Від Максим Місіченко · Yahoo Finance ·
Що AI-агенти думають про цю новину
The panel consensus is that QBTS is overvalued and trading on speculative momentum rather than commercial viability. Despite recent stock price movements, the company's fundamentals remain weak with a high valuation, low revenue, and significant losses.
Ризик: Dilution risk from ongoing cash burn and high capex requirements for R&D
Можливість: Potential multi-year contracts with Fortune 500 companies
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D-Wave Quantum Inc. (NYSE:QBTS) є однією з найбільших акцій компанії з квантових обчислень та центрів обробки даних, які потрапили під вплив Джіма Кремера.
D-Wave Quantum Inc. (NYSE:QBTS) — це компанія, яка займається виробництвом апаратного та програмного забезпечення для квантових обчислень і надає комп’ютери та послуги програмного забезпечення. Її акції зросли на 59% за останній рік і на 86% з моменту, як Кремер обговорював їх у січні на Mad Money. Значною причиною такої прибутковості акцій з моменту коментарів телеведучого CNBC є падіння на 44% протягом перших трьох тижнів листопада. Тоді акції D-Wave Quantum Inc. (NYSE:QBTS) впали на 6% після публікації звіту про фінансові результати за третій квартал 6 листопада. Це був важкий період для акцій, що займаються квантовими обчисленнями, в цілому, оскільки, за повідомленнями ЗМІ, слабкі фінансові результати та небажання ризикувати щодо нових технологій відіграли роль у ведмежій ринковій тенденції. Хоча акції D-Wave Quantum Inc. (NYSE:QBTS) знизилися з жовтня, вони все ж таки зросли на 319% до середини жовтня:
«Я обережний щодо D-Wave Quantum, компанії з ринковою капіталізацією 2,2 мільярда доларів з 9 мільйонами доларів виручки за останні 12 місяців і дуже великими збитками».
Pixabay/Public domain
Хоча ми визнаємо потенціал QBTS як інвестиції, ми вважаємо, що певні акції AI пропонують більший потенціал прибутку та менший ризик збитків. Якщо ви шукаєте надзвичайно недооцінену акцію AI, яка також може значно виграти від тарифів ери Трампа та тенденції офшорингу, ознайомтеся з нашою безкоштовною доповіддю про найкращі короткострокові акції AI.
ПРОЧИТАЙТЕ ДАЛІ: 33 акції, які мають подвоїтися протягом 3 років, і 15 акцій, які зроблять вас багатими за 10 років
Відмова від відповідальності: Відсутня. Слідкуйте за Insider Monkey в Google News.
Чотири провідні AI моделі обговорюють цю статтю
"QBTS has moved 86% higher since Cramer warned against it on fundamental grounds (tiny revenue, massive losses), yet the article provides zero evidence those fundamentals have improved—only that the stock is volatile."
This article is essentially clickbait masquerading as analysis. Cramer said he was 'wary' in January; QBTS then rallied 86%. The article frames this as validation, but it's backwards—the stock moved opposite his stated skepticism. His concern was structural: $2.2B market cap, $9M trailing revenue, massive losses. Those fundamentals haven't changed materially. A 319% surge into October followed by a 44% November crash suggests speculative momentum, not improving business quality. The article never addresses whether QBTS has achieved profitability, revenue inflection, or customer traction since Cramer's warning. It just notes the stock went up, then down, then up again—which is noise, not news.
Quantum computing remains pre-commercial; QBTS could be executing on partnerships or product roadmap milestones invisible in trailing-twelve-month revenue. If they've signed enterprise contracts with delayed revenue recognition, the stock's volatility might reflect legitimate optionality rather than pure speculation.
"D-Wave's valuation is driven by speculative hype rather than revenue growth, leaving it highly vulnerable to equity dilution and a correction in the quantum sector."
The article’s focus on Cramer’s commentary is a distraction from the fundamental reality: QBTS is trading on pure speculative momentum, not commercial viability. A $2.2 billion market cap on $9 million in trailing revenue is a valuation untethered from physics, let alone finance. While the 319% mid-October surge reflects retail enthusiasm for quantum narratives, the subsequent volatility underscores the lack of institutional floor. The company is burning cash to solve engineering hurdles that remain years from commercial scale. Investors are essentially buying a lottery ticket on quantum advantage, ignoring the massive dilution risk inherent in funding such high-capex R&D through equity markets.
If D-Wave achieves a genuine breakthrough in gate-model quantum coherence, the current $2 billion valuation represents a massive discount for a company that could effectively monopolize a multi-trillion-dollar computational paradigm.
"QBTS is being priced for optionality rather than current fundamentals, making it exposed to sharp downside absent clear, repeatable revenue growth or durable contract wins."
The headline is a reminder that headline-driven momentum — Cramer’s comment, a November drawdown and a subsequent rebound — can dominate short-term moves for speculative tech names. But the underlying picture is stark: the article itself cites a ~$2.2 billion market cap against roughly $9 million of trailing revenue and continuing losses, which implies the market is valuing long‑dated optionality (future commercial adoption, software/recurring revenue or large contracts) rather than present cash flows. Missing context: cash runway, dilution risk, revenue mix (hardware vs. recurring software/services), and concrete commercial traction metrics. Technology risk (annealing vs. universal quantum) and competitive/market adoption timelines are also downplayed.
If D‑Wave proves that its hybrid software and solvers deliver measurable, repeatable business value and converts pilot customers into multi‑year contracts, the current valuation could be rationalized and the stock could re-rate sharply higher.
"QBTS's 244x sales multiple on $9M revenue exemplifies bubble pricing in an unproven quantum sector vulnerable to earnings misses."
QBTS shares are up 59% over the past year and 86% since Cramer's January 2025 'wary' callout of its $2.2B market cap on $9M TTM revenue and massive losses, but this masks frothy speculation in quantum computing. The stock's 319% surge to mid-October reversed into a 44% early-November plunge after Q3 earnings disappointed, reflecting sector-wide risk aversion amid weak commercialization progress. At ~244x sales (market cap/revenue), QBTS trades like a proven disruptor, not a pre-revenue hardware play with dilution risks from ongoing cash burn. Momentum may persist short-term, but absent scalable contracts, it's primed for volatility.
If D-Wave demonstrates quantum advantage in real-world optimization problems ahead of rivals like IonQ, its annealing tech could capture early enterprise revenue, justifying premium multiples as adoption accelerates.
"The 244x sales multiple is a red herring; cash runway and contract conversion metrics matter far more for pre-commercial hardware companies."
Everyone's fixated on the valuation multiple (244x sales) as proof of irrationality, but that metric is meaningless for pre-commercial hardware. We should instead ask: what's D-Wave's cash runway, and at what revenue threshold does the burn rate become unsustainable? If they have 3+ years of runway and Q4 shows even one Fortune 500 pilot converting to a multi-year contract, the narrative flips. The article omits this entirely. Volatility ≠ fraud.
"The focus on runway ignores that high-capex hardware companies are perpetually vulnerable to dilutive financing regardless of pilot success."
Anthropic, you are right that 244x sales is a noisy metric, but you are ignoring the cost of capital. In a high-rate environment, '3 years of runway' is not a safety net; it is a ticking clock for massive, dilutive equity raises. Even with a Fortune 500 pilot, D-Wave’s path to positive free cash flow is obstructed by the immense capex required to scale hardware. Without a clear path to unit economics, this is just subsidized R&D.
"Runway without transparent unit economics (capex per system, ASP, margins, and revenue recognition timing) cannot predict dilution risk or a sustainable path to positive cash flow."
Anthropic: runway isn’t the decisive metric here — unit economics and revenue timing are. You can have years of runway and still face crippling dilution if each deployed system requires large, recurring capex or long lead times to convert pilots into recurring revenue. Demand quality (signed multi‑year contracts, backlog/ARR equivalents), per‑device CAPEX, ASP, and service margins are the missing disclosures that actually determine solvency and re‑rating potential.
"D-Wave's chronic revenue stagnation over two decades, not just financial metrics, signals persistent execution failure and dilution ahead."
Everyone's debating runway, capex, and unit economics, but that's missing the forest for the trees: D-Wave has pursued quantum advantage for 20+ years with stubbornly low revenue ($9M TTM despite Leap cloud since 2021). Q3 earnings flop confirms no inflection. Valuation demands 50%+ QoQ growth now; without it, dilution erodes shareholders further amid endless R&D promises.
The panel consensus is that QBTS is overvalued and trading on speculative momentum rather than commercial viability. Despite recent stock price movements, the company's fundamentals remain weak with a high valuation, low revenue, and significant losses.
Potential multi-year contracts with Fortune 500 companies
Dilution risk from ongoing cash burn and high capex requirements for R&D