D-Wave Quantum (QBTS) stock experienced a premarket pullback after a significant rally driven by its AT&T agreement. Investors are taking profits and anticipating the company's upcoming earnings report, while technical indicators suggest a 'reset' rather than an 'overbought' condition.
D-Wave Quantum (QBTS) saw its stock fall in premarket trading due to profit-taking following a nearly 20% surge on Monday, which was catalyzed by a new agreement with AT&T. This pullback also comes ahead of the company's Q2 earnings report next week, creating uncertainty. The AT&T deal is significant as it highlights a commercial use case for D-Wave's quantum computing, positively impacting the broader quantum sector peers like IONQ, RGTI, and QUBT. Short-term, QBTS faces pressure from profit-taking and market technicals, with key resistance at $22.00. Long-term, the AT&T deal could be a positive catalyst, but the upcoming earnings report is a critical risk/opportunity for traders to watch for further guidance and performance metrics.