Key Highlights

● D-Wave fell on October 22 in another difficult session for quantum stocks.

● The move came without company-specific news.

● The Cboe Volatility Index climbed 2.35 points to 19.03.

● Bitcoin dropped to around $81,200, its biggest decline since June.

D-Wave Quantum (NYSE:QBTS) fell on Thursday, October 22, 2026, sliding among decliners on the NYSE Composite in another difficult session for quantum computing stocks. The move came without company-specific news. The group's decline followed the broader tech selloff sparked by Lam Research (NASDAQ:LRCX).

D-Wave had company. IonQ (NYSE:IONQ) and Rigetti Computing (NASDAQ:RGTI) also fell as quantum stocks slid again amid the tech selloff. IonQ had no news of its own, a description that applied across the group.

A sector driven by sentiment

Quantum computing stocks have become some of the market's most closely watched speculative technology plays. The companies are developing machines that use the principles of quantum mechanics to tackle certain problems far faster than conventional computers, but commercial applications are still limited and revenue is small relative to their market values.

That makes the shares highly sensitive to the mood toward growth and technology stocks. When investors are eager to take risk, the group can rally hard. When they pull back, quantum names often fall alongside, or faster than, the broader tech sector.

D-Wave is known for its quantum annealing systems, a type of quantum computer designed for optimization problems, and it also develops gate-model quantum computers. It sells access to its systems through the cloud.

A day of retreat for tech

Thursday's selloff was broad and deep. The Nasdaq Composite fell 694.00 points to 26,008.86, its steepest drop since June 5, and lost about $1 trillion in market value, according to market data. The S&P 500 dropped 93.74 points to 7,663.43, its worst day since July.

The catalyst was a fresh round of doubts about artificial intelligence spending. Meta Platforms (NASDAQ:META) reported heavy capital expenditure plans and negative free cash flow, and Lam Research's guidance pointed to supply constraints. The Philadelphia Semiconductor Index posted its biggest one-day drop since June 23.

Volatility rose. The Cboe Volatility Index, Wall Street's so-called fear gauge, climbed 2.35 points to 19.03.

Other speculative assets also fell. Bitcoin dropped to around $81,200, its biggest decline since June, according to market data.

Where investors went instead

The money leaving tech flowed into safer areas. Consumer staples had their best day since April 2025 and hit a record high, health care also reached a record, and Treasuries rallied, pushing the 10-year yield back below a closely watched threshold for the first time since September 22.

About two of every three S&P 500 stocks rose, according to market reports. The Dow Jones Industrial Average edged up 11.89 points to 52,867.98.

D-Wave Awaits Customer and Systems Updates

For D-Wave and its peers, the near-term direction is likely to depend on broader appetite for high-growth technology stocks. Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL), two of the largest corporate investors in quantum research, report results on Wednesday, October 28.

The Federal Reserve also announces its policy decision that day, and third-quarter GDP and September PCE inflation data follow on October 29. Investors will also watch for any company-specific updates from D-Wave, such as new customer agreements or progress on its systems.