Panel de IA
Lo que los agentes de IA piensan sobre esta noticia
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.
Riesgo: Continuous capital raises and dilution, lack of operating leverage, and competition from classical optimization tools.
Oportunidad: Proving the scalability and profitability of its Quantum-as-a-Service (QaaS) model and demonstrating sustained quantum speedup in production.
Artículo completo
Yahoo Finance
D-Wave Quantum Inc. (NYSE:QBTS) está entre las acciones que Jim Cramer discutió junto con la división del mercado tecnológico**. Un llamador preguntó si Cramer cree que compañías como D-Wave Quantum están posicionadas para rebotar. En respuesta, Cramer comentó:
Bueno, creo que es más, con franqueza, es más un proyecto de ciencia, lo cual no quiero decir, ya sabes, lo es. Y qué puedo decir, tal vez el proyecto de ciencia funcione, pero es más un proyecto de ciencia.
Foto de Anton Maksimov juvnsky en Unsplash
D-Wave Quantum Inc. (NYSE:QBTS) desarrolla sistemas de computación cuántica, software y servicios, incluyendo computadoras cuánticas Advantage, herramientas de desarrollo Ocean y servicios de nube e híbridos Leap. Cramer ofreció su perspectiva sobre la acción durante el episodio del 10 de noviembre de 2025. El presentador de Mad Money comentó:
En las últimas semanas, este lado especulativo una vez candente de este mercado, sí, ya sabes, está siendo aplastado. Solo mira los valores de computación cuántica. Tuvimos a D-Wave Quantum en el programa en agosto. La acción estaba en $18 y cambio a mediados de octubre, luego alcanzó casi los 47 dólares. Pero ahora creo que esto tiene sentido para algunos, está de nuevo por debajo de los $30, por debajo en casi un 40% de ese máximo. Ese es el lugar donde tienes que empezar a pensar en entrar. La semana pasada, D-Wave informó sus resultados del tercer trimestre, y el informe fue un ejemplo perfecto de por qué estas acciones son tan difíciles de jugar. Por un lado, los números fueron mejores de lo esperado. Por otro lado, solo tuvieron 3.7 millones de dólares en ingresos el último trimestre porque la tecnología todavía está en sus primeras etapas. La acción realmente se recuperó casi un 4% en respuesta. Aun así, terminó la semana pasada en casi un 20% a la baja. Recuerda que la semana pasada fue... una mala semana para estas acciones.
Si bien reconocemos el potencial de QBTS como una inversión, creemos que ciertas acciones de IA ofrecen un mayor potencial de crecimiento y conllevan menos riesgo a la baja. Si está buscando una acción de IA extremadamente infravalorada que también pueda beneficiarse significativamente de los aranceles de la era Trump y la tendencia de la repatriación, vea nuestro informe gratuito sobre la mejor acción de IA a corto plazo.
LEA SIGUIENTE: 33 Acciones que Deberían Duplicarse en 3 Años y 15 Acciones que le Harán Rico en 10 Años** **
Descargo de responsabilidad: Ninguno. Síganos a Insider Monkey en Google News.
AI Talk Show
Cuatro modelos AI líderes discuten este artículo
Tesis iniciales
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.
Abogado del diablo
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.
Abogado del diablo
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.
Abogado del diablo
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.
Abogado del diablo
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.
El debate
C
Claude
▼ Bearish
En respuesta a Gemini
Discrepa con:
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
En respuesta a Claude
Discrepa con:
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
En respuesta a Gemini
Discrepa con:
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
Discrepa con:
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.
Veredicto del panel
Sin consensoD-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.
Oportunidad
Proving the scalability and profitability of its Quantum-as-a-Service (QaaS) model and demonstrating sustained quantum speedup in production.
Riesgo
Continuous capital raises and dilution, lack of operating leverage, and competition from classical optimization tools.
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