Why D-Wave Quantum Stock Dropped Today
Key Points
President Trump escalated his rhetoric regarding Greenland.
Investors reacted to the possibility of a reignited trade war.
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Shares of D-Wave Quantum (NYSE: QBTS) dropped on Tuesday, finishing the day down 6.2%. The slide came as the S&P 500 and the Nasdaq Composite both had their worst day in months, falling 2.1% and 2.4%, respectively.
The quantum computing stock got swept up in a broad market rout triggered by escalating geopolitical tensions. President Trump doubled down on his push to acquire Greenland, threatening tariffs on eight allies -- including seven EU members and the U.K. -- unless they support a U.S. takeover of the Danish territory. When pressed on how far he'd go, Trump responded, "You'll find out."
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D-Wave does business in Europe
Image source: Getty Images.
While stocks across the board were hit regardless of their ties to Europe, D-Wave has a meaningful European footprint and could be directly impacted by a trade war between the U.S. and the EU. Regardless of the outcome, however, I would still advise investors to stay away from D-Wave and other pure-play quantum companies. While the technology is exciting, it is a long road to real commercialization, and D-Wave is already valued at $10 billion despite generating just $24.14 million in sales over the last 12 months. I think that investors are getting ahead of themselves.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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