Most Active Stocks in Pre-Market on December 5, 2025: NVO, NIO, QBTS, SMR, BBAI, IONQ
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 05 2025
0mins
Source: NASDAQ.COM
NASDAQ 100 Pre-Market Indicator: The NASDAQ 100 Pre-Market Indicator is down 0.41 to 25,581.29, with a total pre-market volume of 91,889,714 shares traded.
Most Active Stocks: Novo Nordisk A/S (NVO) is up 0.83 at $48.82, NIO Inc. (NIO) is up 0.17 at $5.18, and D-Wave Quantum Inc. (QBTS) is up 0.32 at $29.05, with significant trading volumes for each.
Earnings Forecasts: D-Wave Quantum Inc. has had four upward revisions for its earnings forecast for the fiscal quarter ending December 2025, with a consensus EPS forecast of $-0.05.
Stock Recommendations: IonQ, Inc. (IONQ) and D-Wave Quantum Inc. (QBTS) are both in the "buy range" according to current mean recommendations, while BigBear.ai, Inc. (BBAI) is trading close to its target price.
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Analyst Views on QBTS
Wall Street analysts forecast QBTS stock price to rise
13 Analyst Rating
13 Buy
0 Hold
0 Sell
Strong Buy
Current: 22.560
Low
35.00
Averages
40.67
High
48.00
Current: 22.560
Low
35.00
Averages
40.67
High
48.00
About QBTS
D-Wave Quantum Inc. is a quantum computing company, which is engaged in the development and delivery of quantum computing systems, software, and services. The Company builds and delivers systems, cloud services, application development tools, and professional services to support the end-to-end quantum computing journey for enterprises and developers. The Company's products include Cloud Platform, Systems, Professional Services, and others. Under its Cloud Platform, the Leap quantum cloud service delivers immediate, real-time access to its quantum computers and hybrid solvers services. Under its Systems, the Advantage quantum system is a quantum computer designed for business. It also offers quantum applications to a range of customers, including resource scheduling, factory scheduling, industrial construction design, drug discovery, and others. It offers solutions across workforce scheduling, production scheduling, vehicle routing, resource optimization, and cargo loading.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
D-Wave Quantum Secures Major Funding Catalyst
- Funding Catalyst: D-Wave Quantum has received a significant catalyst tied to proposed U.S. government funding, potentially providing strong financial backing for the company's future quantum computing developments, thus attracting investor attention.
- Quantum Technology Potential: The bull case for D-Wave is enormous if quantum adoption accelerates, although the current valuation already reflects growth potential over the next few years, indicating that investors need to carefully assess risks and rewards.
- Market Reaction: Market prices as of June 26, 2026, show that investors are optimistic about D-Wave's future; however, the widespread application of quantum computing still requires time to validate, which may affect short-term stock price volatility.
- Strategic Implications: This funding support not only secures financial resources for D-Wave's technology development but may also drive growth in the entire quantum computing industry, enhancing the company's position in a competitive market.
See More
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- Government Stake Proposal: OpenAI proposed granting a 5% stake to the Trump administration, yet Kalshi traders estimate less than a 30% chance of this deal occurring, indicating market skepticism regarding government involvement.
- Quantum Computing Investment Opportunities: Kalshi traders see over a 60% likelihood of government stakes in quantum computing firms like Rigetti Computing and D-Wave Quantum, highlighting the administration's focus on emerging technologies.
- Drone Company Collaborations: The Trump administration may establish equity deals with drone companies such as Performance Drone Works and Neros Technologies, with over a 50% chance for Performance and less than 40% for Neros, reflecting varying levels of market interest.
- Fiscal Support Initiatives: The U.S. Commerce Department plans to award $2 billion in grants to nine firms in the quantum computing sector, underscoring the government's proactive investment strategy in technological innovation.
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- USA Rare Earth Inquiry Intensifies: USA Rare Earth shares dropped more than 7% following a Wall Street Journal report that Democratic lawmakers are expanding their inquiry into the government's $1.6 billion investment, seeking information on potential conflicts of interest involving Commerce Secretary Howard Lutnick, which could impact the company's reputation and future financing capabilities.
- Adobe Stock Surge: Despite Bank of America downgrading Adobe to underperform, the stock rose over 5%, indicating market confidence in its long-term growth potential, although analysts warned that generative AI could increase competitive pressures on the company.
- Rivian's Significant Decline: Rivian's stock plummeted 14% after announcing a sale of 75 million new shares for a major capital raise, even though its revenue and delivery guidance exceeded market expectations, raising investor concerns about future growth prospects.
See More
Quantum Computing Gains Government Funding Support
- Government Funding Injection: In May 2026, the U.S. Department of Commerce announced approximately $2 billion in funding for the quantum industry under the CHIPS and Science Act, with direct equity investments for several companies, significantly boosting quantum stock performance and indicating strong governmental support for the sector.
- Diverse Quantum Computing Architectures: Companies like IonQ, Rigetti Computing, and D-Wave Quantum are pursuing different technological paths in quantum computing, with IonQ focusing on trapped-ion systems and Rigetti developing modular superconducting chips, highlighting the market's demand for diverse technologies amid future uncertainties.
- Urgency of Encryption Security: With the NSA's CNSA 2.0 framework establishing a timeline for adopting quantum-safe algorithms, enterprises and governments must rapidly replace existing encryption technologies before quantum computers become powerful enough to break current systems, emphasizing the critical need for timely action.
- Market Risks and Opportunities: Despite government backing, the quantum sector remains in the NISQ era, lacking mature commercial applications, prompting investors to approach with caution and consider quantum investments as small, diversified long-term positions rather than expecting immediate returns.
See More
D-Wave Quantum Faces Challenges Amid Growth
- Market Outlook: The potential of quantum computing has attracted investor interest, with D-Wave Quantum's stock fluctuating between $12 and $46 over the past year, currently sitting around $24, reflecting market expectations and uncertainties about its future.
- Revenue and Order Growth: Although D-Wave Quantum generated only $12.4 million in revenue over the past 12 months, its order backlog saw significant growth in Q1 2026, including a $20 million computer system sale to Florida Atlantic University, indicating a gradual establishment of its commercial foundation.
- Valuation Pressure: With a market cap of $8.4 billion, D-Wave Quantum's current stock price is approximately 200 times Wall Street's revenue estimates for 2023, highlighting its high valuation and necessitating cautious evaluation of its future growth sustainability.
- Competitive Landscape Consideration: D-Wave faces competition from other pure-play quantum computing firms and large tech giants, prompting investors to consider its positioning within the industry and future growth potential, as the current market environment may present greater downside risks than upside opportunities.
See More
Intense Competition Among Quantum Computing Firms
- Changing Competitive Landscape: Companies like IonQ, IBM, D-Wave, Rigetti, and Quantum Computing Inc. are vying for market attention in quantum computing, indicating an intensifying competition that could influence investor decisions.
- Dual Challenge of Technology and Funding: While technological advancements are crucial, the outcome of the race to 2028 may increasingly depend on cash runway and dilution risks, making financial management a key factor for survival.
- Market Dynamics Analysis: Market prices as of June 24, 2026, reveal fluctuations in quantum computing stocks, reflecting varying investor expectations about future technological developments, which may lead to a reassessment of these companies' valuations.
- Investor Focus: With technology still maturing, investors need to pay close attention to the financial health of these companies to determine which ones can survive and achieve profitability in the future competition.
See More
D-Wave Quantum Secures Major Funding Catalyst
- Funding Catalyst: D-Wave Quantum has received a significant catalyst tied to proposed U.S. government funding, potentially providing strong financial backing for the company's future quantum computing developments, thus attracting investor attention.
- Quantum Technology Potential: The bull case for D-Wave is enormous if quantum adoption accelerates, although the current valuation already reflects growth potential over the next few years, indicating that investors need to carefully assess risks and rewards.
- Market Reaction: Market prices as of June 26, 2026, show that investors are optimistic about D-Wave's future; however, the widespread application of quantum computing still requires time to validate, which may affect short-term stock price volatility.
- Strategic Implications: This funding support not only secures financial resources for D-Wave's technology development but may also drive growth in the entire quantum computing industry, enhancing the company's position in a competitive market.
See More
Trump and OpenAI CEO Discuss Potential Stake
- Government Stake Proposal: OpenAI proposed granting a 5% stake to the Trump administration, yet Kalshi traders estimate less than a 30% chance of this deal occurring, indicating market skepticism regarding government involvement.
- Quantum Computing Investment Opportunities: Kalshi traders see over a 60% likelihood of government stakes in quantum computing firms like Rigetti Computing and D-Wave Quantum, highlighting the administration's focus on emerging technologies.
- Drone Company Collaborations: The Trump administration may establish equity deals with drone companies such as Performance Drone Works and Neros Technologies, with over a 50% chance for Performance and less than 40% for Neros, reflecting varying levels of market interest.
- Fiscal Support Initiatives: The U.S. Commerce Department plans to award $2 billion in grants to nine firms in the quantum computing sector, underscoring the government's proactive investment strategy in technological innovation.
See More
Cognizant Expands Google Cloud Partnership Amid Tech Stock Volatility
- Cognizant Partnership Expansion: Cognizant Technology Solutions saw its stock rise over 6% after announcing an expansion of its partnership with Google Cloud, aimed at accelerating enterprise adoption of Gemini AI, thereby enhancing its competitive edge in the rapidly evolving AI market.
- USA Rare Earth Inquiry Intensifies: USA Rare Earth shares dropped more than 7% following a Wall Street Journal report that Democratic lawmakers are expanding their inquiry into the government's $1.6 billion investment, seeking information on potential conflicts of interest involving Commerce Secretary Howard Lutnick, which could impact the company's reputation and future financing capabilities.
- Adobe Stock Surge: Despite Bank of America downgrading Adobe to underperform, the stock rose over 5%, indicating market confidence in its long-term growth potential, although analysts warned that generative AI could increase competitive pressures on the company.
- Rivian's Significant Decline: Rivian's stock plummeted 14% after announcing a sale of 75 million new shares for a major capital raise, even though its revenue and delivery guidance exceeded market expectations, raising investor concerns about future growth prospects.
See More
Quantum Computing Gains Government Funding Support
- Government Funding Injection: In May 2026, the U.S. Department of Commerce announced approximately $2 billion in funding for the quantum industry under the CHIPS and Science Act, with direct equity investments for several companies, significantly boosting quantum stock performance and indicating strong governmental support for the sector.
- Diverse Quantum Computing Architectures: Companies like IonQ, Rigetti Computing, and D-Wave Quantum are pursuing different technological paths in quantum computing, with IonQ focusing on trapped-ion systems and Rigetti developing modular superconducting chips, highlighting the market's demand for diverse technologies amid future uncertainties.
- Urgency of Encryption Security: With the NSA's CNSA 2.0 framework establishing a timeline for adopting quantum-safe algorithms, enterprises and governments must rapidly replace existing encryption technologies before quantum computers become powerful enough to break current systems, emphasizing the critical need for timely action.
- Market Risks and Opportunities: Despite government backing, the quantum sector remains in the NISQ era, lacking mature commercial applications, prompting investors to approach with caution and consider quantum investments as small, diversified long-term positions rather than expecting immediate returns.
See More
D-Wave Quantum Faces Challenges Amid Growth
- Market Outlook: The potential of quantum computing has attracted investor interest, with D-Wave Quantum's stock fluctuating between $12 and $46 over the past year, currently sitting around $24, reflecting market expectations and uncertainties about its future.
- Revenue and Order Growth: Although D-Wave Quantum generated only $12.4 million in revenue over the past 12 months, its order backlog saw significant growth in Q1 2026, including a $20 million computer system sale to Florida Atlantic University, indicating a gradual establishment of its commercial foundation.
- Valuation Pressure: With a market cap of $8.4 billion, D-Wave Quantum's current stock price is approximately 200 times Wall Street's revenue estimates for 2023, highlighting its high valuation and necessitating cautious evaluation of its future growth sustainability.
- Competitive Landscape Consideration: D-Wave faces competition from other pure-play quantum computing firms and large tech giants, prompting investors to consider its positioning within the industry and future growth potential, as the current market environment may present greater downside risks than upside opportunities.
See More
Intense Competition Among Quantum Computing Firms
- Changing Competitive Landscape: Companies like IonQ, IBM, D-Wave, Rigetti, and Quantum Computing Inc. are vying for market attention in quantum computing, indicating an intensifying competition that could influence investor decisions.
- Dual Challenge of Technology and Funding: While technological advancements are crucial, the outcome of the race to 2028 may increasingly depend on cash runway and dilution risks, making financial management a key factor for survival.
- Market Dynamics Analysis: Market prices as of June 24, 2026, reveal fluctuations in quantum computing stocks, reflecting varying investor expectations about future technological developments, which may lead to a reassessment of these companies' valuations.
- Investor Focus: With technology still maturing, investors need to pay close attention to the financial health of these companies to determine which ones can survive and achieve profitability in the future competition.
See More
