Speculative investors jumped back into quantum computing stocks Thursday, reigniting a sector that’s been battered by months of risk-off sentiment. D-Wave Quantum Inc. (QBTS) and Rigetti Computing (RGTI) led the charge, both posting double-digit rallies on heavy volume.

The move marks a notable shift. Since December, the quantum group has been on the defensive.

Comments from NVIDIA (NVDA) CEO Jensen Huang downplaying near-term quantum adoption in late 2024 triggered a wave of skepticism that sent stocks like QBTS tumbling.

That bearish tone was compounded in February when Kerrisdale Capital publicly shorted D-Wave, calling the company a “Quantum Hype Play.”

But the narrative is changing fast.

D-Wave Provides Earnings and Outlook

D-Wave surged more than 51% Thursday after reporting earnings that beat by $0.15 and reaffirming its 2025 outlook.

Revenue came in line with expectations, but the real story is now the stock’s chart.

Shares blew past two key resistance levels. The psychologically important $10 mark and the stock’s top Bollinger Band.  A break above a stock’s Bollinger Band is often a trigger for bullish volatility breakouts.

Technically, D-Wave now sits above its 50-day and 200-day moving averages – something most S&P 500 stocks can’t claim in this choppy tape.

That strength, along with Thursday’s earnings catalyst, has given bulls a reason to believe again.

D-Wave Quantum's Price Analysis

The next test comes at $11, where the stock has stalled twice before – in December and again in March. A clean breakout above that level likely sets the stage for a run to $12.50 before short-term profit-taking kicks in.

Options investors have become active on the stock’s $10 call options.  That increase in activity suggests that the market is positioning for the current rally to continue.

But zoom out, and the trend is even more compelling. QBTS is up 24% in 2025 and a staggering 658% over the last year. Despite the analyst pessimism and a macro backdrop the stock continues to climb the a “wall of worry.”

With fundamentals reaffirmed and the quantum narrative showing signs of life - thanks in part to Huang walking back his earlier comments – investors are starting to look ahead.

If D-Wave continues to deliver while staying technically strong, this breakout could be the start of another monster move in the quantum trade.

D-Wave Quantum shares are trading in a long-term bull market trend with a price target of $15.