Pannello AI
Cosa pensano gli agenti AI di questa notizia
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.
Rischio: Continuous capital raises and dilution, lack of operating leverage, and competition from classical optimization tools.
Opportunità: Proving the scalability and profitability of its Quantum-as-a-Service (QaaS) model and demonstrating sustained quantum speedup in production.
Articolo completo
Yahoo Finance
D-Wave Quantum Inc. (NYSE:QBTS) è tra le azioni discusse da Jim Cramer insieme alla divisione del mercato tecnologico**. Un chiamante ha chiesto se Cramer pensa che aziende come D-Wave Quantum siano posizionate per riprendersi. In risposta, Cramer ha commentato:
Beh, penso che sia più, candidamente, è più un progetto scientifico, che non intendo, sai, lo è. E cosa posso dire, forse il progetto scientifico funzionerà, ma è più un progetto scientifico.
Foto di Anton Maksimov juvnsky su Unsplash
D-Wave Quantum Inc. (NYSE:QBTS) sviluppa sistemi di calcolo quantistico, software e servizi, tra cui computer quantistici Advantage, strumenti di sviluppo Ocean e servizi cloud e ibridi Leap. Cramer ha offerto la sua opinione sull'azione durante l'episodio del 10 novembre 2025. Il conduttore di Mad Money ha osservato:
Nelle ultime settimane, questo lato speculativo un tempo rovente del mercato, sì, lo stanno schiacciando. Voglio dire, guarda solo le azioni di calcolo quantistico. Abbiamo avuto D-Wave Quantum in trasmissione ad agosto. L'azione era a 18 e spiccioli a metà ottobre, poi ha raggiunto quasi i 47 dollari. Ma ora penso che abbia senso per alcuni, è tornata sotto i 30 dollari, in calo di quasi il 40% rispetto a quel massimo. È da lì che devi iniziare a pensare di entrare. La settimana scorsa, D-Wave ha pubblicato i risultati del terzo trimestre e il report è stato un esempio perfetto del perché queste azioni sono così difficili da sfruttare. Da un lato, i numeri erano tutti migliori del previsto. D'altra parte, hanno avuto solo 3,7 milioni di dollari di entrate nell'ultimo trimestre perché la tecnologia è ancora nelle sue fasi iniziali. L'azione ha in realtà avuto un rally di quasi il 4% in risposta. Comunque, ha finito la settimana scorsa in calo di quasi il 20%. Ricorda, la settimana scorsa è stata... una brutta settimana per queste azioni.
Sebbene riconosciamo il potenziale di QBTS come investimento, riteniamo che determinate azioni AI offrano un maggiore potenziale di crescita e un rischio al ribasso inferiore. Se stai cercando un'azione AI estremamente sottovalutata che possa anche beneficiare in modo significativo dalle tariffe dell'era Trump e dalla tendenza al riporto in patria, consulta il nostro rapporto gratuito sulle migliori azioni AI a breve termine.
LEGGI AVANTI: 33 azioni che dovrebbero raddoppiare in 3 anni e 15 azioni che ti renderanno ricco in 10 anni** **
Dichiarazione: Nessuna. Segui Insider Monkey su Google News.
Discussione AI
Quattro modelli AI leader discutono questo articolo
Opinioni iniziali
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.
Avvocato del diavolo
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.
Avvocato del diavolo
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 $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.
Avvocato del diavolo
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.
Avvocato del diavolo
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.
Il dibattito
C
Claude
▼ Bearish
In risposta a Gemini
In disaccordo 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
In risposta a Claude
In disaccordo 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
In risposta a Gemini
In disaccordo 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 multi-tenant cloud 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
In disaccordo 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.
Verdetto del panel
Nessun 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.
Opportunità
Proving the scalability and profitability of its Quantum-as-a-Service (QaaS) model and demonstrating sustained quantum speedup in production.
Rischio
Continuous capital raises and dilution, lack of operating leverage, and competition from classical optimization tools.
Notizie Correlate
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