D-Wave Quantum (NYSE: QBTS) is up another 10%, or $1.75 to $19.21 a share.
From here, we’d like to see it test $25 a share, near term.
All thanks to explosive market optimism on the future of quantum computing.
Most recently, Bank of America said quantum computing could be “humanity’s biggest breakthrough since the discovery of fire.”
B. Riley’s just raised its QBTS price target to $22 a share, with a buy rating. Analysts at Canaccord initiated coverage with a buy rating and a price target of $20 a share, with more price upgrades likely, as quantum computing revolutionizes just about everything.
It’s a massive game-changer for us all.
Such technology could even be used to discover new drugs, quicker than even imagined. For example, according to ZDNet.com, the discovery of new drugs relies on molecular simulation, which is complex and time-consuming with all of the calculations needed.
Quantum computing may even be able to help advance artificial intelligence, machine learning, financial modeling, cybersecurity, batteries, and even help with green energy.
It would also explain why governments are heavily investing in quantum computing, too.
In fact, according to the State of Quantum 2024, more than 30 governments have already made commitments of more than $40 billion to quantum technologies over the next 10 years. Even better, some analysts say the quantum computing market could eventually be worth about $850 billion by 2040, noted Forbes.
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