国盾量子回复称，公司为合肥超量融合计算中心"巢湖明月"项目提供的超导量子计算设备部分于2025年 下半年验收完成，剩余少量服务费后续逐步确认。 格隆汇1月23日｜有投资者在互动平台向国盾量子提问：关于贵司在1月19号发布的投资者关系活动记录 表中提及的合肥超量融合计算中心项目，该项目是已经于2025年下半年完成项目总验收了吗？ ...

Core Viewpoint - The quantum computing sector appears overvalued, driven by retail investor enthusiasm, and is characterized by speculative investments despite minimal revenue generation [1][5][13]. Group 1: Market Dynamics - Quantum computing stocks gained significant attention in 2025, particularly after Google's announcement regarding its Willow quantum chip in December 2024, which triggered a surge in stock prices [1][2]. - Stocks of companies like IonQ, D-Wave Quantum, and Rigetti Computing saw substantial increases following Google's update, indicating a strong market reaction [2][4]. - The sector has been compared to other speculative technology sectors that have risen alongside the AI boom, despite their current lack of substantial revenue [5][6]. Group 2: Retail Investor Behavior - Retail investors have shown a strong interest in quantum computing stocks, with some behaving similarly to meme stocks, driven by the potential for high returns [10][12]. - The appeal of quantum computing stocks lies in their promise of future technological advancements, with projections suggesting a potential $1.3 trillion value addition to various industries by 2035 [11]. - The popularity of these stocks among retail investors has raised concerns about their valuations, as they are not supported by significant revenue or technological advancements compared to larger tech companies [13][16]. Group 3: Technology Overview - Quantum computing operates on the principles of quantum mechanics, utilizing quantum bits (qubits) to solve complex problems more efficiently than classical computers [8][9]. - The technology holds potential for breakthroughs in fields such as pharmaceuticals and engineering, although the timeline for achieving disruptive scale remains uncertain [9][18]. Group 4: Expert Opinions - Experts like Scott Aaronson have expressed skepticism regarding the current batch of quantum computing stocks, suggesting that their price increases are more a result of marketing than genuine technological progress [16][17]. - The speculative nature of investments in quantum computing stocks, particularly among inexperienced investors, raises concerns about the sustainability of their current valuations [6][17].

Turnaround Stories - Nike has shown improvement under CEO Elliott Hill, stabilizing its U.S. market, with China as the next focus [1] - Procter & Gamble's weak quarterly earnings were expected, with management indicating that the worst is behind them, setting the stage for better performance in 2026 under new CEO Shailesh Jejurikar [1] - Starbucks is seeing steadier performance in China and improving U.S. sales trends, with an update expected during Investor Day next week [1] - Texas Roadhouse has faced cattle inflation but is expected to benefit from declining beef prices, maintaining a position in the portfolio [1] Key Holdings Updates - Apple announced a partnership with Alphabet, allowing the use of Google's AI technology, which is seen as a significant win [1] - Amazon's stock is urged to be retained despite emotional trading, with a reaccelerating cloud business poised for a breakout [1] - Broadcom delivered a strong quarter but has underperformed; buying the dip is being considered [1] - Boeing is recommended for long-term ownership due to strong free cash flow and increased orders [1] - BlackRock's acquisitions are expected to expand its client base and exposure to fast-growing markets [1] Sector Insights - Corning is positioned well in the data center market, replacing copper with fibers that reduce heating costs [2] - Alphabet is viewed as a leading tech stock, with its AI model Gemini 3 outperforming competitors [2] - Goldman Sachs shows strong momentum in financials due to its Wall Street dealmaking business [2] - Home Depot's performance is uncertain despite being a beneficiary of interest rate cuts [2] - Eli Lilly is expected to expand its reach in the GLP-1 market with new drug developments [2] Stock Performance and Strategy - Meta Platforms is recognized as a premier ad company, with a more reasonable stock valuation due to increased AI spending [2] - Microsoft has seen a 14% decline, with uncertainty surrounding its AI assistant and OpenAI partnership [2] - Nvidia's stock is volatile due to geopolitical tensions, with a holding pattern expected until the GTC conference in March [2] - Palo Alto Networks is benefiting from AI integration in cybersecurity, presenting a potential buying opportunity [2] - Wells Fargo is transitioning into an investment house under CEO Charlie Scharf, with hopes for revenue diversification [2]

Core Insights - Quantum computing is gaining investor interest as a transformative technology, with practical applications emerging in various fields such as optimization and logistics, despite the industry's early stage and uncertain timelines [1] Group 1: Company Approaches - Rigetti Computing focuses on gate-based superconducting quantum processors, aiming for fault-tolerant quantum computing through improvements in chip design and architecture [2][5] - D-Wave Quantum adopts a commercially oriented strategy with quantum annealing systems, emphasizing immediate customer adoption and recurring revenue [2][7] Group 2: Price Performance - Rigetti's shares have increased by 47.2%, while D-Wave's stock has risen by 41.6% over the past six months, indicating strong investor interest in both companies [3][6] Group 3: Technology Strategy - Rigetti is committed to a chiplet-based architecture to enhance manufacturing efficiency and scalability, focusing on long-term fault tolerance [5][10] - D-Wave's annealing systems are designed for specific optimization tasks, allowing for practical applications and generating recurring revenue through cloud services [7][9] Group 4: Business Models - Rigetti's revenue primarily comes from government contracts and research collaborations, leading to unpredictable revenue streams [8] - D-Wave's business model is centered around quantum computing as a service, with a focus on subscriptions and long-term customer relationships, providing clearer visibility into revenue trends [9] Group 5: Growth Estimates - The Zacks Consensus Estimate projects Rigetti's 2026 sales to grow by 197.6%, with a loss per share of 18 cents [13] - D-Wave's 2026 sales are estimated to grow by 61.1%, with a projected loss per share of 19 cents [16] Group 6: Investment Profiles - Both Rigetti and D-Wave currently hold a Zacks Rank 3 (Hold), indicating that neither stock is seen as a value play at this time [18] - Rigetti has a Growth Score of C and a Momentum Score of F, while D-Wave has a Growth Score of F and a Momentum Score of B, reflecting differing investor sentiments [19] Group 7: Investor Considerations - Investors seeking near-term momentum may prefer D-Wave due to its clearer commercialization narrative, while those with a long-term perspective may favor Rigetti for its focus on technological execution [20]

Core Insights - D-Wave Quantum (QBTS) has transitioned from research-focused results to generating measurable revenue, with a significant revenue increase of 509% year-over-year in Q1 2025 due to the sale of an Advantage2 quantum system [1] - The company continued to show revenue growth in subsequent quarters, with a 100% year-over-year increase in Q3 2025, while maintaining high R&D investments [2] - D-Wave confirmed strong commercial momentum with €10 million in bookings for an Advantage2 system in Italy, indicating future revenue potential [3] Revenue and Earnings Growth - For Q4 2025, earnings are expected to grow by 86.5% on a revenue increase of 79.1%, while in 2026, earnings growth is projected at 7% with revenue growth of 61.1% [4] - The Zacks Consensus Estimate indicates a current quarter EPS of -0.05 and a next year EPS of -0.19, reflecting significant year-over-year growth estimates [5] Competitive Landscape - IonQ reported $39.9 million in revenues for Q3 2025, exceeding guidance and raising its full-year outlook, showcasing strong commercial and technical momentum [6] - Rigetti has shown modest revenue growth due to contract timing but is advancing its technology roadmap, while D-Wave has shifted focus to revenue generation [7] Stock Performance - QBTS shares have increased by 331.9% over the past year, significantly outperforming the broader Internet Software industry and the S&P 500 [9] - The current forward Price-to-Sales (P/S) ratio for QBTS is 208.34X, compared to the industry average of 4.34X, indicating a high valuation [12]

Core Insights - D-Wave's quantum annealing systems are among the few quantum computing technologies currently utilized in production use cases, indicating a significant step towards broader adoption across various industries [1] - The newly calibrated 4,400 qubit Advantage 2 processor shows substantial performance improvements, including double coherence time and a 40% increase in energy scale, which are expected to enhance the ability to solve complex computational problems [2][3] - The company is experiencing increased interest in its technology, particularly in the context of commercial adoption of quantum computing, driven by the capabilities of its 5,000 qubit Advantage quantum computer [4] Product and Technology Advancements - The Advantage 2 processor has been calibrated, marking a significant milestone towards its commercial release, and is expected to address larger optimization problems [3] - D-Wave's Leap quantum cloud service has achieved over 99.9% availability, supporting commercial-grade applications and allowing customers to run nearly 2 million jobs without scheduling issues [7][8] - A major pilot with NTT DOCOMO resulted in a 15% reduction in network congestion, showcasing the practical applications of D-Wave's technology in real-world scenarios [10] Market and Customer Engagement - D-Wave has been recognized as a key player in the quantum computing space, with applications being used in commercial production deployments, including collaborations with major companies like NTT DOCOMO and Japan Tobacco [11][12] - The company is expanding its customer base, with a notable increase in government and research customers, reflecting a strategic shift towards these sectors [21] - D-Wave's partnership with Staque aims to develop hybrid quantum applications for enterprise optimization and AI problems, further broadening its market reach [13][14] Financial Performance - Revenue for Q3 2024 was $1.9 million, a decrease of 27% from the previous year, while QCaaS revenue increased by 41% to $1.6 million, indicating a shift in revenue sources [18] - Professional services revenue saw a significant decline of 80%, attributed to the timing of new agreements, but bookings for professional services were strong, suggesting potential future growth [19] - The company reported a net loss of $22.7 million for Q3, an increase from the previous year's loss, primarily due to lower revenue and higher operating expenses [23][24] Strategic Initiatives - D-Wave is focusing on enhancing its go-to-market organization, with significant progress in filling key positions across various regions, including North America and Europe [20][65] - The company is exploring generative AI architectures that leverage quantum processing units for more efficient model training, indicating a commitment to integrating AI with quantum computing [6][70] - D-Wave's designation on the U.S. Department of Defense's Tradewinds platform facilitates easier procurement of its products, reflecting growing government interest in quantum applications [12][39]

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 is a significant player in the quantum computing industry, focusing on the development of quantum integrated circuits and software, with the market projected to generate up to $1 trillion in global economic value by 2035 [1] Stock Performance - On January 22, 2026, B. Riley upgraded Rigetti's stock from Neutral to Buy, with the stock priced at $23.67, reflecting growing investor confidence in the company's potential [2] - Despite the upgrade, Rigetti's stock price has decreased by 5.28%, or $1.32, from its previous value, indicating market volatility [3] - The stock has fluctuated between $22.41 and $26.27 today, with a significant yearly volatility range of a high of $58.15 and a low of $6.86 [3] Market Capitalization and Trading Activity - Rigetti's market capitalization is approximately $7.81 billion, highlighting its substantial presence in the quantum computing industry [4][5] - The trading volume today is 47.47 million shares, suggesting active investor interest in the stock [4]

Group 1 - The core viewpoint emphasizes the acceleration of technological-driven industrial transformation, particularly in AI, quantum computing, and sustainable development, which are becoming central to strategic planning [2][3][7] - AI continues to make breakthroughs in computing power, large models, and commercial aerospace, while quantum computing is entering the engineering feasibility verification stage, impacting financial risk control and drug development [2] - The trend towards sustainable development is highlighted, with ESG principles permeating corporate strategies, necessitating the use of green bonds and carbon-neutral projects to align with the global ESG investment scale exceeding $40 trillion [2][3] Group 2 - Companies are encouraged to adopt data-driven strategic management, utilizing big data analysis and AI to predict market trends and enable dynamic strategy adjustments, as seen with firms like Bosera Fund and Tesla [2][3] - The evolution of consumer behavior towards personalized and green consumption is noted, prompting companies to adjust product strategies to include eco-friendly materials and customized services [2][3] - The impact of policy regulations is significant, with national plans like the "14th Five-Year Plan" guiding future industries and requiring companies to comply with energy-saving and data security regulations [2][3] Group 3 - The importance of building a green supply chain through renewable energy use and circular economy models is emphasized, which can enhance brand value and attract green investments [3] - Companies are advised to integrate data from various systems to create dynamic strategic models and set up real-time monitoring and alert systems to adjust production and inventory strategies [3] - The need for cross-entity collaboration in supply chains is highlighted, utilizing blockchain and API interfaces for data sharing to improve demand forecasting and logistics coordination [3] Group 4 - The strategic planning for 2026 should focus on technology as the engine, data as the foundation, and ecology as the link, integrating sustainable development concepts to build dynamic adaptability [7] - Companies should transition from passive adaptation to proactive leadership in rapidly changing markets, capturing opportunities and mitigating risks for long-term value creation [7]

Core Insights - SuperQ Quantum Computing Inc. has appointed Brian Beveridge as the Director of Post-Quantum Cybersecurity and Partnerships, enhancing its leadership team [1][2] - Mr. Beveridge brings over 30 years of experience in cybersecurity strategy and enterprise risk management, which will aid in the commercialization of SuperQ's SuperPQC™ suite [2][3] - The company aims to address the vulnerabilities in global cryptographic infrastructure through post-quantum solutions, focusing on partnerships and technology commercialization [3][5] Company Strategy - Mr. Beveridge will lead initiatives in Post-Quantum Cryptography (PQC) and build partnerships to mitigate the "Harvest Now, Decrypt Later" threat [3][4] - SuperQ's strategy emphasizes empowering Managed Security Service Providers (MSSPs) and digital advisory firms with tools and expertise to enhance cybersecurity for their clients [3][4] - The company is focused on the software and accessibility layer of the quantum stack, where shareholder value can be rapidly realized [4] Product and Market Focus - SuperQ is committed to reducing barriers to quantum and supercomputing commercialization, aiming to deliver immediate commercial utility and long-term data sovereignty [6][5] - The flagship Super™ platform is designed to make advanced computational power accessible, targeting sectors such as finance, healthcare, logistics, and defense [7] - The company is expanding its international presence, particularly in the US, Middle East, and Asia, by establishing strategic Super Hubs [7]