D-Wave Quantum and Microsoft both offer exposure to quantum computing, but Microsoft emerges as the stronger investment choice given current market conditions. D-Wave recently saw bookings surge 1,120% to $35.5 million in the second quarter. AT&T expanded its use of D-Wave's quantum annealing technology for network optimisation tasks. However, actual quarterly revenue was only $3 million, and the company remains unprofitable. D-Wave trades at a price-to-sales ratio of 610, far exceeding the technology sector average of 8. This hefty valuation poses significant risk for a company with lumpy revenue and years away from profitability. Microsoft offers quantum computing exposure with substantially less risk. The tech giant's financial strength and diversified business model make it better positioned to weather quantum computing's uncertain development timeline whilst providing stable returns.

The US-China technology race is intensifying as Washington prepares to urge countries in its AI cooperation network to choose between American and Chinese technology ecosystems. This effort builds on Pax Silica, a US-led initiative securing supply chains for AI, semiconductors, and critical minerals. Against this backdrop, four stocks offer exposure to the emerging US-led advanced-technology ecosystem: NVIDIA and Micron Technology in AI, plus D-Wave Quantum and Rigetti Computing in quantum computing. The International Monetary Fund projects 3% global GDP growth in 2026, with AI-driven demand supporting technology-integrated economies despite broader economic headwinds. The Federal Reserve maintained rates at 3.5%-3.75% on 29 July, citing elevated inflation despite strong productivity and capital investment. NVIDIA remains dominant in AI infrastructure, with first-quarter revenues surging 85% year-over-year. The company guided second-quarter revenues of approximately $91 billion, though the outlook excludes Data Center compute revenues from China.

D-Wave Quantum's shares dropped 9% following its second-quarter earnings report on 6 August, prompting Jim Cramer to express surprise that the market had begun caring about earnings. He suggested that realism was setting in for quantum computing stocks after significant rallies. The company reported mixed results. Bookings surged 1,120% in the first half to $35.5 million, driven by agreements with Florida University and a Fortune 100 company. Second-quarter revenue was $3.1 million, with 62% from commercial customers. However, quarterly revenue fell 0.6% year-on-year. Operating expenses more than doubled to $111.5 million in the first half, whilst EBITDA losses widened to $37 million from $20 million. The company's price-to-sales ratio stands at 610.97, with 19.98% of shares short as of July.