What Happened
D-Wave Quantum (QBTS) reported quarterly earnings that fell short of revenue expectations, disappointing analysts who had anticipated stronger top-line results. However, the headline number masking a dramatic development: bookings skyrocketed 1,994% year-over-year to $33.4 million, signalling a potential inflection point in commercial demand for quantum computing services. QBTS shares are not an ASX-listed or core coverage stock, but the result is relevant to Australian tech and Nasdaq-exposed traders watching the broader growth and speculative tech space.
Key Levels
QBTS is currently trading around the $8.50–$9.20 range following the earnings reaction. Traders should watch:
- Support 1: $7.80 — recent consolidation base and prior breakout level
- Support 2: $6.40 — major swing low from the February pullback
- Resistance 1: $10.50 — pre-earnings high and psychological round number
- Resistance 2: $12.80 — January 2025 peak, a key supply zone
Technical Picture
QBTS remains in a longer-term uptrend from the mid-2024 lows but has been in a corrective phase since the January highs. Price is currently sitting below the 50-day moving average (~$10.20), which is acting as near-term resistance. The RSI is sitting around 42, suggesting the stock is approaching oversold territory but has not yet confirmed a reversal. A close back above the 50-day MA would shift the short-term bias back to bullish.
What Traders Are Watching
The key trigger levels are clear: a break and daily close above $10.50 would attract momentum buyers and likely target the $12.80 zone. On the downside, a break below $7.80 could accelerate selling toward the $6.40 support. The massive bookings figure is a forward-looking positive, but revenue misses tend to weigh on near-term sentiment — the battle between fundamentals and price action is the story here.
Bias
Neutral, leaning cautiously bullish. The 1,994% bookings surge is impossible to ignore as a demand signal, but until QBTS reclaims $10.50 on the chart, the near-term trend remains uncertain. Wait for price confirmation before committing.