D-Wave Quantum Inc. (QBTS) experienced a significant drop in its stock price during intraday trading, plummeting 5.10%. This sharp decline comes amidst growing concerns from market analysts about the sustainability of recent gains in AI and quantum computing stocks.

According to a report from Vanda Research, retail investors have been increasingly bold in their investments, pushing into riskier corners of the market. D-Wave Quantum was specifically mentioned as one of the most purchased Russell 2000 names by retail investors in the past month. This surge in retail interest has been particularly focused on smaller-cap AI data center and quantum computing stocks.

However, analysts are raising red flags about this trend. Vanda Research analysts Marco Iachini and Lucas Mantle warned that this behavior "suggests a level of complacency that may be mismatched with still-lingering macro risks." They added that this contributes to their sense that "we are living in the final innings of the current equity rally." This cautionary stance from analysts may be contributing to today's selloff in D-Wave Quantum's stock.