Shares of D-Wave Quantum Inc. (NYSE: QBTS) rallied by an impressive 94% year-to-date, but a closer look reveals that the firm is in danger of losing momentum. When looking at the 12-month trailing return of an astronomical 1,800%, the company's performance over 2025 so far is not quite as noteworthy. Worse still, the rally has sharply declined since May—in the last several months, QBTS shares have moved more or less sideways.
Of course, there are some good reasons for this shift. Besides the natural trailing off of momentum after such a significant rally in the last year, D-Wave has faced increasing competition from some major players in the tech space, including NVIDIA Corp. (NASDAQ: NVDA), and its mixed earnings report from the latest quarter prompted a modest slump in stock price.
