Why D-Wave Quantum Inc. (QBTS) Skyrocketed Yesterday

We recently compiled a list of the 10 Hottest Stocks: What’s Fueling Their Rise. In this article, we are going to take a look at where D-Wave Quantum Inc. (NYSE:QBTS) stands against the other stocks that skyrocketed yesterday.

Ten companies—predominantly involved in the quantum computing sector—have taken the spotlight on Thursday, booking significant gains despite a lackluster performance from Wall Street’s main indices.

To come up with Thursday’s top gainers, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

A modern computer datacenter, running an advanced quantum computer system.

D-Wave Quantum Inc. (NYSE:QBTS)

Shares of D-Wave Quantum (QBTS) rallied by 24.53 percent on Thursday to close at $9.90 apiece, with the booming quantum computing industry continuing to create a domino effect on quantum computing stocks, including D-Wave.

Year-to-date, it registered an impressive growth of 1,107 percent from the $0.82 registered on January 2.

D-Wave Quantum, a Canada-based firm that designs and sells quantum computing systems and provides a quantum-as-a-service (QaaS) platform, has been capitalizing on the recent surge in quantum advancements.

Analysts believed that Google’s Willow chips and Amazon’s Embark quantum advancements have sparked a broader rally in the quantum stocks at large, including D-Wave.

It is also worth noting that US lawmakers recently announced $2.7 billion in government funding to supercharge quantum innovation across computing, sensing, and communications.

Disclosure: None. This article is originally published at Insider Monkey.