Core Viewpoint - The share prices of small quantum computing companies have surged recently, but investor sentiment has turned cautious due to concerns over tech stock overexposure, geopolitical risks, and tariffs. A recommended strategy for investors is to consider Alphabet as a stable investment in the quantum computing space. Group 1: Alphabet's Position in Quantum Computing - Alphabet is making significant advancements in quantum computing, having released the Willow chip in 2024, which reduces quantum computing error rates substantially [5] - The company is progressing through a defined roadmap with six milestones, currently at the third milestone, aiming to build a large, error-corrected one-million-qubit quantum computer [6] - Alphabet's established presence in technology allows it to invest heavily in emerging tech without needing immediate returns, as evidenced by its financial success with $2.87 in earnings per share and $102 billion in sales for Q3 2025 [7] Group 2: Alphabet's Broader Technological Leadership - Alphabet is a leading player in artificial intelligence (AI), with 750 million monthly active users of Google Gemini and a recent multibillion-dollar deal to provide the AI model for a new version of Apple's Siri [8] - In the autonomous vehicle (AV) sector, Alphabet's Waymo self-driving car service is operational in six U.S. cities and plans to expand to over a dozen by the end of the year, positioning itself well to capitalize on the opening commercial market [9]

（文章来源：每日经济新闻） 每经AI快讯，2月26日，美股量子计算板块普涨，IonQ Inc现涨超18%， D-Wave Quantum 、 Arqit Quantum 涨超5%， SEALSQ Corp 、 Rigetti Computing涨超3%。 ...

Core Viewpoint - The quantum computing sector is facing scrutiny from activist investors, with all four major publicly-traded companies being targeted for short-selling due to their high market valuations relative to modest revenues [1] Company Overview - D-Wave Quantum, one of the key players in the quantum computing industry, has seen its stock price triple since being targeted by short-seller Kerrisdale Capital, which questioned the efficacy of its technology [2][3] - D-Wave reported a revenue increase to $22 million for the most recent nine-month period, up from $6.5 million the previous year, despite a market cap of $7.4 billion [6] - The company has over 100 paying customers, including notable names like Ford and BASF, and recently secured a $10 million licensing deal with a Fortune 100 company [15][16] Market Dynamics - The total addressable market for quantum computing is estimated to be between $200 billion and $1 trillion, leading to speculative investments in the sector [8] - D-Wave's business model is distinct, with less than 10% of its revenue coming from government contracts, contrasting with many competitors that rely heavily on government funding [17] Technological Challenges - Quantum computing technology is complex, with qubits needing to be error-corrected, which presents significant engineering challenges [9][10] - D-Wave's recent acquisition of Quantum Circuits for $550 million aims to enhance its technology by improving the efficiency of qubit error correction [12][13] - The company acknowledges the difficulties in advancing quantum technology and the potential for delays in future product developments [11] Strategic Moves - D-Wave is focusing on commercializing its quantum annealing method, which optimizes solutions by identifying the lowest energy state [15] - The acquisition of Quantum Circuits is expected to revolutionize D-Wave's capabilities by reducing the number of physical qubits needed for error correction [14]

Core Insights - The Schwab U.S. Small-Cap ETF (SCHA) has achieved a 5.5% return year-to-date, benefiting from its low annual expense ratio of 0.04%, which is among the lowest in the small-cap category [2][8] - Recent analyses have shown mixed opinions on SCHA, with some sources highlighting its attractiveness due to low costs and historical performance, while others have downgraded it, suggesting that current market conditions favor large-cap stocks over small-cap stocks [3] Interest Rate Impact - Small-cap stocks are significantly affected by borrowing costs, as they rely more on debt for growth compared to larger firms. The current 10-year Treasury yield is at 4.24%, which poses challenges for small-cap companies [4][8] - If Treasury yields rise towards 4.5% or higher, the increased cost of capital could compress small-cap valuations more rapidly than those of large caps, making interest rate direction a critical factor for SCHA's near-term performance [4] Portfolio Composition - SCHA's portfolio is highly diversified, containing over 500 positions with no single holding exceeding 0.50% of total assets, which shifts performance drivers from individual stock selection to sector allocation [6] - The fund's major sector allocations include Industrials, Financials, and Information Technology, which together account for approximately half of the total assets and are key determinants of the fund's performance relative to its benchmark [6] Notable Holdings - The ETF has significant exposure to emerging sectors such as quantum computing through Rigetti Computing (RGTI), renewable energy infrastructure, and cryptocurrency mining operations [7] - Rocket Companies (RKT), a top holding, illustrates the volatility and growth potential typical of small-cap businesses that have not yet scaled their operations [7]

Core Insights - IBM is a long-established company that has successfully adapted to new technologies, particularly in quantum computing, positioning itself as a leader in the field [1][2] Company Overview - IBM was founded in 1911 and has maintained its reputation for innovation despite its age [1] - The company is recognized for its significant resources and reputation in the quantum computing sector, outpacing competitors like Rigetti Computing and D-Wave Quantum [2] Quantum Computing Technology - Quantum computers utilize quantum bits (qubits) to perform complex calculations, differing fundamentally from classical computers that use binary bits [5][6] - Qubits can exist in multiple states simultaneously, allowing quantum computers to solve problems much faster than classical computers, although they are not suited for everyday tasks [7] IBM's Quantum Capabilities - IBM currently offers 2,299 qubits for customer use and possesses the largest quantum computer with 1,121 qubits [8] - The Nighthawk quantum processor, IBM's latest innovation, features a scalable 120-qubit design that enhances complexity by 30% compared to its predecessor, the Heron chip [9] - The Nighthawk chip also boasts a 20% increase in inter-qubit connections, enabling it to handle larger and more complex workloads [10]

Core Viewpoint - Quantum Computing (QCi) is experiencing significant stock price appreciation but presents serious investment risks due to its high valuation and share dilution issues [2][11]. Company Overview - QCi specializes in photonics technology for quantum computing, which operates at room temperature and requires low power, distinguishing it from other quantum systems [5]. - The company has a market capitalization of approximately $2.7 billion and has generated only $546,000 in revenue over the trailing 12 months, resulting in a price-to-sales (P/S) ratio exceeding 3,000 [3][8]. Financial Performance - QCi's stock has increased by 591% over the last three years, but the company has not yet achieved substantial revenue growth [2]. - The company has a robust balance sheet with over $1.5 billion in cash and investments, crucial for funding its high research and development costs [6]. Share Dilution - QCi has quadrupled its outstanding shares from about 60 million to 224 million over the past three years, raising concerns about share dilution for existing investors [7][9]. - The repeated issuance of new shares to raise capital has resulted in a significant reduction in the ownership stake for early investors [7]. Competitive Landscape - QCi faces fierce competition from other pure-play quantum computing companies such as D-Wave, IonQ, and Rigetti, as well as major tech firms like Alphabet, IBM, and Nvidia that are also investing in quantum technologies [10][11]. - The uncertainty regarding which quantum computing method will prevail adds to the investment risk associated with QCi [5][11].

Core Insights - Quantum computing is emerging as a significant area of potential innovation, with shares of companies like D-Wave Quantum, Rigetti Computing, and IonQ experiencing quadruple-digit growth over the past three years as investors seek opportunities in this sector [1][6]. Group 1: Technology Overview - Quantum computing leverages the behavior of subatomic particles, known as qubits, to perform calculations that classical computers cannot handle, but the technology faces challenges such as error generation and the fragility of qubits [4]. - Current pure play quantum companies are generating revenue by offering access to their quantum hardware through cloud services, while major tech firms like Microsoft and Alphabet are also developing quantum chips [5]. Group 2: Market Sentiment and Predictions - Industry leaders have varying predictions on the timeline for quantum computing to become generally useful, with Nvidia's Jensen Huang suggesting a 20-year timeframe, while Alphabet's Sundar Pichai estimates a 5 to 10-year horizon [6]. - Despite the complexities, the market sentiment remains bullish, with significant stock price increases indicating investor confidence in quantum computing as the next major growth area [7][8].

Core Viewpoint - D-Wave Quantum's stock experienced a significant sell-off, dropping 6.2% in one trading session, influenced by broader market trends and geopolitical events [1][2][3]. Group 1: Stock Performance - D-Wave's share price fell to $27.04, with a market capitalization of approximately $10 billion [4]. - The stock's trading range for the day was between $25.94 and $28.48, while its 52-week range was from $4.45 to $46.75 [5]. - The volume of shares traded was 1.5 million, compared to an average volume of 40 million [5]. Group 2: Market Context - The S&P 500 and Nasdaq Composite indices fell by 2.1% and 2.4%, respectively, indicating a bearish trend in the broader market [2]. - The sell-off was partly driven by geopolitical tensions related to the U.S. attempts to acquire Greenland, leading to potential tariff responses from the EU [3]. Group 3: Valuation Insights - D-Wave's valuation is highly dependent on growth, with a current valuation of approximately 238 times this year's expected sales [6]. - Despite the stock's decline, its pullback appears relatively modest compared to the overall market, suggesting some resilience [5]. Group 4: Investment Considerations - The current geopolitical and macroeconomic uncertainties make D-Wave stock a risky investment, suitable only for investors with a high risk tolerance [7].

Company Overview - D-Wave Quantum (NYSE: QBTS) is a notable player in the quantum computing sector with a market capitalization of $10 billion, attracting investors due to its smaller size and growth potential [1] - The company is not pursuing a general-purpose quantum computing model but is focusing on quantum annealing technology, which optimizes solutions by finding the lowest energy state in a system [6] Industry Context - Quantum computing is a complex technology that utilizes qubits, allowing for multiple calculation paths, unlike traditional bits which are limited to binary states [3] - The competition in the quantum computing field is intense, with significant risks involved, making it a challenging investment area [2] - DARPA has been involved in selecting technologies for military applications, and while D-Wave did not apply for a significant contract, it has been forming partnerships with major manufacturing companies [4][7]

Market Overview - The S&P 500 and Nasdaq Composite experienced significant gains of 16% and 20% respectively in the previous year, marking the third consecutive year of double-digit percentage increases, largely driven by positive sentiment surrounding artificial intelligence (AI) [1] Quantum Computing Sector - Quantum computing stocks have emerged as major winners within the AI landscape, with smaller developers like IonQ, Rigetti Computing, and D-Wave Quantum benefiting significantly from the quantum AI trade [2] - Institutional investors are increasingly focusing on a specific quantum computing stock that is not a pure-play but a well-known household name, indicating a shift in investment strategy towards mainstream quantum computing opportunities [3] Investment Risks - Investing in pure-play quantum computing stocks may pose risks, as many investors mistakenly evaluate companies based solely on share price rather than valuation multiples, which are crucial for understanding future stock performance [5] - The price-to-sales (P/S) ratios of popular quantum computing stocks have seen substantial increases during the AI revolution, suggesting that current valuations may be unsustainable [6] - Historical context shows that companies like Cisco experienced significant market value losses after reaching peak P/S multiples during the dot-com boom, highlighting the potential volatility in the quantum computing sector [7] Popularity and Valuation - The momentum in stocks like IonQ, Rigetti Computing, and D-Wave Quantum has led to historically high valuations, raising concerns about the sustainability of these price levels [8]