<p>在过去的几年里，由于对人工智能（AI）日益增长的兴趣，投资者见证了科技领域某些细分市场的急剧上升。运营于半导体、企业软件和云计算等行业的公司，迄今为止是 AI 投资的主要受益者。</p>
<p>然而，在过去的一年里，量子计算股票开始作为推动 AI 革命的新趋势浮现。</p>
<p><strong>IonQ</strong>、<strong>Rigetti Computing</strong>，甚至 <strong>Nvidia</strong> 都是与量子计算相关的常见名称。然而，如果我告诉你还有另一只量子计算股票超越了上述三家领军企业，你会怎么想？</p>
<p>截至 6 月 27 日收盘，<strong>D-Wave Quantum</strong>(QBTS 1.89%) 的股价今年迄今已上涨 67%——绝对超越了其同行的表现。</p>
<p>让我们探讨一下 D-Wave 股价大幅波动的驱动因素，并评估现在是否是购买一些股票的好机会。</p>
<h2>量子计算可能成为支持 AI 革命的下一个支柱</h2>
<p>虽然量子计算尚未广泛商业化，但技术爱好者因其相较于经典计算机的优势而对其发展产生了兴趣。量子计算机被认为拥有比当今最先进的计算机更强大的处理能力。</p>
<p>理论上，这可能在解决能源、金融服务和制药等行业的复杂问题时带来更大的效率优势。全球管理咨询公司麦肯锡公司估计，到下个十年中期，量子计算可能创造 1.3 万亿美元的经济价值。</p>
<p>考虑到全球最大的 AI 开发者如 <strong>Alphabet</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>IBM</strong> 和 Nvidia 都在构建量子计算硬件和软件，我对这一机会在长期内可能非常有利感到乐观。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzODkvcXVhbnR1bS1jb21wdXRpbmctMTM0NzMxMDM3Ny00LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzODkvcXVhbnR1bS1jb21wdXRpbmctMTM0NzMxMDM3Ny00LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>D-Wave Quantum 的增长令人瞩目，但有一个问题</h2>
<p>下面的图表展示了 D-Wave 在过去一年中的收入和现金余额增长。如每条线的陡峭斜率所示，D-Wave 的增长似乎正在进入一个新的阶段。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8b77006fadaaf0d9d52fe1364fc5b392.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8b77006fadaaf0d9d52fe1364fc5b392.png"/></p>
<p>QBTS 收入（TTM）数据来源于 YCharts</p>
<p>第一季度收入同比飙升 509%，且资产负债表上现金充足，我怀疑一些投资者正在忽视上述财务状况中的一些细微差别，纷纷涌入 D-Wave 股票。</p>
<p>聪明的投资者明白，考虑到 D-Wave 在该季度仅产生了 1500 万美元的销售额，这种增长幅度并不那么令人印象深刻。考虑到这一点，D-Wave 在过去 12 个月中的大部分收入集中在一个季度，这使得公司的持续发展轨迹显得有些不确定，并且可能会出现波动，因为 D-Wave 迄今为止尚未实现规模化。</p>
<p>此外，尽管收入数字较小，D-Wave 的现金余额在第一季度激增约 1.26 亿美元。根据公司的 10Q 文件，D-Wave 通过增发股票筹集了这笔资金。</p>
<p>另一种看法是，D-Wave 尚未产生可以再投资于业务的盈利能力。相反，该公司正在利用其股价上涨的机会，通过在高估值下发行新股来筹集资金。</p>
<h2>现在 D-Wave Quantum 股票值得购买吗？</h2>
<p>截至目前，D-Wave 的市值约为 45 亿美元。考虑到该公司过去 12 个月的销售额仅为 2100 万美元，这意味着 D-Wave 的市盈率（P/S）约为 150。</p>
<p>正如下图所示，D-Wave 的 P/S 比率大约是投资者在 1990 年代末互联网泡沫期间看到的 <strong>Amazon</strong> 和 <strong>Cisco</strong> 等公司峰值倍数的 4 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5d3aa685ddbb509a6ebf31a668af7b76.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5d3aa685ddbb509a6ebf31a668af7b76.png"/></p>
<p>QBTS PS 比率数据来源于 YCharts</p>
<p>我不仅认为 D-Wave 的估值不可持续，管理层可能也这么认为。</p>
<p>根据最近的文件，D-Wave 正在考虑通过后续股票发行再筹集 4 亿美元。在我看来，这样的举动可能表明管理层意识到公司的股票被高估，因此愿意稀释股东权益，以利用泡沫和过度膨胀的估值来筹集额外资金。</p>
<p>虽然我理解围绕量子计算的兴奋，但我认为 D-Wave Quantum 的股票已经超出合理范围。尽管目前是一个高度投机的机会，该公司的交易估值却是溢价的。</p>
<p>我会选择不在此时投资 D-Wave Quantum 股票，而是选择在 AI 领域中拥有强大立足点的更成熟的公司。</p>

QBTS

<p>D-Wave Quantum 的表现超过了 IonQ 和 Nvidia 等竞争对手，今年股价上涨了 67%。尽管年同比收入增长了 509%，但 D-Wave 在第一季度的总销售额仅为 1500 万美元，这引发了对可持续性的担忧。该公司的市销率高达 150，暗示其被高估。D-Wave 还考虑通过股票发行再融资 4 亿美元，这表明管理层意识到股价的膨胀。对于潜在投资者来说，建议保持谨慎，因为与更成熟的人工智能公司相比，D-Wave 可能不是一个稳健的投资</p>

<p>Over the last couple of years, investors have witnessed a sharp rise in certain pockets of the technology realm thanks to rising interest in artificial intelligence (AI). Companies operating across industries such as semiconductors, enterprise software, and cloud computing have been particular beneficiaries of AI investment so far.</p>
<div class="lb-trans"><p>在过去的几年里，由于对人工智能（AI）日益增长的兴趣，投资者见证了科技领域某些细分市场的急剧上升。运营于半导体、企业软件和云计算等行业的公司，迄今为止是 AI 投资的主要受益者。</p>
</div><p>Within the last year, however, quantum computing stocks have started to emerge as a new trend fueling the AI revolution.</p>
<div class="lb-trans"><p>然而，在过去的一年里，量子计算股票开始作为推动 AI 革命的新趋势浮现。</p>
</div><p><strong>IonQ</strong>, <strong>Rigetti Computing</strong>, and even <strong>Nvidia</strong> are common names surrounding the quantum computing narrative. However, what if I told you there is another quantum computing stock that has outperformed all three of the leaders above?</p>
<div class="lb-trans"><p><strong>IonQ</strong>、<strong>Rigetti Computing</strong>，甚至 <strong>Nvidia</strong> 都是与量子计算相关的常见名称。然而，如果我告诉你还有另一只量子计算股票超越了上述三家领军企业，你会怎么想？</p>
</div><p>As of the closing bell on June 27, shares of <strong>D-Wave Quantum</strong>(QBTS 1.89%) have gained 67% so far this year -- absolutely trouncing the performances of its peers.</p>
<div class="lb-trans"><p>截至 6 月 27 日收盘，<strong>D-Wave Quantum</strong>(QBTS 1.89%) 的股价今年迄今已上涨 67%——绝对超越了其同行的表现。</p>
</div><p>Let's explore the driving force behind D-Wave's monster price action and assess if now is a good opportunity to scoop up some shares.</p>
<div class="lb-trans"><p>让我们探讨一下 D-Wave 股价大幅波动的驱动因素，并评估现在是否是购买一些股票的好机会。</p>
</div><h2>Quantum computing could be the next pillar supporting the AI revolution</h2>
<div class="lb-trans"><h2>量子计算可能成为支持 AI 革命的下一个支柱</h2>
</div><p>While quantum computing is not yet widely commercialized, technology enthusiasts have become interested in its development due to its advantages over classic computers. Quantum computers are believed to possess superior processing power compared to today's most sophisticated computers.</p>
<div class="lb-trans"><p>虽然量子计算尚未广泛商业化，但技术爱好者因其相较于经典计算机的优势而对其发展产生了兴趣。量子计算机被认为拥有比当今最先进的计算机更强大的处理能力。</p>
</div><p>In theory, this could lead to greater efficiency advantages in solving complex problems across industries such as energy, financial services, and pharmaceuticals. Global management consulting firm McKinsey &amp; Company estimates that quantum computing could generate $1.3 trillion in economic value by the middle of next decade.</p>
<div class="lb-trans"><p>理论上，这可能在解决能源、金融服务和制药等行业的复杂问题时带来更大的效率优势。全球管理咨询公司麦肯锡公司估计，到下个十年中期，量子计算可能创造 1.3 万亿美元的经济价值。</p>
</div><p>Considering that the world's largest AI developers such as <strong>Alphabet</strong>, <strong>Microsoft</strong>, <strong>Amazon</strong>, <strong>IBM</strong>, and Nvidia are all building quantum computing hardware and software, I'm optimistic that the opportunity could be quite lucrative in the long run.</p>
<div class="lb-trans"><p>考虑到全球最大的 AI 开发者如 <strong>Alphabet</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>IBM</strong> 和 Nvidia 都在构建量子计算硬件和软件，我对这一机会在长期内可能非常有利感到乐观。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzODkvcXVhbnR1bS1jb21wdXRpbmctMTM0NzMxMDM3Ny00LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823389%2Fquantum-computing-1347310377-4.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>D-Wave Quantum's growth is jaw-dropping, but there's a catch</h2>
<div class="lb-trans"><h2>D-Wave Quantum 的增长令人瞩目，但有一个问题</h2>
</div><p>The charts below illustrate growth in D-Wave's revenue and cash balance over the last year. As indicated by the steep slope of each line, D-Wave's growth appears to be hitting a new stride.</p>
<div class="lb-trans"><p>下面的图表展示了 D-Wave 在过去一年中的收入和现金余额增长。如每条线的陡峭斜率所示，D-Wave 的增长似乎正在进入一个新的阶段。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8b77006fadaaf0d9d52fe1364fc5b392.png" alt="" original-src="https://media.ycharts.com/charts/8b77006fadaaf0d9d52fe1364fc5b392.png"/></p>
<p>QBTS Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>QBTS 收入（TTM）数据来源于 YCharts</p>
</div><p>With first-quarter revenue soaring by 509% year over year and ample cash on the balance sheet, I suspect some investors are looking past some subtle nuances from the financial profile above and pouring into D-Wave stock.</p>
<div class="lb-trans"><p>第一季度收入同比飙升 509%，且资产负债表上现金充足，我怀疑一些投资者正在忽视上述财务状况中的一些细微差别，纷纷涌入 D-Wave 股票。</p>
</div><p>Smart investors understand this magnitude of growth is less impressive considering D-Wave only generated $15 million of sales during the quarter. With that in mind, it becomes clear that the majority of D-Wave's revenue base over the last 12 months was concentrated in a single quarter. To me, this makes the company's ongoing trajectory somewhat uncertain and potentially lumpy given the lack of scale D-Wave has achieved so far.</p>
<div class="lb-trans"><p>聪明的投资者明白，考虑到 D-Wave 在该季度仅产生了 1500 万美元的销售额，这种增长幅度并不那么令人印象深刻。考虑到这一点，D-Wave 在过去 12 个月中的大部分收入集中在一个季度，这使得公司的持续发展轨迹显得有些不确定，并且可能会出现波动，因为 D-Wave 迄今为止尚未实现规模化。</p>
</div><p>Moreover, despite its small revenue figures, D-Wave's cash balance skyrocketed by about $126 million during the first quarter. Per the company's 10Q filing, D-Wave raised this capital through an at-the-money (ATM) offering.</p>
<div class="lb-trans"><p>此外，尽管收入数字较小，D-Wave 的现金余额在第一季度激增约 1.26 亿美元。根据公司的 10Q 文件，D-Wave 通过增发股票筹集了这笔资金。</p>
</div><p>Another way of looking at this is that D-Wave is not yet generating profitability that it can reinvest back into the business. Rather, the company is taking advantage of its rising stock price by issuing new shares at an inflated valuation in order to raise capital.</p>
<div class="lb-trans"><p>另一种看法是，D-Wave 尚未产生可以再投资于业务的盈利能力。相反，该公司正在利用其股价上涨的机会，通过在高估值下发行新股来筹集资金。</p>
</div><h2>Is D-Wave Quantum stock a buy right now?</h2>
<div class="lb-trans"><h2>现在 D-Wave Quantum 股票值得购买吗？</h2>
</div><p>As of this writing, D-Wave boasts a market capitalization of roughly $4.5 billion. Given the company's trailing-12-month sales of just $21 million, this implies that D-Wave trades for a price-to-sales (P/S) multiple of about 150.</p>
<div class="lb-trans"><p>截至目前，D-Wave 的市值约为 45 亿美元。考虑到该公司过去 12 个月的销售额仅为 2100 万美元，这意味着 D-Wave 的市盈率（P/S）约为 150。</p>
</div><p>As the chart below illustrates, D-Wave's P/S ratio is roughly 4 times higher than some of the peak multiples investors witnessed in names such as Amazon and <strong>Cisco</strong> during the dot-com bubble in the late 1990s.</p>
<div class="lb-trans"><p>正如下图所示，D-Wave 的 P/S 比率大约是投资者在 1990 年代末互联网泡沫期间看到的 <strong>Amazon</strong> 和 <strong>Cisco</strong> 等公司峰值倍数的 4 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5d3aa685ddbb509a6ebf31a668af7b76.png" alt="" original-src="https://media.ycharts.com/charts/5d3aa685ddbb509a6ebf31a668af7b76.png"/></p>
<p>QBTS PS Ratio data by YCharts</p>
<div class="lb-trans"><p>QBTS PS 比率数据来源于 YCharts</p>
</div><p>Not only do I think D-Wave's valuation is unsustainable, but management may think so, too.</p>
<div class="lb-trans"><p>我不仅认为 D-Wave 的估值不可持续，管理层可能也这么认为。</p>
</div><p>According to recent filings, D-Wave is considering raising an additional $400 million through subsequent stock issuances. In my eyes, a move like this could suggest that management understands that the company's stock is overbought, and therefore is willing to dilute shareholders in order to take advantage of a frothy, overstretched valuation to raise additional funds.</p>
<div class="lb-trans"><p>根据最近的文件，D-Wave 正在考虑通过后续股票发行再筹集 4 亿美元。在我看来，这样的举动可能表明管理层意识到公司的股票被高估，因此愿意稀释股东权益，以利用泡沫和过度膨胀的估值来筹集额外资金。</p>
</div><p>While I understand the excitement surrounding quantum computing, I think shares of D-Wave Quantum have gotten ahead of themselves. The company is trading for a premium valuation, despite being a highly speculative opportunity at this time.</p>
<div class="lb-trans"><p>虽然我理解围绕量子计算的兴奋，但我认为 D-Wave Quantum 的股票已经超出合理范围。尽管目前是一个高度投机的机会，该公司的交易估值却是溢价的。</p>
</div><p>I would pass on investing in D-Wave Quantum stock right now and instead opt for more established companies with strong footholds in the AI landscape.</p>
<div class="lb-trans"><p>我会选择不在此时投资 D-Wave Quantum 股票，而是选择在 AI 领域中拥有强大立足点的更成熟的公司。</p>
</div>

Meet the Monster Quantum Computing Stock That Continues to Crush IonQ, Rigetti Computing, and Nvidia

- D-Wave Quantum 股价今年上涨 67%，超越其他量子计算公司。  
- 该公司第一季度收入同比增长 509%，但销售额仅为 1500 万美元。  
- D-Wave 的市值约为 45 亿美元，市销率高达 150，估值被认为不可持续。  

Motley Fool

认识这只继续击败 IonQ、Rigetti Computing 和 Nvidia 的量子计算怪物股票