Shares of D-Wave Quantum Inc. (NYSE:QBTS) are trading higher Friday following recent developments across the quantum computing sector, driven in part by announcements from major companies and growing recognition of quantum computing's potential economic impact. Here's what you need to know.
What To Know: On Monday, D-Wave participated in the Quantum Technologies Forum at the University of Southern California (USC). During the event, D-Wave highlighted advancements in its annealing quantum computing technology and presented practical use cases from commercial and research clients. Notably, USC hosts a D-Wave Advantage quantum system, emphasizing the company's foothold in both academic and enterprise applications.
Earlier this week, D-Wave also announced plans to feature its solutions at the upcoming Q2B24 Silicon Valley conference. The presentation will focus on the application of quantum optimization for business challenges such as workforce scheduling, network resource allocation and manufacturing processes. Company representatives stated that its annealing quantum systems provide measurable benefits in these areas, including reduced scheduling times and improved resource utilization.
The broader quantum computing industry has seen increased activity. Analysts project the global enterprise quantum computing market will grow at a compound annual rate of 29.7%, reaching $10.83 billion by 2028. This growth aligns with forecasts suggesting quantum computing could generate a $1 trillion economic impact by 2035.
In the financial community, D-Wave's CEO, Dr. Alan Baratz, recently appeared on Fox Business to discuss the company's advancements and the growing commercial adoption of its quantum technology. Baratz emphasized the company's role as a leader in delivering quantum solutions for operational use cases, reinforcing its position in the market.
QBTS Price Action: D-Wave Quantum shares were up 32.0% at $4.98 at the time of writing, according to Benzinga Pro.
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