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Globe and Mail
11-06-2025
- Business
- Globe and Mail
Is D-Wave Quantum Stock Still a Buy?
Sometimes, the market becomes so fixated on valuation metrics that it overlooks a fundamental shift in technology. That's exactly what's happening with D-Wave Quantum (NYSE: QBTS) right now. Yes, the stock has exploded 113% year to date, as of June 9, 2025. Yes, it trades at a nosebleed 146 times projected 2026 sales. And yes, quantum computing stocks have been riding a speculative wave that makes the dot-com bubble look rational. But here's what the bears are missing: D-Wave just crossed the line from quantum promise to quantum delivery, and the implications are staggering. Last month, D-Wave posted blockbuster first-quarter results, with revenue surging 509% year over year, headlined by the landmark sale of its Advantage2 quantum system to Germany's Jülich Supercomputer Center. This wasn't just a financial win; it was a technical one. The company announced a watershed moment in applied quantum computing, with its next-generation prototype solving a complex optimization problem thousands of times faster than a classical supercomputer could. Most importantly, this leap from theory to practice is being validated in the commercial world. For example, Ford subsidiary Otosan recently slashed vehicle scheduling times using D-Wave's platform, proving the technology's real-world utility. The case for buying at these levels Research firm McKinsey & Co. projects quantum computing could create trillions in value over the next decade. D-Wave is squarely targeting the optimization segment, a foundational, multibillion-dollar piece of that market. Capturing even a fraction of the value in logistics, finance, and artificial intelligence (AI)-related optimization would imply a future valuation many multiples of its current size. D-Wave's distinctive approach -- quantum annealing instead of gate-based computing -- gives it a major lead in these real-world applications. With a strong balance sheet featuring $304 million in cash, the company is well-funded to scale its commercial lead. The powerful 92.5% gross margin seen in the latest quarter, driven by its high-end system sales, demonstrates the profound economic potential of its technology, proving that quantum computing can be a viable business today. Traditional valuation metrics alone are insufficient for a company creating a novel computing technology. D-Wave's quantum annealers aren't intended to replace classical computers wholesale; instead, they are engineered to excel at certain classes of problems, particularly in optimization. The goal is to achieve a "quantum advantage" where their systems can solve these specific, complex problems more efficiently than any classical computer. As one of the first companies to commercialize its quantum hardware, D-Wave represents a distinct approach focused on near-term applications in this developing field. Why D-Wave owns the quantum optimization niche D-Wave's commanding $5.56 billion valuation reflects a market that is finally waking up to a critical fact: The company has the most mature commercial offering in the only part of quantum computing delivering customer applications today: optimization. While giants like IBM and Alphabet pursue the long-term, research-heavy goal of building universal quantum computers, D-Wave is focused on the here and now. Its quantum annealing systems are built to solve real-world optimization problems, one of the most practical and immediate use cases for quantum technology. This isn't a narrow niche; it's a multibillion-dollar market hiding in plain sight, underpinning everything from airline routing and portfolio construction to drug discovery and manufacturing logistics. The proof is in the customer list. D-Wave has secured 69 paying commercial customers, including industry leaders like Volkswagen, Lockheed Martin, and Denso. These aren't just science experiments; they are focused efforts to tackle complex challenges. Volkswagen, for example, has used D-Wave's technology to optimize paint shop schedules, a clear sign of tangible, operational applications that drive efficiency. D-Wave's technical strategy is the key to its commercial head start. By focusing on quantum annealing, its architecture has different and less stringent requirements for error correction and coherence than universal gate-based systems. This is not a detour; it's a strategic advantage that has allowed D-Wave to leapfrog competitors in the race to commercial scale, deploying powerful 5,000+ qubit processors built for one purpose. While gate-based systems are a different technological path with different goals, no other player can match D-Wave's scale and commercial track record in the optimization space today. For investors, the $5.56 billion question is whether this valuation is justified. Given that D-Wave is the established leader in a market poised to disrupt dozens of global industries, its current capitalization may well be a prelude to future growth as its technology becomes mission critical for modern business. Still a buy? Every major technology shift creates trillion-dollar winners. The internet minted Amazon and Alphabet. Mobile created Apple 's empire. Artificial intelligence (AI) is birthing new giants daily. Quantum computing will be no different, except this time investors can buy the leader for just $5.56 billion -- considerably less than what Meta burns on Reality Labs in two quarters. D-Wave isn't a speculative bet on distant quantum breakthroughs. It's a growing business with bluechip customers. The only question is whether you believe quantum computing will transform optimization problems. If yes, then D-Wave stock isn't expensive. It's fundamentally mispriced. Should you invest $1,000 in D-Wave Quantum right now? Before you buy stock in D-Wave Quantum, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and D-Wave Quantum wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $660,341!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $874,192!* Now, it's worth noting Stock Advisor 's total average return is999% — a market-crushing outperformance compared to173%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 9, 2025 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. George Budwell has positions in Apple, D-Wave Quantum, and Lockheed Martin. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, International Business Machines, and Meta Platforms. The Motley Fool recommends Lockheed Martin and Volkswagen Ag. The Motley Fool has a disclosure policy.
Winnipeg Free Press
26-04-2025
- Entertainment
- Winnipeg Free Press
Stage debut
Manitoba Theatre for Young People's freshly announced 2025-26 season will begin with the curtain rising on the company's second stage, the Richardson Studio Theatre. Formerly a rehearsal and secondary programming space, the erstwhile Richardson Hall has been undergoing an extensive renovation this past year as part of the company's $9-million capital campaign. The mainstage on Forks Road will house five productions next season, with the studio theatre hosting the opening and closing runs. Artistic director Pablo Felices-Luna says the new space, with a lower seating capacity than the mainstage, opens a fresh frontier for smaller-scale productions to flourish and develop. Having known about the planned renovations for more than two years, he says he considered its inaugural performance, a snowed-in comedy called Gather, with gentleness and welcoming in mind. CHELSEY STUYT PHOTO Otosan is a semi-autobiographical production featuring wild and lifelike puppets. Written by Toronto's Julia Lederer and Julie Ritchey, Gather (Oct. 3-26) was produced during the pandemic in Ritchey's native Chicago, centring on a group of community members stuck inside as their world is enveloped by a deep freeze. A chef loses their sense of smell, a librarian their vocabulary and a letter carrier their sense of purpose. Sound familiar? Next (Nov. 1-9), is dance artist Santee Smith's The Mush Hole, produced by Toronto's Kaha:wi Dance Theatre; a returning show that was MTYP's final production before the pandemic shutdown in March 2020. Created at and inspired by the Mohawk Residential School, which was operated in Ontario by the Anglican Church until 1970, The Mush Hole owes its title to a nickname children and community members gave the institution. The third show in the slate is The Lightning Thief, a musical adaptation of Rick Riordan's YA juggernaut series about Percy Jackson. 'I have a soon-to-be 11-year-old who reads the books, and I had to be so disciplined to keep this a secret,' Felices-Luna says. 'We're telling her this weekend and she's going to lose her mind.' The storm is expected from Dec. 5 to 28. Next up (Jan. 30-Feb. 8) is the season's first locally developed production, the delightfully offbeat comedy Tad and Birdy, written by Winnipeg's Anika Dowsett. Created in MTYP's Sandbox playwright's unit, Dowsett's script follows a 'bird-voiced' tree-frog tadpole who's put in a jar and relocated to a boy's bedroom. Tad's roommate? A lovebird who knows everything but the key to happiness. 'Anika has done a beautiful job keeping the childlike simplicity alive,' says Felices-Luna, who is hoping Dowsett's play might parrot the success of this past season's run of Frog and Toad. SUPPLIED South Korean company Brush is back at MTYP this season with fan favourite Doodle Pop. Are direct flights possible between Winnipeg and Seoul? If aeronautically advisable, Felices-Luna would advocate for one, because for the third time since taking the helm of MTYP, the artistic director is bringing the endlessly innovative South Korean company Brush back to the city. Last seen in 2023-24 with Poli Pop, Brush returns with Doodle Pop (Feb. 27 -March 8), the show that first wowed Winnipeg audiences in 2022. 'I watched a kid having so much fun, bouncing, that when they sat back down, the kid missed the seat,' says Felices-Luna. He doesn't blame the young viewer. 'The show is so exciting that it's hard to sit still.' During Elections Get campaign news, insight, analysis and commentary delivered to your inbox during Canada's 2025 election. From Montreal's Bouge de là dance company comes Glitch (April 10-19), which follows four intrepid explorers following their curiosities into a deserted theatre basement, where they're guided by an animate laser beam that becomes the show's fifth character. Then, to close the season, wild and lifelike puppets shake hands in Shizuka Kai's Otosan, a semi-autobiographical journey into her relationship with her father, a wildlife videographer. Eager to understand her father's work, the character Shizu climbs into his suitcase as he ventures north. SUPPLIED Doodle Pop will get kids bouncing out of their seats. The puppets, says Felices-Luna, make you 'feel as if you're breathing with them.' Produced by Vancouver's Little Onion Puppet Company and co-created by Kai, Jess Amy Shead and Randi Edmundson, Otosan runs April 24-May 17, 2026, in the Richardson Studio Theatre. The final production of MTYP's current season, the world première of Wren Brian's Billie and the Moon, runs May 2-11. Directed by Ray Strachan, the summer-camp production stars Kris Cahatol, Megan Fry, Rhea Rodych-Rasidescu and Toby Hughes. SUPPLIED The Mush Hole, inspired by Ontario's Mohawk Residential School, returns to MTYP in November. DAVID WONG PHOTO Montreal's Bouge de là dance company presents Glitch this season. Ben WaldmanReporter Ben Waldman is a National Newspaper Award-nominated reporter on the Arts & Life desk at the Free Press. Born and raised in Winnipeg, Ben completed three internships with the Free Press while earning his degree at Ryerson University's (now Toronto Metropolitan University's) School of Journalism before joining the newsroom full-time in 2019. Read more about Ben. Every piece of reporting Ben produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. 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