QBTS is trading 7.4% down today at $27.23 as investors lock in significant gains following a rally of more than 50% over the past week. The surge was fueled by major positive news regarding U.S. government funding.
- The rally was initiated after D-Wave was named a recipient of funding under the CHIPS and Science Act to accelerate domestic quantum hardware development.
- On May 26, the company also announced it was awarded second-year funding for its SQFab project, which is focused on improving materials for superconducting qubits.
- Today's decline appears to be a technical pullback as traders take profits after the sharp, news-driven appreciation in the stock price.