D-Wave Systems Inc. (QBTS) stock surged 12.2% intraday on Thursday, riding the wave of investor enthusiasm for quantum computing companies.

Quantum computing stocks have been on a tear recently, fueled by major developments in the field. Alphabet's Google unveiled a powerful quantum chip called "Willow" that can perform complex calculations exponentially faster than the world's best supercomputers. Amazon Web Services also launched its Quantum Embark Program, providing access to quantum computing resources.

Wall Street analysts have taken note, with firms like D.A. Davidson, Benchmark, and Craig-Hallum initiating coverage on quantum computing players like IonQ, Rigetti Computing, and D-Wave Systems with bullish ratings and price targets. Analysts cited the companies' positioning to capitalize on the rapid growth of quantum computing and the scarcity of public market plays in this emerging sector.