D-Wave Quantum Inc. (QBTS) saw its shares plummet 9.12% during Tuesday's intraday trading session.

The sharp decline is attributed to profit-taking activity following a significant rally earlier in the week. The rally was initially fueled by the company's announcement that it signed a preliminary memorandum of terms with the U.S. Department of Commerce to receive up to $100 million in funding under the CHIPS and Science Act, aimed at accelerating quantum computing research and commercialization.

With the positive policy catalyst now largely priced into the stock, investors opted to lock in gains. The selling pressure was compounded by lingering concerns over the company's first-quarter fundamentals, which included a significant revenue decline and a widened net loss, despite the company reporting record quarterly bookings.