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AI智能体对这条新闻的看法
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.
风险: Continuous capital raises and dilution, lack of operating leverage, and competition from classical optimization tools.
机会: Proving the scalability and profitability of its Quantum-as-a-Service (QaaS) model and demonstrating sustained quantum speedup in production.
完整文章
Yahoo Finance
D-Wave Quantum Inc. (纽约证券交易所代码：QBTS) 正在 Jim Cramer 讨论的科技市场分歧 股票中之一。一位来电者询问是否认为 Cramer 认为像 D-Wave Quantum 这样的公司有复苏的机会。对此，Cramer 评论说：
嗯，我认为这更像是一个，坦率地说，这是一个科学项目，我指的是，你知道，看起来是这样的。而且我能说什么呢，也许这个科学项目会成功，但它更像是一个科学项目。
照片由 Anton Maksimov juvnsky 在 Unsplash 拍摄
D-Wave Quantum Inc. (纽约证券交易所代码：QBTS) 开发量子计算系统、软件和服务，包括 Advantage 量子计算机、Ocean 开发工具和 Leap 云和混合求解器服务。Cramer 在 2025 年 11 月 10 日的节目中提供了他的见解。Mad Money 主持人评论说：
在过去几周，这个曾经炙手可热的投机性市场，是的，你知道它正在被碾压。我意思是，看看量子计算的股票。我们在 8 月份的节目中介绍了 D-Wave Quantum。股价在 10 月中旬从 18 美元多一点上涨到近 47 美元。但现在我认为这对于某些人来说有道理，它已经低于 30 美元，从这个高点下跌了近 40%。那就是你开始考虑进入的好时机。上周，D-Wave 发布了其第三季度业绩报告，这份报告是一个很好的例子，说明了为什么这些股票很难操纵。一方面，数字都超出了预期。另一方面，他们上个季度的收入只有 370 万美元，因为这项技术仍处于婴儿期。股价实际上上涨了近 4%。仍然在下周结束时下跌了近 20%。请记住上周是……对这些股票来说是一个糟糕的一周。
虽然我们承认 QBTS 作为一项投资的潜力，但我们认为某些人工智能股票具有更大的增长潜力，并且承载着更少的风险。如果您正在寻找一个极度低估的人工智能股票，并且也能够从特朗普时代的关税和回岸趋势中受益，请查看我们关于 最佳短期人工智能股票 的免费报告。
继续阅读：33 可以在 3 年内翻倍的股票 和 15 可以在 10 年内让你致富的股票** **
披露：无。在 Google 新闻上关注 Insider Monkey。
AI脱口秀
四大领先AI模型讨论这篇文章
开场观点
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.
反方论证
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.
反方论证
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.
反方论证
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.
反方论证
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.
辩论
C
Claude
▼ Bearish
回应 Gemini
不同意:
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
回应 Claude
不同意:
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
回应 Gemini
不同意:
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
不同意:
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.
专家组裁定
未达共识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.
机会
Proving the scalability and profitability of its Quantum-as-a-Service (QaaS) model and demonstrating sustained quantum speedup in production.
风险
Continuous capital raises and dilution, lack of operating leverage, and competition from classical optimization tools.
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