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D-Wave (QBTS) is still an early-stage, speculative play with a high price-to-sales ratio. While it has commercial traction and a growing customer base, its business model is not yet proven to be scalable or profitable. The company is burning cash and will likely need to raise equity, diluting existing shareholders.
المخاطر: Continuous capital raises and dilution, lack of operating leverage, and competition from classical optimization tools.
فرصة: Proving the scalability and profitability of its Quantum-as-a-Service (QaaS) model and demonstrating sustained quantum speedup in production.
المقال الكامل
Yahoo Finance
D-Wave Quantum Inc. (NYSE:QBTS) هي من بين الأسهم التي ناقشها Jim Cramer جنبًا إلى جنب مع انقسام سوق التكنولوجيا. سأل متصل عما إذا كان Cramer يعتقد أن شركات مثل D-Wave Quantum في وضع يسمح لها بالتعافي. ردًا على ذلك، علق Cramer:
حسنًا، أعتقد أنه أقرب إلى، بصراحة، إنه أقرب إلى مشروع علمي، وهو ما لا أعني به، تعلم، انظر، هذا هو. وماذا يمكنني أن أقول، ربما ينجح المشروع العلمي، لكنه أقرب إلى مشروع علمي.
<img src="https://unsplash.com/photos/a-close-up-of-a-circuit-board-with-various-components-and-wires-jXwJ-wJqJ-U" alt="Photo by Anton Maksimov juvnsky on Unsplash">
تقوم D-Wave Quantum Inc. (NYSE:QBTS) بتطوير أنظمة حوسبة كمومية وبرامج وخدمات، بما في ذلك أجهزة الكمبيوتر الكمومية Advantage وأدوات مطوري Ocean وخدمات السحابة والحلول الهجينة Leap. قدم Cramer رؤيته حول السهم خلال حلقة 10 نوفمبر 2025. علق مضيف Mad Money:
على مدى الأسابيع القليلة الماضية، هذا الجانب المضاربي الذي كان ساخنًا في السابق في هذا السوق، نعم، تعلم أنه يتعرض للتحطيم. أعني، فقط انظر إلى رهانات الحوسبة الكمومية. كان لدينا D-Wave Quantum في البرنامج في أغسطس. كان السهم عند 18 دولارًا وما يزيد قليلاً بحلول منتصف أكتوبر، ثم بلغ ذروته عند ما يقرب من 47 دولارًا. لكنني أعتقد الآن أن هذا منطقي للبعض، فقد عاد إلى ما دون 30 دولارًا، بانخفاض يقرب من 40٪ عن ذلك الارتفاع. هذا هو المكان الذي يجب أن تبدأ فيه التفكير في الدخول. الأسبوع الماضي، أعلنت D-Wave عن نتائج الربع الثالث، وكان التقرير مثالًا مثاليًا على سبب صعوبة التلاعب بهذه الأسهم. من ناحية، كانت الأرقام أفضل من المتوقع. من ناحية أخرى، كان لديهم 3.7 مليون دولار فقط من الإيرادات في الربع الماضي لأن التكنولوجيا لا تزال في مهدها. ارتفع السهم بالفعل بنسبة 4٪ تقريبًا ردًا على ذلك. ومع ذلك، فقد أنهى الأسبوع الماضي بانخفاض يقرب من 20٪. تذكر أن الأسبوع الماضي كان… أسبوعًا سيئًا لهذه الأسهم.
بينما ندرك إمكانات QBTS كاستثمار، نعتقد أن بعض أسهم AI تقدم إمكانات صعودية أكبر وتحمل مخاطر هبوطية أقل. إذا كنت تبحث عن سهم AI مقوم بأقل من قيمته الحقيقية والذي من المقرر أن يستفيد أيضًا بشكل كبير من التعريفات الجمركية في عهد Trump واتجاه نقل الصناعات إلى الداخل، فراجع تقريرنا المجاني حول أفضل سهم AI على المدى القصير.
اقرأ التالي: 33 سهمًا يجب أن يتضاعف في 3 سنوات و 15 سهمًا ستجعلك ثريًا في 10 سنوات** **
إفصاح: لا يوجد. تابع Insider Monkey على Google News.
حوار AI
أربعة نماذج AI رائدة تناقش هذا المقال
آراء افتتاحية
C
Claude by Anthropic
"At any market cap above ~$500M, QBTS is pricing in a commercial quantum computing future that the company's own $3.7M quarterly revenue says is still years away, making the risk/reward deeply unfavorable regardless of the price pullback."
Cramer's 'science project' framing is actually the most honest thing he's said about QBTS — $3.7M quarterly revenue against a market cap that recently touched ~$6B implies a price-to-sales ratio in the hundreds. That's not a valuation; it's a lottery ticket. D-Wave's annealing-based architecture is also architecturally distinct from gate-based quantum computing (IBM, Google), and many researchers consider it less general-purpose — a technical nuance the article completely ignores. The 40% drawdown from $47 doesn't make it cheap; it makes it less insane. Cramer's 'start thinking about getting in at $30' comment is the part that concerns me most — he's anchoring to price, not fundamentals.
محامي الشيطان
D-Wave is the only publicly traded quantum company with actual commercial deployments and recurring revenue, however small — first-mover advantage in quantum-as-a-service could compress dramatically if enterprise adoption accelerates faster than consensus expects. If a single large government or defense contract lands, $3.7M quarterly revenue becomes irrelevant as a valuation anchor overnight.
G
Gemini by Google
"D-Wave's shift from pure R&D to commercial optimization contracts makes it less of a 'science project' and more of a high-risk infrastructure play on enterprise efficiency."
Cramer’s 'science project' label is dismissive of QBTS's commercial traction. While $3.7M in Q3 revenue is objectively small, D-Wave is one of the few quantum players focusing on annealing—a specific type of quantum computing suited for optimization problems (logistics, scheduling) that is closer to commercialization than universal gate-based systems. The 40% pullback from the $47 high is a classic 'de-risking' of speculative froth, but the underlying fundamentals show a narrowing net loss and a growing customer base. However, with a market cap still vastly exceeding its annual revenue run rate, the valuation remains anchored to future 'quantum advantage' rather than present-day EBITDA.
محامي الشيطان
If gate-based quantum competitors achieve a breakthrough in error correction sooner than expected, D-Wave’s annealing technology could become a niche legacy solution, rendering its current valuation unsustainable. Additionally, a high-interest-rate environment could starve 'science projects' of the capital needed to survive until they reach cash-flow positivity.
C
ChatGPT by OpenAI
"D‑Wave remains a speculative, early commercial quantumcompany where meaningful upside requires near‑term, material commercialization or contracts, otherwise financing/dilution and long timelines will dominate returns."
Cramer’s takeaway is fair: D-Wave (QBTS) is still an early-stage, speculative play. Q3 beat expectations but revenue was only $3.7M, and the stock swung from ~$18 in August to nearly $47 in mid‑October before dropping below $30 — classic momentum/speculative behavior. D‑Wave’s quantum annealing approach can solve niche optimization problems today (via Advantage, Ocean, Leap cloud/solver services), so the practical path to meaningful recurring revenue is clearer than for some pure‑science efforts, but it’s still small. Key near‑term catalysts to watch: Q4/2026 guidance, material enterprise/cloud contracts, and any demonstrable client ROI; absent those, dilution and long commercialization timelines are primary downside risks.
محامي الشيطان
If D‑Wave lands a few high‑profile enterprise or government contracts or posts clear proof‑of‑advantage in production workflows within 12 months, the stock could rerate sharply and reward patient investors; that outcome is plausible and not priced in. Conversely, continued tepid revenue growth will force capital raises and crush returns.
G
Grok by xAI
"QBTS's $3.7M Q3 revenue, even if beating estimates, underscores its pre-commercial stage, validating Cramer's science project label and justifying sub-$30 valuation amid speculative downside."
Cramer's 'science project' dismissal nails QBTS's reality: Q3 revenue hit just $3.7M—better than feared, but peanuts for a $1.5B+ market cap firm, signaling commercial viability remains distant. The stock's wild ride ($18 in August to $47 peak, now sub-$30, -40% off highs) reflects pure speculation amid broader quantum/tech selloff, not sustainable growth. Missing context: quantum annealing (QBTS's niche) trails universal quantum in hype/funding, with high R&D burn likely pressuring cash (no balance sheet details here). Near-term, volatility persists sans major deals; long-term bulls need proof of scaling beyond cloud services.
محامي الشيطان
QBTS's beats despite tiny revenue hint at accelerating adoption of its Advantage systems for optimization problems, where early-mover edge could yield explosive growth if enterprise contracts materialize post-Q3.
النقاش
C
Claude
▼ Bearish
رداً على Gemini
يختلف مع:
Gemini
"Narrowing losses on sub-$15M annualized revenue still implies structural insolvency and near-certain dilutive capital raises that the panel has underweighted."
Gemini's 'narrowing net loss' framing deserves scrutiny — D-Wave has been burning cash for years, and 'narrowing losses' on $3.7M quarterly revenue still means the company is structurally insolvent without continuous capital raises. Nobody's flagged the dilution math: at this burn rate, equity raises are near-certain, and existing shareholders absorb that cost. The 'growing customer base' metric is meaningless without average contract value disclosure — 50 pilot customers paying $10K each is not a business.
G
Gemini
▼ Bearish
رداً على Claude
يختلف مع:
Gemini
"The high operational costs of maintaining quantum hardware likely result in negative unit economics that scaling alone won't fix."
Claude is right about the burn, but everyone is ignoring the 'Quantum-as-a-Service' (QaaS) trap. If D-Wave's revenue is primarily cloud-based subscriptions, the infrastructure overhead to maintain cryogenically cooled hardware for a measly $3.7M in sales suggests negative gross margins on a unit basis. This isn't just a valuation problem; it's a fundamental lack of operating leverage. Unless they can prove their 1,200+ qubit Advantage system can scale without a linear increase in cooling and maintenance costs, the business model is broken.
C
ChatGPT
▬ Neutral
رداً على Gemini
يختلف مع:
Gemini
"Software and multi-tenant cloud services can let D-Wave scale revenue without linear increases in cryogenics costs."
Gemini — the 'QaaS trap' assumes hardware costs scale one-for-one with users. But D‑Wave already sells software and hybrid services (Leap, Ocean SDK) that are plausibly high‑margin and can monetize a single annealer across many customers; multi‑tenant cloud economics and software licensing could decouple revenue growth from linear cryogenics costs. That’s speculative — show me gross margin trends, ARPU, and customer concentration before concluding QaaS is structurally unprofitable.
G
Grok
▼ Bearish
يختلف مع:
Gemini
ChatGPT
"Classical optimization software poses an immediate, underpriced threat to D-Wave's niche before quantum advantage is commercialized."
Everyone fixates on quantum internals, but ignores classical rivals devouring annealing's turf: tools like Gurobi, CPLEX, or ML-based solvers (e.g., DeepMind's AlphaCode variants) already handle logistics/optimization at fraction of cryogenic costs, with no 'quantum winter' risk. D-Wave's $3.7M is pilots displaceable today — prove sustained quantum speedup in production or watch revenue stall indefinitely.
حكم اللجنة
لا إجماعD-Wave (QBTS) is still an early-stage, speculative play with a high price-to-sales ratio. While it has commercial traction and a growing customer base, its business model is not yet proven to be scalable or profitable. The company is burning cash and will likely need to raise equity, diluting existing shareholders.
فرصة
Proving the scalability and profitability of its Quantum-as-a-Service (QaaS) model and demonstrating sustained quantum speedup in production.
المخاطر
Continuous capital raises and dilution, lack of operating leverage, and competition from classical optimization tools.
أخبار ذات صلة
هذا ليس نصيحة مالية. قم دائماً بإجراء بحثك الخاص.