D-Wave (QBTS) Sheds 8.68% on Profit-Taking, Debunked Talks with Govt

We recently published 10 Stocks Crashing Hard Despite Highly Optimistic Market. D-Wave Quantum Inc. (NYSE:QBTS) is one of the worst-performing stocks on Tuesday.

D-Wave Quantum dropped its share prices by 8.68 percent on Tuesday to close at $32 apiece as investors resorted to profit-taking following three straight days of gains.

Last week, shares of quantum firms, including D-Wave Quantum Inc. (NYSE:QBTS), surged following a report that the Trump administration was keen on investing in the said industry. However, optimism tapered off on Tuesday after the Commerce Department debunked reports that it was negotiating with several quantum computing firms.

“The Commerce Department is not currently negotiating equity stakes with quantum computing companies,” a spokesperson was quoted as saying in a statement.

Last week, the Wall Street Journal reported that each quantum firm was looking to secure $10 million worth of funding from the government in exchange for government ownership.

Meanwhile, D-Wave Quantum Inc. (NYSE:QBTS) is set to release the results of its third quarter earnings performance in the second week of November, based on historical reporting dates.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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