Tech Firms Dominate Monday’s 10 Worst Performers

6. D-Wave Quantum Inc. (NYSE:QBTS)

D-Wave Quantum dropped its share prices by 3.17 percent on Monday to finish at $7.02 apiece as investors sold off positions to mitigate the risks of China’s move to ban rare earth mineral exports on the company.

Rare earth minerals are crucial in the production of semiconductors which are vital for quantum computing stocks like QBTS. Following the news, QBTS traded lower alongside its counterparts, namely IONQ and RGTI.

In other news, sentiment was further dampened by news of China setting its sights on quantum computing advancements.

Earlier last week, Chinese researchers in Hefei announced a huge breakthrough by using a real quantum computer, called Origin Wukong, to improve a huge artificial intelligence model with 1 billion parameters.

The project was said to be the first in the world that had done such with a real quantum machine.

Origin Wukong is a powerful computer with 72 qubits and is used to improve AI performance by 8.4 percent.