Markets
markets
Luke Kawa

D-Wave Quantum posts Q3 revenue beat

D-Wave Quantum reversed its premarket gains despite reporting better-than-expected Q3 sales, and is trading deep in the red minutes after the opening bell sounded.

The quarterly results:

  • Revenue: $3.7 million (compared to an analyst consensus estimate of $3.03 million)

  • Adjusted earnings per share: -$0.05 (estimate: -$0.07)

“Our strong third-quarter results reflect the momentum we see building across every aspect of our business, with key metrics, including revenue, gross profit, bookings, and cash balance, clearly indicating D-Wave’s success in accelerating global quantum computing adoption,” CEO Dr. Alan Baratz said.

D-Wave ended Q3 with $2.4 million in bookings (that is, its pipeline of expected future sales), but said that number has gone up by $12 million since the end of that quarter. Much of that appears to be linked to an agreement with Swiss Quantum Technology to deploy one of its systems.

The prospect of government support has been a major catalyst for the quantum space in recent months, including the US government deeming the technology an R&D priority, which was followed by a report that the Trump administration was in talks to accumulate equity stakes in D-Wave and its peers. D-Wave had outperformed rivals on this news, as this would have constituted a bigger shift in how the government feels about this annealing-centric quantum company relative to its peers, which focus on gate-based models. Back in May, Baratz told us he “couldn’t even get a foot in the door” with the US government, calling its focus on gate-based models “profoundly disappointing.”

However, that report of direct government investment in quantum computing stocks was quickly contradicted by separate reports.

Shares of the quantum computing company peaked at nearly $47 in mid-October, but slumped into the mid-$30 range ahead of this report as part of a broad pullback across many speculative pockets of the market.

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markets
Helena Cheng

USA Rare Earth gains after delivering better-than-expected quarterly results

USA Rare Earth is rising in postmarket trading after releasing better-than-expected Q1 results.

Key numbers:

  • Revenue: $5.67 million (estimate: $4.22 million)

  • Adjusted EPS: -$0.12 (estimate: -$0.14)

Management aims to achieve 3,000 metric tons per annum of run rate for metal making and alloy capacity by year end, along with 600 MTPA run rate for magnet manufacturing capacity.

The results come during a period of unease in the global rare earth market. China previously moved to drastically curb critical mineral access in October, adding five new elements to its export controls and freezing supplies to semiconductor manufacturers. These materials may be on the agenda during discussions between US and Chinese leadership this week.

In response, the US has scrambled to build domestic production buffers. In January 2026, USA Rare Earth secured a landmark $1.6 billion government-backed package from the Department of Commerce, which included a $1.3 billion senior secured loan under the CHIPS and Science Act and $277 million in direct incentives in exchange for a 10% federal equity stake.

The company also announced a definitive agreement to acquire Serra Verde Group, owner of the Pela Ema rare earth mine and processing plant in Goiás, Brazil. The $2.8 billion acquisition is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals.

markets
Paige Oamek

Cisco surges on Q3 earnings beat and better-than-expected Q4 outlook

Cisco rose double digits after beating Q3 revenue and earnings estimates and giving optimistic projections due to increasing demand from the AI industry.

Shares were 13% higher in after-hours trading.

The tech company reported: 

  • Q3 revenue of $15.8 billion (compared to analyst estimates of $15.5 billion)

  • Q3 Adjusted earnings per share of $1.06 (estimate: $1.04)

  • Q4 revenue guidance between $16.7 billion and $16.9 billion (estimate: $15.8 billion)

  • Q4 adjusted earnings guidance of $1.16 to $1.18 (estimate: $1.07)

Shares in the company have climbed more than 60% over the past calendar year and traded at historic record highs this week — surpassing $100 on Wednesday afternoon — fully riding the AI infrastructure wave. Growing data centers and hyperscalers need networking and telecommunications equipment from companies like Broadcom or Marvell Technology and infrastructure players like Cisco or Applied Optoelectronics.

Chuck Robbins, chair and CEO of Cisco, said:

"Cisco is well-positioned as the critical infrastructure for the AI era, building on our technology leadership and customer trust, while innovating at the speed and scale that our dynamic world demands."

While demand for Cisco’s products has been climbing, the price of memory also remains elevated — which can create a tension between booming sales and shrinking profit. For Q3, Cisco reported non-GAAP gross margins of 66%, about on par with Wall Street’s estimates of 66.1% but down from 68.6% a year earlier.

Looking toward the full year, the company updated its full-year outlook to expect revenue ranging between $62.8 billion to $63.0 billion, ahead of analysts’ estimates of $61.1 billion.

Tasha Matsumoto
47m
Stocks close at a new record, powered by chip stocks and Big Tech

Traders ignored the surprise spike in producer prices and piled back into the AI trade.

Chicago Bulls Mascot Benny the Bull dunks the ball during the halftime show of the Missouri Valley Conference college basketball game between the Loyola-Chicago Ramblers and the Illinois State Redbirds on February 2, 2019.
Luke Kawa
2h
The real problems with using GameStop shares to try to purchase eBay

There are three reasons why GameStop trades where it does. Only one of these, and the least important reason, is something eBay shareholders would get to enjoy.

Gamestop Makes 56 Billion Dollar Bid For eBay
markets
Max Knoblauch

Ford surges on bullish options activity, Morgan Stanley praises its battery business

Ford is on pace for its best trading day in seven months as bullish options activity propels the stock.

More than 226,000 call options have changed hands as of 11:25 a.m. ET on Wednesday, roughly 4x the 20-day average for a full session.

A Tuesday evening note from Morgan Stanley highlighted the company’s new energy business, Ford Energy, which will sell US-assembled battery systems to “utilities, data centers and large industrial and commercial customers in the United States.”

“We believe that there is a fairly high likelihood that Ford signs an [energy storage system] supply agreement with large commercial customers, and potentially hyperscalers, over the next few months,” said Morgan Stanley analyst Andrew Percoco. The firm estimates that Ford Energy, which is licensing tech from Chinese battery giant CATL, could generate between $500 million and $600 million of run-rate earnings before interest and taxes at 20 gigawatt-hours of production.

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