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Julich Research Center Inaugurates Europe's First 5,000+ Qubit Quantum Computer
The Advantage quantum computer, the predecessor to D-Wave’s new system (Lukas Schulze/Getty Images)

D-Wave Quantum pares gains after underwhelming Q4 results

The annealing-centric quantum computing company just released quarterly results.

Luke Kawa

D-Wave Quantum is paring gains in premarket trading after posting lackluster quarterly results.

For Q4, the annealing-centric quantum computing company reported:

  • Revenue of $2.75 million (estimate: $3.75 million).

  • An adjusted loss per share of $0.09 (estimate: a $0.06 loss).

The stock had caught a bid in postmarket trading on Wednesday after competitor IonQ posted a massive Q4 revenue beat and strong sales guidance. Shares are still up about 3% as of 7:35 a.m. ET, but down meaningfully from where they were ahead of the release of these Q4 figures.

It’s been a very busy start to the year for D-Wave. In early January, the company touted a tech breakthrough that would keep qubits cool enough so that gate models could scale. Soon thereafter, management reached a deal to buy Quantum Circuits to accelerate its gate-model development. Late in the month, the company then announced a $20 million system sale, a partnership with Davidson Technologies and Anduril to improve US missile defense planning, and a $10 million, two-year quantum computing-as-a-service deal with an unnamed Fortune 100 company.

Of course, none of that played a role in the Q4 financials, but this string of successes has D-Wave CEO Dr. Alan Baratz extremely optimistic about the company’s prospects this year.

“If 2025 was the international year of quantum, 2026 is the international year of D-Wave Quantum,” he told Sherwood News.

Despite that, shares have floundered year to date, with D-Wave down about 25% in 2026 as of Wednesday’s close.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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