Core Insights - IonQ, Inc. is recognized as one of the best quantum computing stocks to invest in currently, with Cantor Fitzgerald raising the price target from $60 to $70 while maintaining an "Overweight" rating after the Q3 2025 earnings report [1][2] Financial Performance - In Q3 2025, IonQ's revenue increased by $27.5 million, or 222% year-over-year, reaching $39.9 million, driven by advancements in specialized quantum computing hardware and revenue from acquisitions [2] - The company's loss from operations escalated from $53.1 million in Q3 2024 to $168.8 million in Q3 2025, attributed to rising costs in revenue, general and administrative expenses, and R&D [3] - IonQ anticipates recognizing approximately $141.1 million in revenue from remaining performance obligations as of September 30, 2025, and has raised its revenue expectations for FY 2025 to a range of $106 million to $110 million [4] Market Position and Future Outlook - Cantor Fitzgerald projects that IonQ is well-positioned to capture 30% of the quantum hardware, software, and services market by 2035, translating to a present value of $954 million [2]

Key Points Rigetti stock costs $25 today, but could be worth $51 a year from now. If it keeps doubling at that rate, $2,500 invested in Rigetti today could become $10,000 in two years. Rigetti stock is already very expensive today, however, and entirely unprofitable. 10 stocks we like better than Rigetti Computing › Are you looking for a quick way to double your money in the stock market? Would it feel good to be able to say "I own $10,000 in a popular quantum computing stock?" Then, according t ...

Core Insights - Rigetti Computing Inc (NASDAQ:RGTI) experienced a decline of 4.6%, trading at $31.57 after reporting mixed third-quarter results [1] - The company reported adjusted losses of 3 cents per share, which were better than the anticipated losses of 5 cents per share, but revenue of $1.95 million fell short of estimates of $2.2 million [1] Stock Performance - Since reaching a record high of $58.15 on October 14, RGTI has seen a 45% decrease in its stock price [2] - Despite the recent decline, the stock has increased by 107.6% year to date [2] Options Activity - RGTI has seen significant options trading activity, with 30,000 puts and 24,000 calls exchanged [4] - The most popular option is the November 12 put, with new positions being opened at the weekly 11/14 31-strike put [4] - The stock's 50-day put/call volume ratio stands at 3.18, indicating a higher put bias compared to 95% of readings from the past year [4]

Economic and Market Overview - A group of eight moderate Democratic senators has ended a 38-day federal government shutdown, positively impacting pre-market futures [1] - The blue-chip Dow is up 155 points, S&P 500 is up 60 points, and Nasdaq is up 365 points, indicating a strong market response [2] - The 10-year bond yield has increased to 4.12%, while the two-year yield is at 3.60%, reflecting market adjustments [2] - Economic data, including CPI, PPI, and Retail Sales, is expected to be released later this week, which will inform the Federal Reserve's interest rate decisions [3] Company Earnings Reports - Tyson Foods (TSN) reported Q3 earnings of $1.15 per share, exceeding expectations of $0.85, resulting in a positive surprise of 35.3%, although revenue slightly missed at $13.86 billion compared to the expected $13.91 billion [4] - Monday.com (MNDY) posted earnings of $1.16 per share, beating projections of $0.89, with revenues of $316.9 million surpassing the expected $312 million; however, a significant drop in guidance for next-quarter revenues led to a 20% drop in share price [5] - Rigetti (RGTI) is anticipated to report a 37.5% year-over-year earnings growth, with modest revenue growth of 0.42%, and shares are up 120% year to date [6] - Paramount Skydance (PSKY) is expected to report a 6% decline in bottom line year-over-year, with a 1.45% increase in revenues; the outlook will be crucial for investors [7]

Financial Data and Key Metrics Changes - SkyWater reported record Q3 revenues of nearly $151 million, exceeding expectations by more than $9 million [5][24] - The gross margin for Q3 was reported at 24.6%, with significant revenue upside flowing directly to gross profit [25] - Adjusted EBITDA for Q3 was $25.8 million, well above the expected range of $10-$12 million [26] Business Line Data and Key Metrics Changes - The ATS business saw a revenue pull-in of approximately $4 million from Q4 due to program execution timing, with expected Q4 ATS revenues around $50 million [8][22] - Texas wafer services revenue reached nearly $87 million, exceeding expectations by $9 million, primarily due to higher work-in-process wafers post-acquisition [15][24] - Quantum computing-related revenue is expected to exceed 30% growth in fiscal 2025, with four new customer engagements signed since Q2 [6][12] Market Data and Key Metrics Changes - The quantum computing market is experiencing significant investment, with several players announcing large funding rounds, validating the commercial potential of the sector [9][10] - The advanced packaging market is projected to reach nearly $80 billion by 2030, driven by demand in automotive, IoT, 5G, AI, and edge computing [17] Company Strategy and Development Direction - SkyWater aims to restore domestic semiconductor manufacturing capabilities and secure trusted production, positioning itself as a key player in the U.S. innovation infrastructure [18][19] - The acquisition of FAB25 has strengthened SkyWater's competitive position, expanding its scale and diversifying its customer and technology mix [16][15] - The company is focused on leveraging its technology-as-a-service model to support various quantum architectures and drive growth [12][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding initial revenue and EBITDA expectations for 2026, with a baseline expectation of at least $600 million in revenue and $60 million in adjusted EBITDA [23][40] - The ongoing government budget dynamics are expected to impact A&D-related ATS revenues, but overall growth in quantum and advanced packaging is anticipated [22][50] - Management highlighted the importance of U.S. leadership in quantum computing and the need for domestic manufacturing capabilities [20][21] Other Important Information - The company plans to hold its first Investor and Analyst Day on March 24 in New York City [4] - Total debt at the end of Q3 was $184 million, reflecting borrowings for the FAB25 acquisition and working capital [29] Q&A Session Summary Question: Can you elaborate on the gross margin expectations for Q4? - Management indicated that Q4 non-GAAP gross margin is expected to be 17%-20%, with a 200 basis point impact from tools revenue [34][37] Question: What are the dynamics behind the revised revenue guidance for next year? - Management noted that higher-than-expected WIP in the fab and strong performance in Q3 and Q4 contribute to confidence in the $600 million revenue target [40][41] Question: How does SkyWater view the current aerospace and defense environment? - Management stated that while funding dynamics remain uncertain, investments in facilities are geared towards the A&D community, positioning SkyWater well for future growth [50][51]

Core Viewpoint - Rigetti Computing's stock has experienced significant volatility, with a notable decline of 13.6% this week despite gains in broader market indices like the S&P 500 and Nasdaq-100 [1][2]. Stock Performance - Rigetti's stock fluctuated dramatically, initially surging after JPMorgan's announcement of investment intentions in the quantum industry, but later plummeting due to rumors regarding the CEO's equity sales [2][4]. - The CEO, Subodh K. Kulkarni, sold a substantial portion of his stake but retains approximately 0.8% in stock options, which contributed to the stock's decline [4]. - Following a report about potential equity positions from the U.S. Department of Commerce, Rigetti shares rose again, but the unverifiable nature of the report led to a subsequent retreat in stock price [4]. Market Data - Current stock price of Rigetti is $38.82, with a market capitalization of $13 billion [5]. - The stock's trading range for the day was between $38.81 and $43.46, while the 52-week range has been from $1.06 to $58.15 [5]. - The trading volume for Rigetti was 2.8 million, with an average volume of 75 million [5]. Valuation Concerns - The quantum computing sector, particularly pure-play stocks like Rigetti, has seen inflated valuations driven by hype, leading to skepticism about the sustainability of these prices [6]. - The company is advised to be avoided until valuations align more closely with realistic expectations [6].

Core Viewpoint - IonQ (NYSE: IONQ) has emerged as a significant player in the quantum computing sector, offering investors a unique opportunity to engage with a speculative yet promising market trend [1] Company Overview - IonQ is positioned as a pure-play investment option in the quantum computing space, which is characterized by high speculation and intrigue [1]

Core Insights - Quantum Computing Inc. has significantly strengthened its balance sheet, transforming it into a growth asset with pro forma cash reaching approximately $824 million, positioning the company among the largest financial reserves in the quantum sector [1] Financial Health - The company has successfully executed back-to-back capital raises, enhancing its liquidity and providing a substantial war chest for future investments and growth initiatives [1] - The strong balance sheet indicates sustainable revenue growth and efficient cash flow management, which are critical for long-term survival in the competitive landscape of quantum computing [1] Market Positioning - Quantum Computing Inc. benefits from a strong technology moat and first-mover advantage, which are essential for capturing market share in high-growth industries [1] - The company is positioned to leverage network effects that can drive exponential growth, further solidifying its competitive edge [1] Investment Strategy - The investment methodology focuses on identifying high-conviction opportunities with a balanced portfolio construction that includes core positions, growth bets, and speculative investments [1] - Emphasis is placed on risk management, ensuring a strong margin of safety while maximizing long-term compounding potential [1]

Core Insights - D-Wave Quantum's shareholders have seen their investment more than quadruple over the last three years, with a return of 313.5% compared to the S&P 500's 79.9% [1][4][6] Performance Analysis - D-Wave Quantum's share price has increased by over 216% in 2023 alone, significantly outperforming the S&P 500's gain of 13% [2][4] - A $1,000 investment in D-Wave three years ago would now be worth $4,135, while the same investment in the S&P 500 would be worth $1,799 [6] Market Position - D-Wave Quantum's market capitalization is approximately $9 billion, categorizing it as a mid-cap company, which makes it relevant to benchmarks like the Nasdaq Composite and S&P MidCap 400 [5] Financial Health - The company reported a loss of $167.3 million in Q2, which is a significant increase from the $17.8 million loss in the same quarter the previous year [7] - D-Wave's revenue for the latest period was only $3.1 million, indicating limited financial performance [7][8] - The stock is valued at a price-to-sales ratio of 298, reflecting a high valuation relative to its revenue [8]

Core Viewpoint - D-Wave Quantum's stock experienced a significant increase due to new AI developments, but its high valuation compared to limited revenue raises concerns about the sustainability of this optimism [1][5][6] Group 1: Company Developments - D-Wave announced the launch of a suite of new AI-focused development tools aimed at enhancing quantum artificial intelligence and machine learning innovation [2][3] - The new offerings include an open-source toolkit and a demo that facilitate the integration of quantum computers into modern machine learning architectures [3] Group 2: Financial Metrics - D-Wave's current market capitalization exceeds $5.7 billion, while its projected revenue for 2024 is less than $9 million, indicating a significant disparity between valuation and actual earnings [5] Group 3: Industry Perspective - Despite the excitement surrounding quantum computing, there are doubts about the technology's maturity and its potential to generate substantial revenue in the near future [6] - D-Wave's services combine quantum and classical computing, but the company provides limited details on the reliance on each type [6] Group 4: Investment Considerations - Investors with high risk tolerance may consider investing in D-Wave, but it is advised to wait for more reasonable valuations and to diversify investments across multiple quantum stocks due to uncertainty in long-term success [7]