Point — counterpoint.
Last week, I highlighted the astounding share price rise of quantum computing company D-Wave Quantum (NYSE: QBTS), which gained a terrific 52% over the course of the week, ending with a nearly 12% rise on Friday alone. Unimpressed, I argued that in the absence of real revenue and profits, D-Wave Quantum looked like a “speculative” investment good only for “momentum traders” — and warned that “serious investors should probably stay away.”
On Monday, D-Wave stock is tumbling — down 6.7% through 10 a.m. ET — and it kind of looks like I was right to warn investors to steer clear of the profitless quantum computing stock.