Core Insights - IonQ is positioned as a stronger investment compared to its quantum peers, with advancements in technology and funding supporting its growth trajectory toward scalable quantum computing [1][3][4] Funding and Acquisitions - IonQ raised $2.0 billion in equity in October 2025, which, while dilutive in the short term, reflects strong institutional confidence and provides capital for commercialization and scaling production [3][7] - The acquisition of Oxford Ionics enhances IonQ's intellectual property in trapped-ion systems, crucial for developing fault-tolerant quantum computing [3][7] Technological Leadership - IonQ's gate-based trapped-ion architecture supports a wider range of quantum algorithms and has shown advancements in gate speed and fidelity, positioning it as a leader in the field [5][6] - The company has made significant progress in quantum chemistry simulation and expanded partnerships in AI and materials research, indicating a shift towards scalable revenue opportunities [3][4] Comparative Performance - IonQ is projected to achieve a 37.8% earnings growth and a 115.1% revenue increase in 2025 compared to 2024, contrasting with Rigetti's expected earnings growth of 75% despite a revenue decline of 19.7% [6][7] - D-Wave Quantum, while showing customer traction, operates on a more specialized architecture that limits its algorithmic flexibility compared to IonQ's offerings [4][6] Valuation Metrics - IonQ's forward 12-month price/sales (P/S) ratio stands at 141.63, significantly higher than the industry average of 4.38, yet lower than its peers Rigetti and D-Wave [10]

Group 1 - D-Wave Quantum's shares fell by 11.5% on Thursday after a significant price surge, closing at an all-time high with a 4,390% increase over the past 52 weeks [1][7] - The recent rise in D-Wave's stock is attributed to substantial capital investments and technological advancements in the quantum computing sector, benefiting the entire industry [3] - D-Wave received an innovation award from Fast Company and completed a large system sale to Swiss Quantum Technology SA, further boosting its stock price [4] Group 2 - Despite the positive developments, D-Wave remains deeply unprofitable, with a stock trading at 628 times trailing sales, making it appear expensive compared to peers like Palantir Technologies and Nvidia [5] - The stock has increased by 533% over the past six months, raising concerns about the sustainability of its valuation amidst the current quantum computing euphoria [6] - Analysts suggest that profit-taking is a natural response to the unsustainable valuation levels, indicating potential for a sharp correction in the future [8]

Core Insights - IBM is set to report Q3 2025 earnings on October 22, with sales and earnings estimates at $16.09 billion and $2.43 per share respectively [1][7] - Earnings estimates for IBM have improved to $11.13 for 2025 but declined to $11.95 for 2026 over the past 60 days [1] - The company has a positive earnings surprise history, averaging 6.29% over the last four quarters [2][3] Earnings Performance - IBM achieved a 6.06% earnings surprise in the last reported quarter [2] - The company has an Earnings Surprise Prediction (ESP) of +2.20% and a Zacks Rank of 2 (Buy) [4] Growth Drivers - IBM's innovation strategy includes new AI, hybrid cloud, and quantum initiatives, which are expected to support growth [7] - The launch of IBM Power11 servers offers significant performance improvements, enhancing hybrid deployment capabilities [8] - Neudesic's renewed partnership with Microsoft for Cloud Security Specialization strengthens IBM's security solutions in hybrid environments [9] - Collaboration with AMD aims to develop scalable, open-source platforms for quantum computing [10] Market Position - IBM's Software segment is projected to generate revenues of $7.52 billion, while the Consulting segment is expected to generate $5.17 billion [11] - The company has gained 19.9% over the past year, trailing behind industry peers like Oracle and Microsoft [12] Valuation Metrics - IBM's shares are trading at a forward P/E ratio of 23.85, slightly above the industry average of 23.81 [13] Strategic Initiatives - IBM is focusing on AI capabilities through the watsonx platform, which is gaining traction in the market [16] - Strategic collaborations with industry leaders enhance prospects in cloud infrastructure and quantum computing [17] - The company is experiencing strong demand trends in hybrid cloud and automation, which are expected to drive growth in the Software segment [19]

Key Takeaways Rigetti's 264% rise is fueled by U.S. Air Force and Novera system orders signaling real-world demand.New ties with C-DAC and Montana State boost Rigetti's reach in global research and quantum services.Despite strong momentum, Rigetti's small revenue base and continued losses pose near-term challenges.Rigetti Computing (RGTI) staggering 264% year-to-date surge has turned heads across the quantum investing landscape, and for good reason. The company has strung together a series of meaningful win ...

Key Points JPMorgan Chase announced plans to invest $10 billion into companies it believes are imperative to U.S. national economic security. One sector mentioned for potential investment was quantum. 10 stocks we like better than Rigetti Computing › Since the close of trading last week, shares of Rigetti Computing (NASDAQ: RGTI) had risen nearly 10%, as of 11:49 a.m. ET Thursday. The move is being driven by an announcement from JPMorgan Chase earlier in the week. More investment into quantum Quan ...

Core Viewpoint - Quantum concept stocks have experienced a decline, with several companies showing significant drops in their stock prices [1] Group 1: Stock Performance - Rigetti Computing (RGTI.US) has fallen over 13% [1] - Quantum Computing (QUBT.US) has decreased by more than 4.7% [1] - IonQ Inc (IONQ.US) has dropped over 6% [1] - SEALSQ Corp (LAES.US) has seen a decline of more than 8% [1]

Valuation Concerns - The Shiller PE ratio of the S&P 500 is currently just under 40, indicating that investors are paying excessively for historical earnings [2][3] - Historical benchmarks show that when the Shiller PE exceeds 32, significant market downturns have followed, including the Great Depression, the Dot-Com Bubble, and the 2021-2022 correction [4][6][9] Historical Context - In September 1929, the Shiller PE reached approximately 32.6, leading to an S&P 500 decline of over 83% during the Great Depression [6] - The Shiller PE peaked at 44.19 in December 1999, resulting in a 49% decline in the S&P 500 from its high in March 2000 to its low in October 2002 [8] - The Shiller PE was around 38.6 in late 2021, with the S&P 500 falling 25% from its peak in January 2022 to its low in October 2022 [9] Current Market Implications - The current S&P 500 level of 6,671 suggests potential downside risks of 25-50%, with historical corrections indicating similar valuation levels [10][13] - Extreme valuations are compounded by various macroeconomic challenges, including persistent inflation, high interest rates, trade war uncertainties, and rising US debt [11][14] Investment Strategies - The Trefis High Quality Portfolio has outperformed its benchmark by generating returns exceeding 105% since inception, suggesting that diversified strategies may mitigate risks associated with high valuations [5][18] - The Trefis Reinforced Value (RV) Portfolio has also surpassed its all-cap stocks benchmark, indicating that a diversified approach can leverage favorable market conditions while limiting losses [18] Market Dynamics - The current market environment is characterized by a confluence of risks that could amplify one another, creating a "perfect storm" scenario for potential downturns [11][22] - Despite historical evidence indicating significant downside risk, markets have often defied expectations, raising questions about whether current valuations are justified or indicative of speculative excess [19][20]

Group 1 - Quantum computing has significant potential to solve complex problems, but there is a substantial gap between laboratory advancements and commercial viability [1] - Pure-play quantum stocks like IonQ and D-Wave Quantum have seen inflated valuations based on expectations of imminent commercialization [1][6] - Alphabet has made long-term investments in quantum computing, positioning itself to lead in the field, unlike smaller competitors who face existential risks [3][4][6] Group 2 - Alphabet's extensive resources allow it to continue research and development in quantum technology without immediate pressure for returns [4][6] - The real-world impact of quantum computing may take years or even decades to materialize, suggesting that current valuations of quantum stocks may be overly optimistic [6] - Alphabet's downside risk is limited compared to smaller quantum companies, which could face significant challenges if they do not achieve timely breakthroughs [4][6]

Market Overview - U.S. stock futures were higher, with Dow futures gaining over 100 points on Thursday [1] Company-Specific Movements - Satellogic Inc. (NASDAQ:SATL) shares fell 13.1% to $3.60 in pre-market trading following a proposed public offering [1] - American Battery Technology Company (NASDAQ:ABAT) shares dipped 23.9% to $6.81 after the DOE terminated a grant [3] - Hyperfine, Inc. (NASDAQ:HYPR) shares decreased 14.1% to $1.89 due to preliminary third-quarter revenue results falling below estimates and a proposed public offering [3] - Omeros Corporation (NASDAQ:OMER) shares declined 9.2% to $9.45 after a significant 154% increase the previous day following Novo Nordisk's acquisition of its global rights to Zaltenibart [3] - Hewlett Packard Enterprise Company (NYSE:HPE) tumbled 8.6% to $22.85 despite reporting record revenue driven by AI demand, as restructuring costs compressed profit margins [3] - NIO Inc. (NYSE:NIO) fell 8.5% to $6.24 in pre-market trading [3] - Inventiva S.A. (NASDAQ:IVA) declined 7.5% to $5.06 after a 10% gain the previous day [3] - Bitfarms Ltd. (NASDAQ:BITF) fell 4.6% to $6.17 after announcing a $300 million convertible senior notes offering [3] - Rigetti Computing, Inc. (NASDAQ:RGTI) shares fell 4.8% to $53.66 following CEO Subodh K. Kulkarni's sale of 1,000,000 shares, raising concerns about leadership commitment [3] - Datavault AI Inc. (NASDAQ:DVLT) slipped 4.8% to $2.00 in pre-market trading [3]

You see, the quantum experts are raising lots of cash right now, with the help of some sophisticated institutions. IonQ is selling 16.5 million new shares to a unit with ties to financial services giant Susquehanna. It's not even a sweetheart deal at a deep discount -- Susquehanna's Heights Capital arm is paying $93 per share, which is a 20% premium over IonQ's share price when the stock sale was announced.Yeah, you've seen these headlines over the last year and I probably wrote some of them. And to some de ...