COMMENT: Back says quantum computing research is still early, fragile, and nowhere near threatening Bitcoin security.BSCN (@BSCNews):QUANTUM FEARS RESURFACE AS ADAM BACK DISMISSES NEAR TERM THREAT TO BITCOIN- Adam Back says Bitcoin should be quantum ready, but real threats remain decades away.- He argues current quantum computing research remains early, fragile, and far from breaking Bitcoin security.- https://t.co/Pj9oGehCit ...

Core Insights - Citadel increased its stake in D-Wave Quantum by over 200% in the last quarter, indicating strong confidence in the company's potential [1][3] - D-Wave Quantum is focused on developing quantum computers using quantum annealing, targeting specific optimization and probabilistic sampling problems [4][5] - Despite impressive revenue growth, D-Wave is facing significant losses and limited commercial adoption of its technology [7][9][10] Company Performance - Citadel purchased 169,057 shares of D-Wave Quantum, raising its stake by 201% [3] - D-Wave's current market capitalization stands at $8.7 billion, with a gross margin of 82.82% [4] - The average 12-month price target for D-Wave Quantum among analysts is $38, suggesting a potential upside of 59% from its current price [3] Market Position and Challenges - D-Wave's technology is applicable to complex problems in various industries, including logistics and telecommunications, but its traction remains limited [5][9] - The company has a high price-to-sales ratio of 294, which raises concerns about sustainability and potential valuation corrections in the future [14] - Insiders, including key executives, have been selling shares, which may indicate a lack of confidence in the company's near-term prospects [10] Investment Considerations - Citadel's strategy includes holding both shares and options in D-Wave, suggesting a hedged approach to investment [11] - Investors are advised to focus on classic valuation assessments rather than following hedge fund positions or analyst predictions [12] - The current market environment may not be suitable for average investors, as D-Wave's stock is characterized by high volatility and risk [15]

QUANTUM FEARS RESURFACE AS ADAM BACK DISMISSES NEAR TERM THREAT TO BITCOIN- Adam Back says Bitcoin should be quantum ready, but real threats remain decades away.- He argues current quantum computing research remains early, fragile, and far from breaking Bitcoin security.- Back predicts no meaningful quantum risk to Bitcoin emerging within the next ten years. Even partial cryptography failures would not allow network wide theft, since Bitcoin security is not encryption dependent.CLAIMS AND COUNTERCLAIMS- The ...

Core Insights - Quantum computing stocks have gained significant attention, particularly after Google's breakthrough with its quantum chip, Willow, which has led to increased investor interest in the sector [1][2][3] Company Overview - Quantum Computing Inc. (QCi) is currently the smallest among the major quantum computing stocks, with a market capitalization of $2.3 billion [5] - The company has reported minimal revenue, generating only $546,000 over the last four quarters and $384,000 in the third quarter [5][8] - QCi specializes in photonics, focusing on fabricating photonic computing engines using thin-film lithium niobate (TFLN) [8] Recent Developments - QCi opened its photonic chip foundry in Arizona in February and plans to build a larger facility [9] - The company has made strides in commercialization, receiving a purchase order from a top 5 U.S. bank for its quantum security solutions and collaborating with NASA [9] - QCi has a solid financial position with $352.4 million in capital and no debt, while its operating expenses were $28.9 million through the first three quarters [9] Market Performance - The stock has experienced volatility, currently down 60% from its peak in early October [6][14] - Despite the downturn, Wall Street projects QCi's revenue to reach $2.8 million in 2026, more than tripling from 2025 [10] Investor Sentiment - The company trades at a high price-to-sales multiple of over 2,000, indicating potential overvaluation [11] - Insider selling has raised concerns, with management selling over 2 million shares this year, suggesting a lack of confidence in the stock's near-term prospects [12] Industry Context - The quantum computing sector is still in its early stages, and while it holds transformative potential, the hype surrounding AI may have inflated expectations [2][15] - Investors are advised to remain cautious and may benefit from waiting for clearer signals from the business before making investment decisions [15]

Group 1 - D-Wave Quantum went public through a SPAC merger in August 2022 and has seen a stock increase of approximately 143% since its debut, outperforming the S&P 500 and Nasdaq Composite [1] - The company's focus on quantum annealing technologies has positioned it favorably for commercialization, with a stock increase of 235% over the last 12 months [2] - D-Wave's current market cap is around $8.5 billion, with a valuation of approximately 335 times this year's expected sales, and it reported revenue of $21.8 million for the first three quarters of the year, reflecting annual growth of 235% [4] Group 2 - D-Wave aims to revolutionize computing by moving beyond binary foundations, but long-term investors may face a binary outcome regarding the stock's future [5] - If D-Wave proves its technology as the most reliable and cost-effective for real-world quantum computing applications, it could yield returns exceeding 10x over the next decade, though there is also a significant risk of shares declining to zero [6] - The company has experienced substantial valuation gains alongside rising interest in quantum computing, but its high valuation is heavily dependent on growth [8]

Core Insights - The shift from classical computing to quantum computing is gaining momentum, with quantum computing utilizing qubits for faster calculations [1][2] - Analysts are increasingly focusing on quantum computing stocks, particularly IonQ, which has a high price target set by Jefferies [3] Company Overview - IonQ, founded in 2015 and based in Maryland, specializes in developing quantum computing technology, including general-purpose trapped ion quantum computers and related software [3] - The company has a market capitalization of $17 billion [3] Stock Performance - IonQ's shares have increased nearly 13% this year, lagging behind the S&P 500's 16% gain and competitors like Rigetti Computing and D-Wave Quantum, which have seen increases of 50% and 201% respectively [4] - Despite the slower growth, IonQ's market cap is comparable to the combined market caps of Rigetti and D-Wave [4] Financial Metrics - IonQ is not yet profitable, making the price-to-sales ratio a key valuation metric, with IonQ's ratio at 150.5, which is more favorable compared to Rigetti's 917 and D-Wave's 304.9 [5] - The market reflects significant optimism for these companies, with IonQ being the least expensive among the three [5] Earnings Report - IonQ's third-quarter earnings report indicated a substantial loss, but a deeper analysis reveals positive aspects, including revenue of $39.9 million, which exceeded guidance by 37% and represented a 222% increase year-over-year [6]

Core Viewpoint - Jefferies has initiated coverage of the quantum computing sector with a bullish outlook, particularly on IonQ, setting a price target of $100, indicating a potential upside of approximately 110% from current levels, and assigning a "Buy" rating [1] Company Overview - IonQ specializes in developing trapped-ion quantum computers aimed at addressing complex challenges in business, society, and scientific research, leveraging 25 years of academic research to achieve longer, more sophisticated calculations with fewer errors compared to competitors [2] Market Position and Partnerships - IonQ is the first quantum hardware provider integrated with all major cloud platforms, enabling accessible quantum computing through collaborations with Amazon's AWS, Microsoft's Azure, and Alphabet's Google Cloud, targeting applications in chemistry, medicine, finance, and logistics optimization [3] Technical Advantages - Analyst Kevin Garrigan highlights that IonQ is poised to benefit from strong ecosystem tailwinds that are driving the adoption of quantum computing, with its trapped-ion architecture offering advantages in coherence, fidelity, and native all-to-all connectivity as the technology evolves [4] Future Roadmap - IonQ's strategic roadmap aims for fault-tolerant quantum computing, targeting the integration of 256 qubits by 2026, scaling to 10,000 physical qubits and 800 logical qubits by 2027, and ultimately achieving 2 million physical qubits with 80,000 logical qubits by 2030 [5] Financial Performance - In its third quarter, IonQ reported nearly $40 million in revenue, surpassing guidance by 37% and achieving a year-over-year growth of 222%, reinforcing its position as a leader in the quantum computing space [6] Technical Milestones - IonQ's fifth-generation Tempo system has achieved an algorithmic qubit score of 64, creating a computational space 36 quadrillion times larger than IBM's leading commercial system, and has demonstrated a world-record two-qubit gate fidelity of 99.99%, meeting all key technical milestones necessary for full fault tolerance [7]

IONQ’s stock journey through 2025 has unfolded like a classic high-beta comeback story. The year began on shaky footing, with shares under pressure through the first quarter. But sentiment turned decisively as momentum built, erasing year-to-date (YTD) losses and propelling the stock to a fresh all-time high of $84.64.The company has recently improved its full-stack platform through the acquisitions of firms such as Oxford Ionics and Vector Atomic. Through these moves, IonQ will be able to offer customers e ...

Group 1 - The core viewpoint is that artificial intelligence (AI) is on track to become the most significant technological revolution since the internet, and it is still in its early stages [1] - Major companies like Nvidia, Microsoft, OpenAI, and Alphabet are recognized as leaders in AI, but there are numerous potential winners across the sector, including infrastructure builders, enterprise software creators, application developers, and cloud providers [2] - Investing in AI may be more effective by focusing on the overall theme rather than selecting individual stocks, as some of the highest returns have come from the "Magnificent Seven" stocks, although concerns about high valuations and slowing momentum are emerging [3] Group 2 - An ETF that provides exposure to major companies while also exploring additional opportunities may be a strategic approach for investors in 2026 [4] - The Defiance Quantum ETF focuses on quantum computing, which is seen as a technology that could significantly enhance AI capabilities, with applications across various sectors [6] - The top holdings of the Defiance Quantum ETF include Tower Semiconductor, Rigetti Computing, Teradyne, Coherent, and Micron Technology, with Alphabet being the only "Magnificent Seven" stock in the top 10 holdings, indicating good diversification [7]

Core Insights - Keysight has entered into a five-year Master Research Collaboration Agreement (MRCA) with leading quantum research institutions in Singapore [1] Company Summary - The collaboration aims to enhance research and development in the field of quantum technology [1] - This agreement positions Keysight as a key player in the growing quantum technology sector [1] Industry Summary - The partnership reflects the increasing importance of quantum research in technological advancements [1] - Singapore is emerging as a significant hub for quantum research, attracting global partnerships [1]