QBTS Surges 17.9% on CES 2026 Hype: Quantum Computing's Next Big Leap?

Summary
• D-Wave Quantum (QBTS) rockets 17.89% intraday, trading at $31.62 as of 20:08 ET
• Company announces CES 2026 participation to showcase quantum-AI synergy and real-world use cases
• Q3 revenue doubles to $24M, but $9.6B valuation implies 400x price-to-sales ratio

Shares of D-Wave Quantum Inc. (QBTS) are surging on a mix of speculative fervor and strategic announcements. The stock’s 17.9% rally—its largest intraday gain since 2025—has been fueled by the company’s CES 2026 presentation plans and Q3 revenue growth. With a 52-week high of $46.75 still in reach, investors are weighing whether this momentum can sustain amid a high-risk, high-reward profile.

CES 2026 Announcement Ignites Quantum Computing Optimism
D-Wave’s 17.9% intraday surge is directly tied to its announcement of a CES 2026 presentation on January 7, 2026. The event will highlight its annealing quantum computing technology, hybrid solvers, and real-world applications in logistics and materials science. This follows Q3 revenue doubling to $24 million, with CEO Alan Baratz emphasizing the company’s role in accelerating quantum adoption. The stock’s rally coincided with a surge in call options trading, as bulls bet on a post-CES breakout. Analysts note that while the news is positive, the company’s $9.6 billion valuation—despite no earnings—remains speculative.

Semiconductor Sector Weak as QBTS Defies Trend
The broader semiconductor sector, led by Intel (INTC), is underperforming, with INTC down 0.71% intraday. QBTS’s surge contrasts sharply with the sector’s muted tone, driven by macroeconomic concerns and AI hardware competition. While quantum computing is a niche within semiconductors, D-Wave’s focus on commercial applications (e.g., optimization problems) sets it apart from peers. However, the sector’s underperformance highlights the stock’s momentum-driven nature, with little fundamental correlation to traditional semiconductor dynamics.

Options Playbook: Leverage QBTS’s Bullish Momentum
• 200-day MA: $18.52 (far below current price)
• RSI: 61.22 (neutral to overbought)
• MACD: -0.33 (bullish crossover near)
• Bollinger Bands: Price at $31.62 exceeds upper band of $29.99

QBTS is in a short-term bullish trend, with technicals suggesting continuation. Key resistance lies at the 52-week high of $46.75, while support is near the 200-day MA. The stock’s 335x price-to-sales ratio and lack of earnings make it a high-risk, high-reward play. Options data reveals aggressive call buying, with two contracts standing out:

• QBTS20251226C32
- Type: Call
- Strike: $32
- Expiration: 2025-12-26
- IV: 92.45% (high volatility)
- Leverage: 25.57% (high)
- Delta: 0.4895 (moderate sensitivity)
- Theta: -0.2556 (rapid time decay)
- Gamma: 0.1162 (high sensitivity to price moves)
- Turnover: $672,297 (liquid)
- Payoff at 5% upside: $1.59 per share (31.62 → 33.20)
This call offers explosive potential if QBTS breaks above $32, leveraging high gamma and leverage ratio. Ideal for aggressive bulls.

• QBTS20251226P31.5
- Type: Put
- Strike: $31.5
- Expiration: 2025-12-26
- IV: 97.58% (high volatility)
- Leverage: 23.84% (high)
- Delta: -0.4527 (moderate sensitivity)
- Theta: -0.0130 (slow decay)
- Gamma: 0.1094 (high sensitivity)
- Turnover: $93,718 (liquid)
- Payoff at 5% upside: $0.70 per share (31.62 → 33.20)
This put offers downside protection if the rally stalls, with high gamma to capitalize on volatility. A hedging play for cautious bulls.

Action: Aggressive bulls may consider QBTS20251226C32 into a breakout above $32. Cautious investors should pair long calls with QBTS20251226P31.5 to hedge against volatility.

Backtest D-Wave Quantum Stock Performance
The backtest of QBTS's performance following an 18% intraday surge from 2022 to the present indicates positive short-to-medium-term gains, with the 3-Day, 10-Day, and 30-Day win rates being 46.68%, 49.34%, and 52.79%, respectively. The maximum return observed was 29.76% over 30 days, suggesting that while there is volatility, QBTS can capitalize on intraday movements to generate positive returns.

QBTS at Inflection Point: Ride the Wave or Hedge the Volatility?
QBTS’s 17.9% surge reflects a pivotal moment for quantum computing speculation. While the stock’s technicals and options activity suggest continued bullish momentum, its 400x price-to-sales ratio and lack of earnings demand caution. Investors should monitor the 52-week high of $46.75 and the 200-day MA at $18.52 as critical levels. Meanwhile, the semiconductor sector’s underperformance—led by Intel’s -0.71% move—highlights QBTS’s decoupling from traditional tech dynamics. Action: For aggressive traders, target a breakout above $32 with QBTS20251226C32. For hedgers, pair with QBTS20251226P31.5 to manage volatility.