On April 29, 2025, Kerrisdale Capital released a report on D-Wave Quantum Inc. Kerrisdale alleges that D-Wave Quantum's technology is "essentially a marketing gimmick" and that the company has "no credible plan to transition to a viable gate-model quantum computer." The report further claims the company's solutions largely rely on classical computing, not quantum computing.
Following the release of Kerrisdale's report, shares of D-Wave Quantum stock fell as much as 6% in intraday trading that same day.
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