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

We recently published a list of 10 Stocks Got Wiped Out. Are You Holding Any? In this article, we are going to take a look at where D-Wave Quantum Inc. (NYSE:QBTS) stands against other worst-performing stocks.

D-Wave Quantum saw its share prices decline by 6.65 percent on Tuesday to close at $17.55 apiece as investors soured on the company’s announcement that the US was lagging behind other countries in quantum annealing.

Quantum annealing is a specific type of quantum computing for finding optimal solutions to optimization problems by leveraging quantum phenomena such as superposition and quantum tunneling.

D-Wave Quantum Inc.’s (NYSE:QBTS) comment followed the launch of its new quantum computer, said to be capable of solving problems beyond the capabilities of a classical GPU-based supercomputer.

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

Customers are now able to access the Advantage2 system through D-Wave Quantum Inc.’s (NYSE:QBTS) 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 5th on our list of worst-performing stocks. While we acknowledge the potential of QBTS, 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 10,000x upside potential, check out our report about this cheapest AI stock.

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