D-Wave Quantum (QBTS) Hits New 52-Week High on AI, Quantum Computing Boom

We recently published Market in Pain? Not For These 10 Celebrating Stocks. D-Wave Quantum Inc. (NYSE:QBTS) is one of the top performers on Tuesday.

Shares of D-Wave Quantum rallied to a new all-time high on Tuesday, as investors continued to place confidence in stocks riding the booming artificial intelligence and quantum computing industries.

In intra-day trading, D-Wave Quantum Inc. (NYSE:QBTS) jumped to its highest 52-week price of $27.99 before trimming gains to end the session just up by 7.21 percent at $27.52 apiece, on broader optimism for the AI sector that was fueled by Nvidia Corp.’s aggressive expansion into AI.

Being the linchpin of the AI and high-performance computing industries, announcements and developments from Nvidia Corp. are highly watched by the investing community and typically influence share prices of other technology stocks.

In other developments, sentiment was further boosted by reports that the US government was setting its sights on updating its quantum computing strategy to create a broader set of actions to improve cybersecurity capabilities against future quantum-enabled hacks and ensure US dominance in the sector.

D-Wave Quantum Inc. (NYSE:QBTS) rallied alongside its counterparts, namely Rigetti Computing Inc., IonQ Inc., and Quantum Computing Inc., among others, following the news.

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 have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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