In the ever-evolving realm of technology, one concept stands out as the harbinger of the future: quantum computing. It’s a revolutionary field that is reshaping the boundaries of what’s possible in computation.
Market watchers and tech leaders widely believe that quantum technology has the potential to revolutionize industries, akin to the transformative impacts of artificial intelligence (AI) and cloud computing, ushering in a new era of unparalleled computational capabilities.
Alan Baratz, CEO of D-Wave Quantum (NYSE: QBTS), reiterated those views, in his September 11 interview with Bloomberg Technology.
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Notably, Baratz believes quantum technology “is going to fundamentally transform the way businesses operate and have a huge impact on the social and economic environment.”
Due to its immense potential, the US “must accelerate investments” in the development of quantum computing, he added, as its biggest economic rival China continues to make progress in this area.
D-Wave witnessing strong sales growth despite early days
While its potential remains unquestionable, commercial quantum computing “is still early,” Baratz said when Bloomberg Technology co-host Ed Ludlow asked him why D-Wave continues to generate low revenues despite having 60 commercial customers.
Baratz acknowledged that his company was also not commercial until more than a year ago, but nevertheless, the company has seen its bookings “accelerate quarter-over-quarter for five quarters now,” thanks to its unusual approach.
Additionally, D-Wave has witnessed its average deal size grow substantially “from tens of thousands of dollars to well into the hundreds of thousands of dollars.”
Having said that, Baratz said he is “really excited” about the company’s future prospects, even though the company, and the broader quantum tech space, are still in their early days.
The firm’s CEO stated that D-Wave has developed its technology “entirely by ourselves.” Today, the company has more than 200 US-granted patents, and an additional 100 in process worldwide.
D-Wave stock analysis
At the time of writing, D-Wave stock was standing at $1.07, after soaring more than 17% in the past 24 hours.
Over the past week, QBTS remains down more than 5% and over 25% on the month.
The stock reached a 2023 high of $2.91 in mid-July, but the share price declined significantly after the company reported weak Q2 earnings and forward guidance, despite robust bookings growth.
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Watch the full interview below:
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