D-Wave Quantum: CHIPS Act Backing and Nasdaq Shift Fail to Reverse a Brutal Selloff
Published on 07/21/2026 at 09:53 | Redaktion boerse-global.de
D-Wave Quantum has the kind of asset that usually excites momentum traders: a $100 million CHIPS Act funding pledge from Washington, a planned upgrade to the Nasdaq exchange, and a pipeline that stretches into a technology market forecast to reach $173 billion by 2040. Yet the stock continues to slide. On Tuesday, shares rose 2.15 percent to €15.00, but the bounce does little to mask a broader rout that has erased 61.02 percent from the 52-week high of €38.48 set last October. Since the start of the year, the stock has dropped 33.80 percent, with a 30.04 percent loss in the last month alone.
The disconnect between corporate milestones and market sentiment has rarely been starker. D-Wave recently secured a non-binding agreement for $100 million in funding under the CHIPS and Science Act, money earmarked to accelerate its superconducting quantum systems. The nod from Washington signals that quantum technology is now viewed as a strategic priority, not just an academic curiosity. CEO Alan Baratz also announced that the company will move its listing from the New York Stock Exchange to the Nasdaq, with trading on the new venue beginning July 27, 2026. Baratz argued that the shift aligns D-Wave with Nasdaq's innovation culture.
None of that has stopped the bleeding. The technical picture remains firmly bearish. The stock trades 27.56 percent below its 50-day moving average of €20.27 and 26.69 percent below its 200-day average of €20.03—both short- and long-term trends pointing lower. The 14-day relative strength index sits at 33.1, nearing oversold territory but not yet there. Annualized volatility of roughly 76 percent underscores how violently sentiment can swing in a stock that still carries a market capitalization of €5.43 billion.
Should investors sell immediately? Or is it worth buying D-Wave Quantum?
The scale of the retreat has drawn comparisons to the dot-com era. Analysts point to the gap between D-Wave's operating reality and its valuation. The company continues to report deep losses, even as it wins new contracts and builds out its gate-model quantum computing capabilities alongside its existing annealing systems. The pattern echoes Cisco’s trajectory after the early internet bubble burst—a nearly 80 percent market value collapse that humbled one of the era's darlings. For now, D-Wave remains 32 percent above its 52-week low of €11.12, set in late March 2026, but investors who bought a year ago are sitting on a 6.67 percent loss.
Against that technical and fundamental headwind, Wall Street's analyst community remains conspicuously bullish. The average price target stands at €32.75, implying upside of 118 percent from current levels. That chasm between market action and analyst expectations could reflect a market driven by positioning and momentum rather than a reappraisal of D-Wave's long-term prospects. Either way, it creates a tension that, given the stock's extreme volatility, could resolve in weeks, not quarters.
What makes D-Wave unusual is that it already sells something tangible: annealing quantum computers that solve optimization problems in logistics, drug discovery, and scheduling. That commercial leg is complemented by work on gate-model systems, the next generation of quantum hardware. Yet even with real revenue and a growing order book, the market is pricing in a timeline that stretches years into the future. The CHIPS Act funding and the Nasdaq listing are meant to shorten that timeline, but so far they have failed to restore the confidence that evaporated last autumn.
The coming months will test which side of the bet prevails. On one hand, the technical signals suggest further downside is possible. On the other, the analyst consensus and the company's strategic moves point to a rebound. The Nasdaq switch on July 27 will serve as an early referendum: either the listing attracts the institutional investors D-Wave needs, or the market continues to treat quantum computing as a story that has already peaked.
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