IonQ, D-Wave Slide 37% and 28% as AI Trade Rebalancing Leaves Nvidia Flat
Updated
Updated · The Motley Fool · Jul 23
IonQ, D-Wave Slide 37% and 28% as AI Trade Rebalancing Leaves Nvidia Flat
2 articles · Updated · The Motley Fool · Jul 23
Summary
IonQ has lost 37% over the past month and D-Wave 28%, while Nvidia traded roughly sideways as investors pulled back from late-2025 quantum and AI momentum bets.
Revenue trends help explain the divergence: IonQ posted $64.7 million in Q1 2026 revenue, up 755%, but D-Wave reported just $2.9 million, down 81%, despite bookings rising to $33.4 million.
Government demand remains central for both companies, with IonQ citing more than $100 million in Air Force contracts, while D-Wave leans on a $1.6 million NSF grant and a $100 million Chips Act letter of intent.
Nvidia’s quantum exposure is broader and lower-risk: its 2025 NVQLink launch tied quantum processors to GPUs, and its fiscal Q1 2027 revenue reached $81.6 billion, including $75.2 billion from data centers.
That scale leaves quantum as optional upside for Nvidia, while IonQ and D-Wave still depend more on future catalysts and eventual profitability than on durable earnings today.