetti, and D-Wave, have seen extraordinary returns, with trailing 12-month gains ranging from 670% to 6,217% [2] - The technology is expected to create significant economic value, with estimates ranging from $450 billion to $850 billion by 2040, and a $1 trillion addressable opportunity by 2035 [7] Company Performance - Insiders at IonQ, Rigetti, and D-Wave have sold approximately $615 million more in shares than they have purchased over the past year, indicating potential concerns about stock valuation [14][20] - IonQ's market cap stands at $12 billion, while Rigetti's is at $5.1 billion, reflecting their positions in the market [13][16] Market Trends - The rise of quantum computing has been fueled by significant investments, including JPMorgan Chase's $1.5 trillion Security and Resiliency Initiative, which identifies quantum computing as a key area for future financing [8] - Major companies like Amazon are already utilizing quantum computing through services like Braket, which enhances the credibility and market presence of IonQ, Rigetti, and D-Wave [9] Insider Activity - No insiders at Rigetti have purchased shares in the past year, while D-Wave had minimal insider buying, suggesting a lack of confidence in stock valuation [17] - In contrast, two directors at IonQ have invested approximately $2.1 million in their own company, indicating some level of confidence [17] Industry Outlook - Quantum computing is still in its early commercialization stages, and historical trends suggest that new technologies often face significant challenges and corrections during their growth phases [19] - Analysts caution that the high price-to-sales ratios of quantum computing stocks may not reflect their long-term potential, as the technology is still being optimized for practical applications [18]

D-Wave Quantum (NYSE: QBTS) was one of the hottest quantum computing companies last year, with its share price rising 211%. But it hasn't had a good start to 2026, falling 25% as of Feb. 13. The company will report fourth-quarter and full-year 2025 earnings on Feb. 26 before the market opens. While playing earnings is popular, especially with volatile stocks like this one, you may want to think twice if you're considering D-Wave in hopes of positive results this time. Where to invest $1,000 right now? Our ...

D-Wave and QCi logos over quantum chips in a data center, highlighting quantum computing stocks and AI demand. Key Points Despite recent successes, D-Wave Quantum shares are down by about 30% year-to-date, part of a broader sell-off in the quantum space. While most pure-play quantum firms have been heavily impacted by the dip, rival Quantum Computing has fallen by less than some of its peers. However, despite outperforming others in the industry, Quantum Computing carries heavy risks for investors asso ...

Group 1: Company Performance - D-Wave Quantum has experienced a significant revenue increase, doubling its revenue in Q3 2025 to $3.7 million, with a consensus estimate of $25.6 million for the entire year [4] - The projected revenue for 2026 is nearly $43 million, representing a 68% increase from 2025 [4] - Despite rising sales, D-Wave is expected to continue facing substantial losses, with a net loss of $140 million in Q3 compared to sales of $3.7 million [6] Group 2: Share Price and Market Sentiment - D-Wave's share price has surged 255% over the past year but is predicted to decline due to a broader trend of investors moving away from riskier stocks [1][8] - The company's stock has already decreased by 35% over the past three months, influenced by investor concerns over geopolitical instability and economic conditions [8][9] - D-Wave's price-to-sales (P/S) ratio stands at 237, significantly higher than the tech sector average of 8, indicating that the stock may be overvalued [11]

The first-mover advantage for pure-play stocks IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. may be short-lived.Although artificial intelligence (AI) sports the largest addressable global opportunity of any game-changing trend on Wall Street, AI stocks took a back seat to the advent of quantum computing in 2025.As of mid-October, pure-play quantum computing stocks IonQ (IONQ 7.25%), Rigetti Computing (RGTI 9.04%), D-Wave Quantum (QBTS 4.17%), and Quantum Computing Inc. (QUBT 4.16%) ral ...

Core Viewpoint - The article summarizes significant rating changes from Wall Street, highlighting companies with upgraded, downgraded, and newly initiated ratings, which are crucial for investors to consider. Upgraded Ratings - Shopify (SHOP) upgraded from Hold to Buy by Cowen Group with a target price of $159, citing valuation advantages as the stock has dropped 30% this year and strong quarterly performance provides an attractive entry point [2] - BorgWarner (BWA) upgraded from Hold to Buy by Deutsche Bank, with the target price raised from $46 to $82, noting the company's critical transformation into the AI data center market [2] - Analog Devices (ADI) upgraded from Equal Weight to Overweight by Barclays, with the target price increased from $315 to $375, emphasizing its high industrial business share in the analog chip sector [2] - MercadoLibre (MELI) upgraded from Neutral to Overweight by JPMorgan, with the target price raised from $2650 to $2800, due to more attractive valuations following recent stock price weakness [2] - Fastly (FSLY) upgraded from Market Perform to Outperform by William Blair, with no target price set, highlighting exceptional quarterly performance driven by increased AI traffic contributions [2] Downgraded Ratings - Coinbase (COIN) downgraded from Buy to Sell by Monness Crespi, with a target price of $120, as the firm revised down earnings forecasts ahead of its quarterly report, deeming previous assumptions about a steady recovery in cryptocurrency by 2026 as overly optimistic [3] - Kraft Heinz (KHC) downgraded from Neutral to Underweight by JPMorgan, with the target price lowered from $24 to $22, despite exceeding fourth-quarter expectations, as 2026 organic sales and profit outlooks fall short of market expectations [3] - Icon (ICLR) downgraded from Neutral to Underperform by Bank of America, with a significant target price cut from $195 to $75, due to an internal investigation revealing potential revenue inflation [3] - Inspire Medical (INSP) downgraded from Overweight to Equal Weight by Wells Fargo, with the target price reduced from $145 to $70, citing uncertainties in reimbursement policies affecting stock prices [4] - Humana (HUM) downgraded from Outperform to Market Perform by Royal Bank of Canada, with the target price lowered from $322 to $189, as the risk-reward balance has become neutral following strong growth amid reimbursement policy uncertainties [4] Initiated Coverage - Microchip Technology (MCHP) initiated coverage with a Neutral rating and a target price of $80 by Barclays, noting risks of market share loss in the microcontroller sector [5] - ON Semiconductor (ON) initiated coverage with a Neutral rating and a target price of $75 by Barclays, highlighting high exposure to the Chinese market and automotive sector as a suppressive factor [5] - Sterling Infrastructure (STRL) initiated coverage with a Buy rating and a target price of $486 by Stifel, as the largest earthmoving contractor in the U.S. is expected to benefit from long-term growth themes [5] - D-Wave Quantum (QBTS) initiated coverage with a Buy rating and no target price set by Cowen Group, citing the company's leading position in quantum annealing driving growth and high margins [5] - Immunome (IMNM) initiated coverage with a Buy rating and a target price of $40 by H.C. Wainwright, as the company builds a differentiated pipeline in oncology with significant advantages in solid and hematologic tumors [5]

Core Insights - D-Wave Quantum Inc. (NYSE: QBTS) is recognized as a strong buy tech stock, with a recent price target increase from Canaccord to $43, reflecting confidence in its leadership in quantum annealing and potential in error-corrected superconducting gate model systems [1][5]. Group 1: Company Developments - D-Wave Quantum Inc. announced a $10 million, two-year enterprise quantum computing as a service agreement with a Fortune 100 company, focusing on the development and deployment of multiple quantum-powered applications [2]. - The company specializes in commercial quantum systems, software, and cloud services aimed at real-world optimization, AI, and research problems, utilizing both annealing and gate-model technologies [3]. Group 2: Market Position and Outlook - Canaccord's report highlights D-Wave's leadership in quantum annealing as a key factor supporting its upside potential in the market [5].

Core Insights - D-Wave Quantum is adopting a specialized approach to quantum computing, focusing on quantum annealing technology to solve optimization problems, which may provide a competitive edge in the market [5][8] - The quantum computing market is projected to reach $72 billion annually by 2035, presenting significant growth potential for companies like D-Wave [9] Company Overview - D-Wave Quantum is a pure play in the quantum computing sector, currently trading at $19.64 with a market cap of approximately $7.3 billion [6] - The company has secured a $10 million, two-year deal with a Fortune 100 company to explore its quantum computing capabilities, indicating potential for future growth [7] Market Position and Competition - D-Wave's focus on specialized quantum computing units may allow it to thrive in a competitive landscape dominated by larger tech companies [8][10] - The uncertainty surrounding which companies will emerge as leaders in quantum computing highlights the risks associated with investing in D-Wave, as many pure plays may not succeed [8][9] Financial Metrics - D-Wave's gross margin stands at 82.82%, indicating strong profitability potential if the technology gains traction [7] - The stock has experienced a recent decline of 3.91%, reflecting market volatility and investor sentiment [6]

智通财经APP获悉，来自华尔街知名投资机构Wedbush Securities的资深分析师Antoine Legault表示，挪 威主权财富基金对于全球量子计算领域领军者IonQ(IONQ.US)的最新一笔巨额投资，可能将成为全球最 大规模的那些主动型资产管理机构们对量子计算领域超级投资浪潮的里程碑式开端。负责管理该基金的 挪威央行投资管理机构(NBIM)披露了一笔在2025年第四季度买入多家量子计算公司股票的多头类仓位 操作，涉及IonQ、Rigetti(RGTI.US)以及D-Wave Quantum(QBTS.US)这三家美股量子概念领头羊，其中 对于IonQ的风险敞口最宽广。 Wedbush Securities资深分析师ALegault在最新发布的致客户研究报告中写道："除了显著增加其在IONQ 的初始持仓规模之外，我们还注意到，挪威央行在第四日历季度也新增了对 Rigetti以及D-Wave Quantum的投资规模，这表明这家主权财富基金认为量子领域未来比将繁荣发展，且和当前人工智能热 潮类似，将出现不止一个超级赢家;此外，从长期来看也很可能出现不止一种成功的量子领域技术路径 (modality ...

Industry Overview - The American tech industry entered 2026 with significant size and momentum, having received approximately $178 billion in venture capital in 2024, which accounted for 57% of global venture capital [2] - In 2024, around $314 billion was raised for startups, marking a 3% increase from 2023, indicating a robust recovery in late-stage investments, particularly in infrastructure and AI [2] - AI-focused startups represented 37% of all venture funding and 17% of deals in 2024, highlighting a capital shift towards compute, model training, and applied AI layers [3] Software-as-a-Service Market - The U.S. software-as-a-service market generated about $140.7 billion in revenue in 2024 and is projected to nearly double to $271.7 billion by 2030, reflecting a compound annual growth rate of approximately 11% from 2025 to 2030 [4] Company Highlights - D-Wave Quantum Inc. (NYSE:QBTS) has a market capitalization of $6.36 billion and is noted for its leadership in quantum annealing, with a price target upside of 93.05% [9][10] - D-Wave announced a $10 million, two-year enterprise quantum computing service agreement with a Fortune 100 company, focusing on developing quantum-powered applications [11][12] - Amdocs Limited (NASDAQ:DOX) has a market capitalization of $7.68 billion and a price target upside of 28.85% [13] - Amdocs reported Q1 revenue of $1.156 billion, slightly above the forecast of $1.15 billion, and emphasized its focus on long-term growth and generative AI leadership [16][17] - Amdocs introduced aOS, an operating system designed for telecommunications, which integrates generative AI into business and operational processes [15]