<p>在過去的幾年裏，由於對人工智能（AI）日益增長的興趣，投資者見證了科技領域某些細分市場的急劇上升。運營於半導體、企業軟件和雲計算等行業的公司，迄今為止是 AI 投資的主要受益者。</p>
<p>然而，在過去的一年裏，量子計算股票開始作為推動 AI 革命的新趨勢浮現。</p>
<p><strong>IonQ</strong>、<strong>Rigetti Computing</strong>，甚至 <strong>Nvidia</strong> 都是與量子計算相關的常見名稱。然而，如果我告訴你還有另一隻量子計算股票超越了上述三家領軍企業，你會怎麼想？</p>
<p>截至 6 月 27 日收盤，<strong>D-Wave Quantum</strong>(QBTS 1.89%) 的股價今年迄今已上漲 67%——絕對超越了其同行的表現。</p>
<p>讓我們探討一下 D-Wave 股價大幅波動的驅動因素，並評估現在是否是購買一些股票的好機會。</p>
<h2>量子計算可能成為支持 AI 革命的下一個支柱</h2>
<p>雖然量子計算尚未廣泛商業化，但技術愛好者因其相較於經典計算機的優勢而對其發展產生了興趣。量子計算機被認為擁有比當今最先進的計算機更強大的處理能力。</p>
<p>理論上，這可能在解決能源、金融服務和製藥等行業的複雜問題時帶來更大的效率優勢。全球管理諮詢公司麥肯錫公司估計，到下個十年中期，量子計算可能創造 1.3 萬億美元的經濟價值。</p>
<p>考慮到全球最大的 AI 開發者如 <strong>Alphabet</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>IBM</strong> 和 Nvidia 都在構建量子計算硬件和軟件，我對這一機會在長期內可能非常有利感到樂觀。</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>圖片來源：Getty Images。</p>
<h2>D-Wave Quantum 的增長令人矚目，但有一個問題</h2>
<p>下面的圖表展示了 D-Wave 在過去一年中的收入和現金餘額增長。如每條線的陡峭斜率所示，D-Wave 的增長似乎正在進入一個新的階段。</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）數據來源於 YCharts</p>
<p>第一季度收入同比飆升 509%，且資產負債表上現金充足，我懷疑一些投資者正在忽視上述財務狀況中的一些細微差別，紛紛湧入 D-Wave 股票。</p>
<p>聰明的投資者明白，考慮到 D-Wave 在該季度僅產生了 1500 萬美元的銷售額，這種增長幅度並不那麼令人印象深刻。考慮到這一點，D-Wave 在過去 12 個月中的大部分收入集中在一個季度，這使得公司的持續發展軌跡顯得有些不確定，並且可能會出現波動，因為 D-Wave 迄今為止尚未實現規模化。</p>
<p>此外，儘管收入數字較小，D-Wave 的現金餘額在第一季度激增約 1.26 億美元。根據公司的 10Q 文件，D-Wave 通過增發股票籌集了這筆資金。</p>
<p>另一種看法是，D-Wave 尚未產生可以再投資於業務的盈利能力。相反，該公司正在利用其股價上漲的機會，通過在高估值下發行新股來籌集資金。</p>
<h2>現在 D-Wave Quantum 股票值得購買嗎？</h2>
<p>截至目前，D-Wave 的市值約為 45 億美元。考慮到該公司過去 12 個月的銷售額僅為 2100 萬美元，這意味着 D-Wave 的市盈率（P/S）約為 150。</p>
<p>正如下圖所示，D-Wave 的 P/S 比率大約是投資者在 1990 年代末互聯網泡沫期間看到的 <strong>Amazon</strong> 和 <strong>Cisco</strong> 等公司峯值倍數的 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 比率數據來源於 YCharts</p>
<p>我不僅認為 D-Wave 的估值不可持續，管理層可能也這麼認為。</p>
<p>根據最近的文件，D-Wave 正在考慮通過後續股票發行再籌集 4 億美元。在我看來，這樣的舉動可能表明管理層意識到公司的股票被高估，因此願意稀釋股東權益，以利用泡沫和過度膨脹的估值來籌集額外資金。</p>
<p>雖然我理解圍繞量子計算的興奮，但我認為 D-Wave Quantum 的股票已經超出合理範圍。儘管目前是一個高度投機的機會，該公司的交易估值卻是溢價的。</p>
<p>我會選擇不在此時投資 D-Wave Quantum 股票，而是選擇在 AI 領域中擁有強大立足點的更成熟的公司。</p>

QBTS

<p>D-Wave Quantum 的表現超過了 IonQ 和 Nvidia 等競爭對手，今年股價上漲了 67%。儘管年同比收入增長了 509%，但 D-Wave 在第一季度的總銷售額僅為 1500 萬美元，這引發了對可持續性的擔憂。該公司的市銷率高達 150，暗示其被高估。D-Wave 還考慮通過股票發行再融資 4 億美元，這表明管理層意識到股價的膨脹。對於潛在投資者來説，建議保持謹慎，因為與更成熟的人工智能公司相比，D-Wave 可能不是一個穩健的投資</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>在過去的幾年裏，由於對人工智能（AI）日益增長的興趣，投資者見證了科技領域某些細分市場的急劇上升。運營於半導體、企業軟件和雲計算等行業的公司，迄今為止是 AI 投資的主要受益者。</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，在過去的一年裏，量子計算股票開始作為推動 AI 革命的新趨勢浮現。</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> 都是與量子計算相關的常見名稱。然而，如果我告訴你還有另一隻量子計算股票超越了上述三家領軍企業，你會怎麼想？</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 日收盤，<strong>D-Wave Quantum</strong>(QBTS 1.89%) 的股價今年迄今已上漲 67%——絕對超越了其同行的表現。</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>讓我們探討一下 D-Wave 股價大幅波動的驅動因素，並評估現在是否是購買一些股票的好機會。</p>
</div><h2>Quantum computing could be the next pillar supporting the AI revolution</h2>
<div class="lb-trans"><h2>量子計算可能成為支持 AI 革命的下一個支柱</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>雖然量子計算尚未廣泛商業化，但技術愛好者因其相較於經典計算機的優勢而對其發展產生了興趣。量子計算機被認為擁有比當今最先進的計算機更強大的處理能力。</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>理論上，這可能在解決能源、金融服務和製藥等行業的複雜問題時帶來更大的效率優勢。全球管理諮詢公司麥肯錫公司估計，到下個十年中期，量子計算可能創造 1.3 萬億美元的經濟價值。</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>考慮到全球最大的 AI 開發者如 <strong>Alphabet</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>IBM</strong> 和 Nvidia 都在構建量子計算硬件和軟件，我對這一機會在長期內可能非常有利感到樂觀。</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>圖片來源：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 的增長令人矚目，但有一個問題</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>下面的圖表展示了 D-Wave 在過去一年中的收入和現金餘額增長。如每條線的陡峭斜率所示，D-Wave 的增長似乎正在進入一個新的階段。</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）數據來源於 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>第一季度收入同比飆升 509%，且資產負債表上現金充足，我懷疑一些投資者正在忽視上述財務狀況中的一些細微差別，紛紛湧入 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>聰明的投資者明白，考慮到 D-Wave 在該季度僅產生了 1500 萬美元的銷售額，這種增長幅度並不那麼令人印象深刻。考慮到這一點，D-Wave 在過去 12 個月中的大部分收入集中在一個季度，這使得公司的持續發展軌跡顯得有些不確定，並且可能會出現波動，因為 D-Wave 迄今為止尚未實現規模化。</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，儘管收入數字較小，D-Wave 的現金餘額在第一季度激增約 1.26 億美元。根據公司的 10Q 文件，D-Wave 通過增發股票籌集了這筆資金。</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>另一種看法是，D-Wave 尚未產生可以再投資於業務的盈利能力。相反，該公司正在利用其股價上漲的機會，通過在高估值下發行新股來籌集資金。</p>
</div><h2>Is D-Wave Quantum stock a buy right now?</h2>
<div class="lb-trans"><h2>現在 D-Wave Quantum 股票值得購買嗎？</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 的市值約為 45 億美元。考慮到該公司過去 12 個月的銷售額僅為 2100 萬美元，這意味着 D-Wave 的市盈率（P/S）約為 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>正如下圖所示，D-Wave 的 P/S 比率大約是投資者在 1990 年代末互聯網泡沫期間看到的 <strong>Amazon</strong> 和 <strong>Cisco</strong> 等公司峯值倍數的 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 比率數據來源於 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>我不僅認為 D-Wave 的估值不可持續，管理層可能也這麼認為。</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>根據最近的文件，D-Wave 正在考慮通過後續股票發行再籌集 4 億美元。在我看來，這樣的舉動可能表明管理層意識到公司的股票被高估，因此願意稀釋股東權益，以利用泡沫和過度膨脹的估值來籌集額外資金。</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>雖然我理解圍繞量子計算的興奮，但我認為 D-Wave Quantum 的股票已經超出合理範圍。儘管目前是一個高度投機的機會，該公司的交易估值卻是溢價的。</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>我會選擇不在此時投資 D-Wave Quantum 股票，而是選擇在 AI 領域中擁有強大立足點的更成熟的公司。</p>
</div>

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

- D-Wave Quantum 股價今年上漲 67%，超越其他量子計算公司。  
- 該公司第一季度收入同比增長 509%，但銷售額僅為 1500 萬美元。  
- D-Wave 的市值約為 45 億美元，市銷率高達 150，估值被認為不可持續。  

Motley Fool

認識這隻繼續擊敗 IonQ、Rigetti Computing 和 Nvidia 的量子計算怪物股票