纳斯达克中国金龙指数收跌1.78%，热门中概股里，百度收跌5.6%，比亚迪跌4.2%，美团跌3.2%，理想跌3%，阿里巴巴跌2.8%，小米、小鹏、文远知行、 蔚来跌超2%，小马智行涨4.7%。 美股三大指数收盘涨跌不一，纳指跌1.18%，标普500指数跌0.54%，道指涨0.03%。大型科技股多数下跌，英伟达跌超5%，创去年4月16日以来最大单日跌 幅；英特尔跌逾3%，特斯拉跌超2%，谷歌、亚马逊跌超1%，苹果小幅下跌；奈飞涨超2%，微软、Meta小幅上涨。美股量子计算板块普涨，IonQ Inc涨超 21%，Rigetti Computing涨超5%，Arqit Quantum涨超3%，SEALSQ Corp、D-Wave Quantum涨超2%。 ...

Group 1: Market Performance - On February 26, US stock indices closed mixed, with the Nasdaq down 1.18%, S&P 500 down 0.54%, and Dow Jones up 0.03% [2] - Major tech stocks mostly declined, with Nvidia dropping over 5%, marking its largest single-day decline since April 16 of the previous year, resulting in a market value loss of $259.3 billion (approximately 1773.9 billion RMB) [2] Group 2: Nvidia Analysis - Analysts noted that despite Nvidia's revenue, net profit, and guidance exceeding expectations, investors did not exhibit excessive enthusiasm due to concerns about the company's diminishing competitive edge in an evolving computing landscape [4] - There are worries regarding Nvidia's ability to maintain its impressive growth rate as core customers, particularly large-scale cloud service providers, are consuming most of their cash flow through AI-related capital expenditures [4][5] Group 3: Dell Technologies Performance - Dell Technologies reported a total net revenue of $33.38 billion for Q4, surpassing analyst expectations of $31.74 billion [5] - The company’s AI server shipments reached $9.5 billion in Q4, with a backlog of AI orders amounting to $43 billion [5] - Dell raised its annual stock dividend by 20% and expanded its stock buyback program by $10 billion, projecting revenues of $138 billion to $142 billion for FY2027, exceeding analyst expectations [5] Group 4: Other Market Movements - Intel fell over 3%, Tesla dropped more than 2%, and Google and Amazon declined over 1%, while Netflix rose over 2% and Microsoft and Meta saw slight increases [5] - The quantum computing sector saw significant gains, with IonQ Inc rising over 21% and Rigetti Computing increasing over 5% [5] Group 5: Commodities - Brent and New York crude oil prices experienced a sharp increase during trading [8] - Spot gold prices rose, while spot silver fell by over 1% [9]

还有分析师表示，"市场目前正处于与广泛的AI担忧抗争的阶段。令投资者深感不安的是，既然核心客 户——这些超大规模云服务商——正在通过AI相关的资本支出消耗掉大部分现金流，英伟达未来该如 何维持其惊人的增长率？" 英特尔跌逾3%，特斯拉跌超2%，谷歌、亚马逊跌超1%，苹果小幅下跌；奈飞涨超2%，微软、Meta小 幅上涨。美股量子计算板块普涨，IonQ Inc涨超21%，Rigetti Computing涨超5%，Arqit Quantum涨超 3%，SEALSQ Corp、D-Wave Quantum涨超2%。 戴尔科技财年四季度总体净营收333.8亿美元，分析师预期317.4亿美元；四季度基础设施解决方案集团 经营户艘196亿美元；四季度AI服务器发货95亿美元，分析师预期94.4亿美元；四季度AI订单积压430亿 美元，AI订单341亿美元；四季度经过AI优化之后的服务器营收90亿美元。公司将年度股票分红提高 20%，将股票回购规模扩大100亿美元。公司预计2027财年营收1380亿~1420亿美元，分析师预期1262.8 亿美元；预计2027财年经AI优化的服务器营收将达到约500亿美元；预计一季度营收3 ...

Core Insights - Rigetti Computing (RGTI) is set to release its fourth-quarter and full-year 2025 results on March 4, 2026, which is anticipated to be a crucial update for investors assessing the company's recent commercial achievements and technical progress [1][9] Financial Performance - In the third quarter, RGTI's revenue fell by 18% year-over-year to $1.9 million, with a significant reduction in gross margin to 21% due to contract mix and pricing variability [1][2] - The company has secured $5.7 million in Novera system purchase orders and a $5.8 million AFRL contract, which are expected to positively impact fourth-quarter revenue [2] - The Zacks Consensus Estimate for Rigetti's 2026 earnings suggests a substantial 74.3% improvement compared to the previous year [12] Strategic Developments - Rigetti has revised the timeline for the general availability of its 108-qubit quantum computing system, Cepheus-1-108Q, now aiming for availability by the end of Q1 2026 [3] - Investors should monitor updates regarding DARPA Phase B engagement and developments related to NVIDIA's NVQLink hybrid computing ecosystem [4] Market Position and Valuation - Rigetti's shares have increased by 7.4% over the last six months, contrasting with an 18.2% decline in the industry [8] - The company currently has a price-to-book ratio of 14.13, which is above the industry average, and carries a Value Score of F [11]

Core Insights - Rigetti Computing (RGTI) aims to develop a 1,000-plus qubit machine by 2027, leveraging a chiplet-driven design strategy that has moved beyond conceptual stages to practical scalability [1][3] Rigetti's Development Strategy - The company is transitioning from 9-qubit chiplets to 36-qubit modules, which will be the foundational components of larger quantum systems, thus mitigating fabrication yield challenges and engineering complexities associated with large processors [2] - The 36-qubit chiplets are achieving nearly 99.5% two-qubit gate fidelity, supporting the goal of reaching approximately 150 qubits by 2026, with further scaling planned thereafter [2][9] - Rigetti's modular design philosophy allows for independent production and validation of components, reducing operational risk and enabling consistent performance improvements, making the 2027 target a calculated progression [3] Industry Peers Updates - Quantum Computing Inc. (QUBT) is enhancing its commercial positioning through an integrated photonics strategy and expanding customer traction in government and enterprise markets, while also improving its manufacturing capabilities [4][5] - Arqit Quantum Inc. (ARQQ) is advancing its commercial momentum by deploying its quantum-safe encryption platform and integrating with telecom and enterprise partners, positioning itself as a scalable cybersecurity infrastructure provider [6][7] Rigetti's Financial Performance - Rigetti's shares have increased by 12.5% over the last six months, contrasting with a 16.8% decline in the industry [8] - The Zacks Consensus Estimate for Rigetti's 2026 earnings indicates a significant 75.9% improvement from the previous year, with a projected growth rate of 74.3% for 2026 earnings [9][12] - Rigetti currently trades at a price-to-book ratio of 14.73, which is above the industry average, and holds a Value Score of F [10]

Core Insights - IonQ's acquisition of SkyWater Technology for $1.8 billion represents a strategic shift in the quantum computing industry, enabling IonQ to create a vertically integrated quantum platform valued at $35 per share [1] - This acquisition addresses a significant limitation in quantum scaling by allowing IonQ to internalize fabrication, which is expected to enhance development cycles and manufacturing flexibility [2] - IonQ's move towards vertical integration contrasts with competitors like D-Wave and Rigetti, who still rely on external manufacturing partners, indicating a divergence in strategic approaches within the quantum ecosystem [3] Quantum Enablers - Northrop Grumman, Cloudflare, and Arqit Quantum are identified as key enablers in the quantum sector, positioned to benefit from the industry's shift towards scalable manufacturing and infrastructure, with projected earnings growth exceeding 10% by 2026 [4][5] - The global quantum computing market is anticipated to grow from approximately $3.52 billion in 2025 to $20.2 billion by 2030, highlighting the increasing importance of enabling technologies [5] - McKinsey's research suggests that the three core pillars of quantum technology could generate up to $97 billion in revenues by 2035, emphasizing the potential for enablers to provide clearer revenue paths compared to standalone hardware developers [6] Northrop Grumman - Northrop Grumman is actively investing in quantum technologies, committing $12.5 million to support quantum information science at Virginia Tech, and is focused on developing internal capabilities in advanced quantum computing [7][8] - The company is expected to report earnings growth of 10.2% in 2026, with revenue growth projected at 5.1% [9] Cloudflare - Cloudflare is enhancing its post-quantum security infrastructure, with plans for broader protocol compatibility in its Zero Trust Network Access solution, positioning itself as a critical enabler for quantum-era cybersecurity [10] - The company is projected to achieve earnings growth of 28.8% in 2026, with revenue growth of 26.9% [11] Arqit Quantum - Arqit Quantum is advancing quantum-safe encryption through its Encryption Intelligence platform, which has been commercially launched and is being utilized in a pilot program by the UK National Cyber Security Centre [12] - The company has secured multi-year contracts, including a significant agreement with a global telecom operator for quantum-safe network deployment, indicating strong market demand [12] - Arqit is expected to report earnings growth of 30.3% in 2026, with revenue growth projected at an impressive 214.2% [13]

Core Insights - Quantum Computing Inc. (QUBT) has made significant advancements, including a subcontract with NASA valued at up to $406,478 to enhance atmospheric sensing using its Dirac-3 quantum computer [2][10] - The company has achieved commercial success with its quantum cybersecurity solutions, securing its first U.S. sale through a purchase order from a top 5 U.S. bank [3][10] - QCi has completed the construction of its quantum photonic chip foundry in Tempe, AZ, which is now operational and fulfilling customer pre-orders [4][10] - QUBT has been included in the Russell 3000 and Russell 2000 Indexes as part of the 2025 annual reconstitution, effective June 30 [5][10] Peer Update - D-Wave Quantum Inc. (QBTS) has signed new and renewing customer engagements and hosted the first Qubits Japan 2025 quantum computing conference [6] - QBTS announced the general availability of Advantage2, an energy-efficient quantum computer [7] - Arqit Quantum Inc. (ARQQ) has strengthened its commercial momentum with multiple contracts and testing activities with telecom operators and government entities [8] Price Performance - Over the past year, QUBT's shares have increased by 1.3%, outperforming the industry's decline of 4.5%, while the S&P 500 composite has grown by 14.8% [9][10] Valuation - QUBT currently trades at a forward 12-month Price-to-Sales (P/S) ratio of 838.18X, significantly higher than the industry average of 5.55X [11]

Core Insights - Rigetti Computing (RGTI) has a strong balance sheet with approximately $559 million in cash, which has increased to over $600 million due to warrant exercises, allowing the company to pursue its technical roadmap without immediate equity dilution or debt [1][8] Financial Position - The liquidity position of Rigetti significantly reduces near-term financial risks and supports the development of a 100+ qubit system with 99.5% fidelity and a 150+ qubit system with 99.7% fidelity targeted for 2026 [2][8] - Operating expenses rose to about $21 million in Q3, driven by increased R&D investments, including new engineering hires and higher compensation [3][8] Strategic Goals - Rigetti is targeting a 1,000+ qubit system with 99.8% fidelity by 2027, alongside advancements in chiplet architectures and hybrid-compute initiatives [3][4] - The company emphasizes that its increased spending is a targeted investment supported by its strong liquidity position, allowing for sustained R&D intensity while maintaining financial flexibility [4] Industry Comparisons - IonQ (IONQ) is expanding its technical and commercial capabilities through acquisitions, enhancing its position in scalable systems and quantum networking [5] - Arqit Quantum (ARQQ) is focusing on quantum-safe cybersecurity, gaining credibility and early commercial uptake through partnerships [6] Market Performance - Rigetti's shares have increased by 88.7% over the last six months, contrasting with a 6.3% decline in the industry [7][10] - The company has a price-to-book ratio of 19.58, which is above the industry average, and carries a Value Score of F [10] Earnings Estimates - The Zacks Consensus Estimate for Rigetti's 2025 earnings indicates an 88.9% decline from the previous year, with estimates showing a significant loss per share [12][13]

Core Insights - Quantum Computing, Inc. (QUBT) reported third-quarter revenues of $384,000, reflecting an increase driven by R&D and custom hardware contracts, along with initial revenues from DIRAC-3 cloud access [1][8] Group 1: Company Developments - QCi is deploying its DIRAC-3 quantum optimization machine to address solar noise in space-based LiDAR data, showcasing its relevance in scientific and environmental research [2] - The company secured its first U.S. commercial sale of quantum security solutions through a purchase order from a top-five U.S. bank, marking a significant milestone for its platform [3] - QCi is advancing plans for a larger production facility, Fab 2, to support higher-volume manufacturing, while maintaining engagement with commercial and academic partners [4] Group 2: Industry Context - Rigetti's roadmap emphasizes modular scaling and collaboration with government and academic sectors, recently securing $5.7 million in purchase orders and a $5.8 million contract for advancing quantum networking [5] - Arqit Quantum focuses on quantum cybersecurity and has expanded its customer contracts, indicating growth in a competitive quantum ecosystem [6] Group 3: Financial Performance - Year-to-date, QCi's shares have decreased by 29%, underperforming the industry growth of 10.6% and the S&P 500's growth of 19.1% [7] - QUBT's current forward Price-to-Sales (P/S) ratio stands at 878.62X, significantly higher than the industry average of 5.55X, indicating an expensive valuation [9] - The loss per share estimate for 2025 has narrowed by 1 cent to 18 cents over the past 30 days [11]

Core Insights - Rigetti Computing (RGTI) is leveraging a vertically integrated superconducting quantum computing stack, which includes in-house chip design, fabrication, packaging, and full-system deployment through Quantum Cloud Services, allowing for faster iterations and reduced reliance on third-party foundries [1][7] - The company's roadmap emphasizes modular scaling and integration with government labs, universities, and early enterprise customers, enhancing the relevance of its systems as use cases mature [2][7] - Rigetti's strategy indicates improved survivability and adaptability in the pre-scale phase of quantum computing, suggesting that vertical integration can provide a tangible scaling advantage over time [3] Peers Updates - Quantum Computing Inc. (QUBT) reported a significant third-quarter 2025 performance with revenue increasing approximately 280% year over year, indicating early commercial traction for its photonics-based quantum machines [4] - Arqit Quantum (ARQQ) focuses on quantum cybersecurity through its QuantumCloud platform, recently expanding customer contracts and updating revenue guidance to indicate meaningful growth [5] Financial Performance - Rigetti's shares have increased by 133.7% over the past six months, contrasting with a 5.1% decline in the industry [6] - The company has a price-to-book ratio of 23.52, which is above the industry average, and carries a Value Score of F [9] - The Zacks Consensus Estimate for Rigetti's 2025 earnings suggests an 88.9% decline from the previous year, with current estimates indicating a loss of $0.68 per share for the current year [10][11]