Why D-Wave Quantum Inc. (QBTS) Skyrocketed Today

We recently published a list of These 10 Firms Just Beat the Market Today. In this article, we are going to take a look at where D-Wave Quantum Inc. (NYSE:QBTS) stands against other other stocks that skyrocketed today.

Ten companies boasted whopping gains on Tuesday despite a wider market pessimism, as a flurry of corporate developments, including impressive earnings and bullish outlooks, sparked buying appetite.

In contrast, Wall Street’s main indices all finished in the red territory. The Dow Jones was down by 0.27 percent, the S&P 500 dropped 0.39 percent, and the tech-heavy Nasdaq declined 0.38 percent.

In this article, we named the 10 best-performing stocks during the trading session and detailed the reasons behind their gains. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

D-Wave Quantum Inc. (NYSE:QBTS)

D-Wave Quantum surged by 25.93 percent on Tuesday to finish at $16.56 apiece following the launch of a new quantum computer, which is said to be capable of solving problems beyond the capabilities of a classical GPU-based supercomputer.

Called the Advantage2, it is said to be capable of addressing real-world use cases in areas such as optimization, materials simulation, and artificial intelligence (AI).

“Today marks a significant milestone not just for D-Wave, but for the quantum computing industry as a whole, as we bring to market our sixth-generation quantum computer, a system so powerful that it can solve hard problems outside the reach of one of the world’s largest exascale GPU-based classical supercomputers,” said D-Wave Quantum Inc. (NYSE:QBTS) CEO Alan Baratz.

Following the launch, customers are now able to access the Advantage2 system through the company’s LeapTM real-time quantum cloud service, which is available in more than 40 countries and offers 99.9 percent availability and uptime, sub-second response times, and SOC 2 Type 2 compliance to meet enterprise needs and security requirements.

Overall, QBTS ranks 10th on our list of today's best-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 have limited downside risk. If you are looking for an AI stock that is more promising than QBTS and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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