Quantum Computing Inc., a nanophotonic-based quantum technology company, offers affordable commercial applications. It delivers quantum solutions at speed and accuracy, at room temperatures, with little training, low power, and no unique environmental requirements. The company's leverages its core technology throughout its product offerings of computing, sensing, and imaging solutions. Its entropy computer, the Dirac, delivers solutions for binary (11,000+ qubits) and integer (1000+ qudits) optimization problems. The company's quantum applications include reservoir photonic computer (AI), cybersecurity, imaging, sensing (LiDAR), and QRNG products. The company was formerly known as Innovative Beverage Group Holdings, Inc. Quantum Computing, Inc. was founded in 2018 and is based in Leesburg, Virginia.

Quantum Computing Inc.

Key Points
Google just announced a new breakthrough with its Willow quantum chip.
Pure-play quantum stocks fell on the news.
Investors seem to be sensing a change in the sector.
Quantum computing stocks have been some of the biggest winners over the last year.
In fact, it's hard to find a group of stocks that have done better than the four development-stage companies: IonQ (NYSE: IONQ), D-Wave Quantum (NYSE: QBTS), Rigetti Computing (NASDAQ: RGTI), and Quantum Computing (NASDAQ: QUBT). As you can see from the chart below, these four stocks have skyrocketed over the last year.
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A basket of all four of these stocks would have returned a whopping 1,600% over the last year even though they still have minimal revenue.
While the pure-play quantum computing companies have yet to generate significant financial results, excitement is building for the new technology. In the wake of the breakthrough in artificial intelligence (AI), investors are looking for the next potentially disruptive technology, and quantum computing has caught their eye.
Quantum computing, based on quantum physics, is much more powerful than traditional computing. Attention on this new technology has soared as a number of tech luminaries, including Nvidia CEO Jensen Huang, have acknowledged that useful quantum computing could be here sooner than expected. A milestone achieved by Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) Willow quantum chip last December also helped drive interest in quantum computing and sent those four stocks soaring.
Now, it seems that Google has taken another step forward in its quantum ambitions.
Google's latest quantum breakthrough
Nearly a year ago, Google said that its Willow quantum chip achieved a benchmark computation in less than five minutes that would have taken one of today's fastest supercomputers 10 septillion years.
On Wednesday, Google said that Willow had demonstrated "the first-ever algorithm to achieve verifiable quantum advantage on hardware." Google said that the breakthrough is a significant step toward the first real-world application for the technology.
The algorithm, which it calls Quantum Echoes, is useful in learning how systems in nature are structured, including molecules, magnets, and black holes. Willow also runs the algorithm 13,000 times faster than a comparable algorithm would on one of the world's fastest supercomputers. It's the first time in history that a quantum computer has run a verifiable algorithm faster than conventional supercomputers.
In a separate experiment, Google also developed a new technique it calls a "molecular ruler" that can measure longer distances than conventional methods used today.
What it means for pure-play quantum stocks
As you might expect, the pure-play quantum computing stocks didn't react well to the news, as the development seems to show them getting left behind by Google. All four of the stocks were down at least 7% on Wednesday.
For all the excitement around the quantum computing stocks, Alphabet still looks like the clear leader in the industry. Not only is it making a significant scientific achievement with Willow, but the chip also has more qubits, a measure of quantum computing power, than any quantum processors used by the smaller companies.
Willow has 105 qubits, while IonQ's biggest processor, Forte, has 36 qubits. IonQ and its peers are working on developing computers with thousands of qubits, but Google clearly has the lead for now.
What's also notable about Wednesday's sell-off is that these stocks had the opposite response when the original Willow news was announced last December. Quantum computing stocks are much more valuable now, but investors no longer see Google pioneering a market that smaller operators will benefit from. Instead, they seem to sense that a bubble has been created and that Google's technological achievements don't directly benefit companies like IonQ.
The best quantum computing stock to buy
At this stage, Alphabet looks like the best quantum computing stock to buy, hands down. At a market cap of around $3 trillion, it won't deliver the kind of multibagging returns that the pure plays are capable of, but it's the clear technological leader in quantum computing right now. It has the deep pockets and business relationships to continue funding its ambition and to find customers, and it has a track record of success in emerging technologies with products like Waymo autonomous vehicles and its Gemini AI chatbot.
That may be disappointing to investors in the earlier-stage companies, but these four companies now have a combined market cap of nearly $50 billion with little in the way of revenue.
If you're looking for a smart quantum computing stock to buy, Alphabet is the best choice. Not only is it the pacesetter in technological development in quantum computing, but it also has much less downside risk than stocks like IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing.
It's already one of the most profitable companies in the world. Quantum computing could make it even more powerful.
Should you invest $1,000 in IonQ right now?
Before you buy stock in IonQ, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and IonQ wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $590,357!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,141,748!*
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*Stock Advisor returns as of October 20, 2025
Jeremy Bowman has positions in Nvidia. The Motley Fool has positions in and recommends Alphabet and Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

What's the Best Quantum Computing Stock to Buy? It Just Became Crystal Clear (Hint: It's Not IonQ).

Key Points
Shares of IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. have surged by up to 2,720% over the trailing year.
Though quantum computing pure-play stocks are popular among investors, they're rife with historical red flags.
There's a far more "magnificent" way to gain exposure to the evolution of quantum computing without the outsize risk of pure-play stocks.
Over the last three years, the evolution of artificial intelligence (AI) has fueled the rally on Wall Street. However, AI isn't the only can't-miss trend that has investors eager to open their wallets and press the buy button in their brokerage accounts.
Arguably nothing has been hotter than quantum computing pure-play stocks in 2025. Shares of IonQ (NYSE: IONQ), Rigetti Computing (NASDAQ: RGTI), D-Wave Quantum (NYSE: QBTS), and Quantum Computing Inc. (NASDAQ: QUBT), have respectively skyrocketed higher by 276%, 2,720%, 2,150%, and 1,200% over the trailing 12-month period, as of the closing bell on Oct. 22.
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Quantum computing uses specialized computers and the theories of quantum mechanics to solve complex problems that existing computers aren't capable of solving. Quantum computers may have the ability to speed up AI algorithm learning capabilities, and can narrow down best courses of action for drug developers using molecular simulations, to name a few real-world applications.
According to online publication The Quantum Insider, this technology could create $1 trillion in global economic value by 2035. A figure this large would support a long list of potential winners.
However, relying on Wall Street's pure-play quantum computing stocks may not be the smartest way to invest in the evolution of this technology. Instead, there's a far more "magnificent" way to gain exposure to quantum computing and safely grow your wealth.
Quantum computing pure-play stocks have well-defined shortcomings
While there have been bright spots for these quantum computing stocks, including IonQ and Rigetti having their respective computers used by Amazon (NASDAQ: AMZN) in its quantum cloud computing service known as Braket, there are far more headwinds than tailwinds for this quartet at the moment.
History might be the biggest hurdle IonQ, Rigetti, D-Wave, and Quantum Computing Inc. would need to overcome.
For more than 30 years, every game-changing technology or hyped innovation has worked its way through an early stage bubble-bursting event. From the internet to hyped innovations like 3D printing, blockchain technology, and the metaverse, investors have persistently overestimated how quickly consumers and/or businesses would adopt, utilize, and optimize a new technology. By overshooting, investors expose themselves -- and the leading stocks involved with these trends -- to eventual disappointment. Nothing suggests that quantum computing stocks will avoid this same fate.
Historical precedent also tells us that quantum computing stocks are richly valued. As of the closing bell on Oct. 22, their respective trailing 12-month (TTM) price-to-sales (P/S) ratios are:
IonQ: 241
Rigetti Computing: 1,154
D-Wave Quantum: 313
Quantum Computing Inc.: 7,013
For context, companies that led previous game-changing innovative trends often topped out with P/S ratios in the range of 30 to 40. No industry leader has ever been able to sustain a TTM P/S ratio of 30 for any extended period, let alone TTM P/S ratios ranging from 241 to north of 7,000!
With an unfavorable risk-versus-reward profile for IonQ, Rigetti, D-Wave, and Quantum Computing Inc., the smartest way to gain exposure to a coming quantum computing revolution is through the "Magnificent Seven."
Ancillary exposure through the Mag 7 is a genius way to wager on quantum computing
Although the applications for quantum computers and quantum hardware are exciting, this is a technology that's a very long way from maturing. Aside from Amazon offering access to IonQ's and Rigetti's quantum computers through Braket on Amazon Web Services (AWS), and Microsoft (NASDAQ: MSFT) offering quantum services on its cloud infrastructure service platform via Azure Quantum, it's not clear if this technology is being adopted on any broad commercial scale.
Furthermore, there's not any clear evidence that quantum computing solutions are being optimized as of yet, or are helping businesses using these solutions generate a recurring profit. In other words, it can't be emphasized enough how early this technology is in the commercialization and evolutionary process.
While quantum computers evolve and become commercialized, IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. are likely to lose money hand over fist. They'll also be issuing common stock and/or debt (if accessible) to bolster their balance sheets amid ongoing investments and operating losses.
In comparison, all members of the Magnificent Seven have established and well-defined competitive advantages -- sometimes in more than one industry. For example, Amazon is the undisputed leader in e-commerce, and the leader in global cloud infrastructure service spending with AWS. All members of the Mag 7 also have sizable piles of cash, cash equivalents, and marketable securities, and most are generating more cash from operations than they know what to do with.
When new technologies and game-changing innovations come along, Magnificent Seven businesses have demonstrated a desire to get their piece of the pie.
For instance, Meta Platforms (NASDAQ: META) has put tens of billions of dollars to work in the metaverse, which is the 3D virtual world where users can interact with each other and their surroundings. Meta CEO Mark Zuckerberg is well aware that these investments may not pay off for multiple years, given that the metaverse needs time to develop and mature. Meta is one of the few publicly traded companies with enough cash and operating cash flow to make these aggressive investments without hurting its bottom line or harming future innovation in other areas.
We've also witnessed Microsoft and Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) introduce quantum computing chips. Last week, Alphabet confirmed that its Willow chip ran a quantum algorithm that operated 13,000 times faster than the quickest supercomputers on the planet. Meanwhile, Microsoft's Majorana 1 quantum processing unit was introduced in mid-February.
Though quantum hardware may be years away from generating meaningful revenue, Microsoft and Alphabet (along with other Mag 7 members) have plenty of other operating segments to grow their respective sales and profits in the meantime while investors wait.
Should you invest $1,000 in IonQ right now?
Before you buy stock in IonQ, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and IonQ wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $590,357!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,141,748!*
Now, it’s worth noting Stock Advisor’s total average return is 1,033% — a market-crushing outperformance compared to 193% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of October 20, 2025
Sean Williams has positions in Alphabet, Amazon, and Meta Platforms. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, and Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Move Over, IonQ, Rigetti Computing, and D-Wave Quantum -- There's a Much Smarter Way to Invest in the Quantum Computing Revolution

Key Points
Shares of IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. have respectively catapulted between 347% and 3,500% over the trailing year.
Historical precedent and valuations are two of the more well-known headwinds for the stock market's quantum computing pure-play stocks.
The "Magnificent Seven" may be more foe than friend to Wall Street's highest-flying quantum computing stocks.
Since late 2022, no trend has caused investors to reach for their pocketbooks or click the buy button in their brokerage accounts quite like artificial intelligence (AI). But it's not the only technological advancement that's delivering eye-popping gains or promising a mouthwatering addressable opportunity.
The rise of quantum computing has investors very intrigued. Trailing-12-month returns (as of the closing bell on Oct. 21) of 347% for IonQ (NYSE: IONQ), 3,500% for Rigetti Computing (NASDAQ: RGTI), 2,650% for D-Wave Quantum (NYSE: QBTS), and 1,640% for Quantum Computing Inc. (NASDAQ: QUBT) speak to the opportunity investors see in these pure-play quantum computing stocks.
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Quantum computing relies on specialized computers and quantum mechanics to tackle complex problems that classical computers either can't do or wouldn't be capable of doing in our lifetime. The applications for this technology to hasten the drug-development process, make the internet and cloud more secure, improve weather modeling, tighten up financial risk management, and speed up the AI algorithm learning process can lead to big dollar figures.
But in spite of this potential, meaningful headwinds exist for IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. While some of these hurdles are well-known, one, in particular, might be the biggest threat of all, and it's completely flying under the radar.
It's no secret that history and valuations are potential problems for quantum computing stocks
Perhaps the most readily known headwind for next-big-thing technologies is that history isn't their friend, at least in the early going.
Dating back to (and including) the advent and proliferation of the internet in the mid-1990s, every game-changing technology and hyped trend for more than three decades has eventually navigated its way through a bubble-bursting event. Although it's impossible to accurately predict when the music will stop, the one constant among these prior events is that investors overestimate the adoption rate and utility of a new technology or innovation, which eventually leads to lofty expectations not being met.
While there are plenty of practical applications for quantum computers on paper, it's not clear that any broad commercialization of this technology is underway, or that any businesses are necessarily profiting from this technology in any meaningful way. Investors look to have, once again, overshot the mark.
The other well-known concern with quantum computing stocks is their valuations. Even though value is a somewhat subjective term that's going to differ from one investor to the next, the trailing-12-month price-to-sales (P/S) ratios for the aforementioned quantum computing pure-plays leave little room for discussion that these stocks are, collectively, very pricey:
IonQ: P/S ratio of 259
Rigetti Computing: P/S ratio of 1,280
D-Wave Quantum: P/S ratio of 370
Quantum Computing Inc.: P/S ratio of 7,546
History tells us that businesses on the leading edge of game-changing technologies have never been able to sustain a P/S ratio above 30 for any extended period. Even with modest pullbacks in all four of these pure-play stocks over the last two weeks, these valuations don't appear sustainable.
This is the threat to quantum computing stocks almost no one is talking about
However, not all threats stand out in plain view like historical precedent or unsightly valuations.
Arguably the biggest threat to the long-term success of IonQ, Rigetti, D-Wave, and Quantum Computing Inc. is the deep-pocketed businesses responsible for moving the stock market, the "Magnificent Seven."
In one respect, some members of the Mag-7 have been a blessing for quantum computing's pure-play stocks.
For example, Amazon is giving subscribers of its quantum cloud computing service, known as Braket, access to quantum computers from IonQ and Rigetti. Braket offers clients the ability to accelerate scientific discovery and build or test quantum hardware. In other words, Amazon is providing a real-world stomping ground where IonQ's and Rigetti's quantum computers are getting their feet wet.
But things may look quite different quarters or years from now for Wall Street's quantum computing darlings.
All four of these pure plays are losing a lot of money as they attempt to expand the availability and infrastructure needs of their quantum computers and offered solutions. With cash outflows expected to be persistent for years to come, IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. will almost certainly be reliant on dilutive share offerings and/or debt to keep things moving. The key point being that access to capital will remain challenging for these businesses.
Meanwhile, with the exception of electric-vehicle maker Tesla, which has had a few dicey quarters recently, with regard to cash flow from operations, the other six Magnificent Seven members have been generating cash from operations at a phenomenal pace. Most Mag-7 members are also sitting on mammoth treasure chests of cash, cash equivalents, and marketable securities.
When a new technology with a sizable addressable market ushers onto the scene, these industry leaders usually want their piece of the pie -- even if monetization is potentially years away. For instance, Meta Platforms has invested aggressively into the metaverse (the 3D virtual world where users can interact with each other and their surroundings), even though monetizing access to the metaverse still looks to be some time off.
In addition to Amazon offering a quantum computing service built atop its world-leading cloud service infrastructure platform, Amazon Web Services, Alphabet is developing a quantum computing chip known as Willow, and Microsoft has developed a novel quantum processing unit, Majorana 1, for its cloud-based Azure Quantum platform.
These early developments strongly suggest the cash-rich and well-partnered Mag-7 stocks could easily displace Wall Street's quantum computing pure-plays. Though time will tell the tale, the risk-versus-reward profiles for IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. look highly unfavorable for investors.
Should you invest $1,000 in IonQ right now?
Before you buy stock in IonQ, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and IonQ wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $602,049!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,105,092!*
Now, it’s worth noting Stock Advisor’s total average return is 1,028% — a market-crushing outperformance compared to 190% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of October 20, 2025
Sean Williams has positions in Alphabet, Amazon, and Meta Platforms. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, Microsoft, and Tesla. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This Is the Biggest Threat to Quantum Computing Stocks IonQ, Rigetti Computing, and D-Wave Quantum That Virtually No One Is Talking About

The S&P 500 Index ($SPX) (SPY) on Thursday closed up +0.58%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.31%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.88%. December E-mini S&P futures (ESZ25) rose +0.58%, and December E-mini Nasdaq futures (NQZ25) rose up +0.90%.
Stock indexes settled higher on Thursday, led by strength in energy producers after WTI crude oil jumped more than +5% when the US blacklisted state-run Rosneft PJSC and Lukoil PJSC, Russia’s largest oil producers, which threatens to tighten global oil supplies. Also, Dow Inc. rose more than +12% after reporting stronger-than-expected Q3 adjusted operating Ebitda. In addition, Honeywell International rose by more than +6% after reporting better-than-expected Q3 sales.
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Stocks also found support on Thursday’s US economic news that showed Sep existing home sales rose +1.5% m/m to a 7-month high of 4.06 million, right on expectations.
Stocks added to their gains Thursday afternoon as US-China trade tensions eased slightly when the White House confirmed that President Trump will meet directly with President Xi Jinping next Thursday on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea.
On the negative side, Molina Healthcare closed down more than -17% to lead health insurers lower after cutting its full-year adjusted EPS forecast. Also, Super Micro Computer (SMCI) closed down more than -8% after reporting weaker-than-expected Q1 preliminary sales.
Late Wednesday, the Trump administration announced sanctions on Rosneft PJSC and Lukoil PJSC, Russia’s biggest oil producers, due to “Russia’s lack of serious commitment to a peace process to end the war in Ukraine.” The new sanctions could bar foreign countries or companies from conducting business with the oil companies and cut them off from much of the international financial system.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next Thursday on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The US government shutdown continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown is delaying the release of government reports, including the last four weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 closed up +0.52%. China’s Shanghai Composite closed up +0.22%. Japan’s Nikkei Stock 225 closed down -1.35%.
Interest Rates
December 10-year T-notes (ZNZ5) on Thursday closed down -10 ticks. The 10-year T-note yield rose +4.4 bp to 3.993%. T-notes were under pressure on Thursday amid inflation concerns, as a +5% surge in WTI crude oil prices boosted inflation expectations and pushed the 10-year breakeven inflation rate to a 1-week high of 2.31%. Also, Thursday’s rally in stocks curbed safe-haven demand for T-notes.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields moved higher on Thursday. The 10-year German bund yield rose +2.0 bp to 2.583%. The 10-year UK gilt yield rose +0.6 bp to 4.423%.
The Eurozone Oct consumer confidence indicator survey unexpectedly rose +0.7 to an 8-month high of -14.2, stronger than expectations of a decline to -15.0.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Energy stocks and energy service providers moved higher on Thursday after the price of WTI crude oil surged more than +5% to a 2-week high. APA Corp (APA) closed up more than +7% and Valero Energy (VLO) closed up more than +6%. Also, Diamondback Energy (FANG), Marathon Petroleum (MPC), Halliburton (HAL), Baker Hughes (BKR), Devon Energy (DVN), and Phillips 66 (PSX) closed up more than +3%. In addition, Occidental Petroleum (OXY) and ConocoPhillips (COP) closed up more than +2%.
Quantum-computing stocks rallied on Thursday after the Wall Street Journal reported that the firms are in talks to give the Commerce Department equity stakes in exchange for federal funding. As a result, IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT) closed up more than +6%.
Molina Healthcare (MOH) closed down more than -17% to lead health insurers lower and losers in the S&P 500 after cutting its full-year adjusted EPS forecast to $14.00 from a previous estimate of $19.00, well below the consensus of $18.65. Also, Centene (CNC) closed down -5% and Oscar Health (OSCR) closed down more than -3%.
Dow Inc. (DOW) closed up more than +12% to lead gainers in the S&P 500 after reporting Q3 adjusted operating Ebitda of $868 million, well above the consensus of $759.7 million.
Las Vegas Sands (LVS) closed up more than +12% after reporting Q3 net revenue of $3.33 billion, above the consensus of $3.04 billion.
West Pharmaceutical Services (WST) closed up more than +10% after raising its full-year adjusted EPS estimate to $7.06-$7.11 from a previous forecast of $6.65-$6.85.
Dover Corp (DOV) closed up more than +8% after boosting its full-year adjusted EPS continuing operations estimate to $9.50-$9.60 from a previous estimate of $9.35-$9.55.
Honeywell International (HON) closed up more than +6% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 sales of $10.41 billion, stronger than the consensus of $10.15 billion.
TransUnion (TRU) closed up more than +3% after reporting Q3 adjusted EPS of $1.10, better than the consensus of $1.05.
Trucking companies moved lower Thursday, led by a -7% fall in Knight-Swift Transportation (KNX) after it forecasted Q4 adjusted EPS of 34 cents to 40 cents, the midpoint below the consensus of 39 cents. Saia Inc (SAIA) closed down more than -5% on the news, and Schneider National (SNDR) and Old Dominion Freight Line (ODFL) closed down more than -3%.
Super Micro Computer (SMCI) closed down more than -8% after reporting Q1 preliminary sales of $5.00 billion, well below the consensus of $6.49 billion.
Southwest Airlines (LUV) closed down by more than -6% after reporting Q3 operating revenue of $6.90 billion, below the consensus of $6.92 billion.
Roper Technologies (ROP) closed down more than -5% to lead losers in the Nasdaq 100 after forecasting Q4 adjusted EPS from continuing operations $5.11 to $5.16, weaker than the consensus of $5.24.
T-Mobile US (TMUS) closed down more than -3% after reporting Q3 revenue of $21.96 billion, weaker than the consensus of $21.98 billion.
Moderna (MRNA) closed down more than -2% after saying its vaccine to prevent cytomegalovirus, a common cause of birth defects, failed to meet its goal in a late-stage trial.
Earnings Reports(10/24/2025)
Booz Allen Hamilton Holding Co (BAH), First Hawaiian Inc (FHB), General Dynamics Corp (GD), Gentex Corp (GNTX), HCA Healthcare Inc (HCA), Illinois Tool Works Inc (ITW), Procter & Gamble Co/The (PG).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Rally on Strength in Energy Shares and US-China Trade Hopes

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Brinker International, Inc. (Symbol: EAT), where a total of 6,199 contracts have traded so far, representing approximately 619,900 underlying shares. That amounts to about 48.7% of EAT's average daily trading volume over the past month of 1.3 million shares. Particularly high volume was seen for the $100 strike put option expiring December 19, 2025, with 5,349 contracts trading so far today, representing approximately 534,900 underlying shares of EAT. Below is a chart showing EAT's trailing twelve month trading history, with the $100 strike highlighted in orange:
Quantum Computing Inc (Symbol: QUBT) saw options trading volume of 250,545 contracts, representing approximately 25.1 million underlying shares or approximately 48.3% of QUBT's average daily trading volume over the past month, of 51.9 million shares. Especially high volume was seen for the $17.50 strike call option expiring October 31, 2025, with 31,814 contracts trading so far today, representing approximately 3.2 million underlying shares of QUBT. Below is a chart showing QUBT's trailing twelve month trading history, with the $17.50 strike highlighted in orange:
And CommVault Systems Inc (Symbol: CVLT) saw options trading volume of 2,860 contracts, representing approximately 286,000 underlying shares or approximately 48% of CVLT's average daily trading volume over the past month, of 596,170 shares. Especially high volume was seen for the $150 strike put option expiring November 21, 2025, with 1,514 contracts trading so far today, representing approximately 151,400 underlying shares of CVLT. Below is a chart showing CVLT's trailing twelve month trading history, with the $150 strike highlighted in orange:
For the various different available expirations for EAT options, QUBT options, or CVLT options, visit StockOptionsChannel.com.
Also see:
ETFs Holding LEG
Institutional Holders of LBDC
OKLO market cap history
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Thursday Option Activity: EAT, QUBT, CVLT

The S&P 500 Index ($SPX) (SPY) today is up +0.38%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.12%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.61%. December E-mini S&P futures (ESZ25) are up +0.34%, and December E-mini Nasdaq futures (NQZ25) are up +0.59%.
Stock indexes are moving higher today, led by strength in energy producers after WTI crude oil jumped more than +5% when the US blacklisted state-run Rosneft PJSC and Lukoil PJSC, Russia’s largest oil producers, which threatens to tighten global oil supplies. Also, Dow Inc. is up more than +8% after reporting stronger-than-expected Q3 adjusted operating Ebitda. In addition, Honeywell International is up more than +7% after reporting better-than-expected Q3 sales.
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Stocks also found support on today’s US economic news that showed Sep existing home sales rose +1.5% m/m to a 7-month high of 4.06 million, right on expectations.
On the negative side, Molina Healthcare is down more than -20% to lead health insurers lower after cutting its full-year adjusted EPS forecast. Also, International Business Machines is down more than -4% after reporting a smaller-than-expected increase in its Q3 hybrid cloud unit. In addition, Tesla is down more than -3% after reporting Q3 EPS below consensus.
Late Wednesday, the Trump administration announced sanctions on Rosneft PJSC and Lukoil PJSC, Russia’s biggest oil producers, due to “Russia’s lack of serious commitment to a peace process to end the war in Ukraine.” The new sanctions could bar foreign countries or companies from conducting business with the oil companies and cut them off from much of the international financial system.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last four weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.44%. China’s Shanghai Composite closed up +0.22%. Japan’s Nikkei Stock 225 closed down -1.35%.
Interest Rates
December 10-year T-notes (ZNZ5) today are down -7 ticks. The 10-year T-note yield is up +3.2 bp to 3.982%. T-notes are under pressure today amid inflation concerns, as a +5% surge in WTI crude oil prices has boosted inflation expectations and pushed the 10-year breakeven inflation rate to a 1-week high of 2.309%. Also, supply pressures are negative for T-notes as the Treasury will auction $26 billion of 5-year TIPS later today.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are mixed today. The 10-year German bund yield is up +1.6 bp to 2.579%. The 10-year UK gilt yield is down -0.5 bp to 4.413%.
The Eurozone Oct consumer confidence indicator survey unexpectedly rose +0.7 to an 8-month high of -14.2, stronger than expectations of a decline to -15.0.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Energy stocks and energy service providers are climbing today, with the price of WTI crude oil up more than +5% at a 2-week high. Valero Energy (VLO) is up more than +7% and APA Corp (APA) is up more than +6%. Also, Diamondback Energy (FANG) is up more than +4%, and Marathon Petroleum (MPC) is up more than +3%. In addition, Devon Energy (DVN), Occidental Petroleum (OXY), ConocoPhillips (COP), Halliburton (HAL), Phillips 66 (PSX), and Baker Hughes (BKR) are up more than +2%.
Quantum-computing stocks are rallying today after the Wall Street Journal reported that the firms are in talks to give the Commerce Department equity stakes in exchange for federal funding. As a result, IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT) are up more than +9%.
Molina Healthcare (MOH) is down more than -20% to lead health insurers lower and losers in the S&P 500 after cutting its full-year adjusted EPS forecast to $14.00 from a previous estimate of $19.00, well below the consensus of $18.65. Also, Centene (CNC) and Oscar Health (OSCR) are down more than -6%. In addition, United Health Services (UHS) and UnitedHealth Group (UNH) are down more than -1%.
Las Vegas Sands (LVS) is up more than +12% to lead gainers in the S&P 500 after reporting Q3 net revenue of $3.33 billion, above he consensus of $3.04 billion.
West Pharmaceutical Services (WST) is up more than +11% after raising its full-year adjusted EPS estimate to $7.06-$7.11 from a previous forecast of $6.65-$6.85.
Dow Inc. (DOW) is up more than +9% after reporting Q3 adjusted operating Ebitda of $868 million, well above the consensus of $759.7 million.
Honeywell International (HON) is up more than +6% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 sales of $10.41 billion, stronger than the consensus of $10.15 billion.
TransUnion (TRU) is up more than +3% after reporting Q3 adjusted EPS of $1.10, better than the consensus of $1.05.
CME Group (CME) is up more than +1% after Deutsche Bank upgraded the stock to buy from hold with a price target of $300.
Super Micro Computer (SMCI) is down more than -7% after reporting Q1 preliminary sales of $5.00 billion, well below the consensus of $6.49 billion.
Roper Technologies (ROP) is down more than -6% to lead losers in the Nasdaq 100 after forecasting Q4 adjusted EPS from continuing operations $5.11 to $5.16, weaker than the consensus of $5.24.
Southwest Airlines (LUV) is down by more than -6% after reporting Q3 operating revenue of $6.90 billion, below the consensus of $6.92 billion.
International Business Machines (IBM) is down more than -3% to lead losers in the Dow Jones Industrials after reporting a +14% increase in its Q3 hybrid cloud unit, below the consensus of +16%.
Tesla (TSLA) is down more than -2% after reporting Q3 EPS of 50 cents, weaker than the consensus of 54 cents.
T-Mobile US (TMUS) is down more than -3% after reporting Q3 revenue of $21.96 billion, weaker than the consensus of $21.98 billion.
Moderna (MRNA) is down more than -1% after saying its vaccine to prevent cytomegalovirus, a common cause of birth defects, failed to meet its goal in a late-stage trial.
Earnings Reports(10/23/2025)
Alaska Air Group Inc (ALK), Allegion plc (ALLE), American Airlines Group Inc (AAL), AutoNation Inc (AN), Baker Hughes Co (BKR), Blackstone Inc (BX), Boston Beer Co Inc/The (SAM), Boyd Gaming Corp (BYD), Brunswick Corp/DE (BC), Carpenter Technology Corp (CRS), CBRE Group Inc (CBRE), CenterPoint Energy Inc (CNP), Comfort Systems USA Inc (FIX), Darling Ingredients Inc (DAR), Deckers Outdoor Corp (DECK), Digital Realty Trust Inc (DLR), Dover Corp (DOV), Dow Inc (DOW), EastGroup Properties Inc (EGP), Euronet Worldwide Inc (EEFT), First Citizens BancShares Inc/ (FCNCA), Ford Motor Co (F), Freeport-McMoRan Inc (FCX), FTI Consulting Inc (FCN), Hasbro Inc (HAS), Healthpeak Properties Inc (DOC), Honeywell International Inc (HON), Intel Corp (INTC), Iridium Communications Inc (IRDM), Kinsale Capital Group Inc (KNSL), Lazard Inc (LAZ), Millrose Properties Inc (MRP), Mohawk Industries Inc (MHK), MSC Industrial Direct Co Inc (MSM), Newmont Corp (NEM), Norfolk Southern Corp (NSC), Old Republic International Cor (ORI), PG&E Corp (PCG), Pool Corp (POOL), Popular Inc (BPOP), Roper Technologies Inc (ROP), Ryder System Inc (R), SLM Corp (SLM), Spirit AeroSystems Holdings In (SPR), SS&C Technologies Holdings Inc (SSNC), TechnipFMC PLC (FTI), Textron Inc (TXT), T-Mobile US Inc (TMUS), Tractor Supply Co (TSCO), TransUnion (TRU), Union Pacific Corp (UNP), Valero Energy Corp (VLO), VeriSign Inc (VRSN), West Pharmaceutical Services Inc (WST), Western Union Co/The (WU).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Supported by Strength in Energy Producers and Earnings

The S&P 500 Index ($SPX) (SPY) today is up +0.32%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.18%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.33%. December E-mini S&P futures (ESZ25) are up +0.35%, and December E-mini Nasdaq futures (NQZ25) are up +0.35%.
Stock indexes are moving higher today, led by strength in energy producers after WTI crude oil jumped more than +5% when the US blacklisted state-run Rosneft PJSC and Lukoil PJSC, Russia's largest oil producers, which threatens to tighten global oil supplies. Also, Dow Inc. is up more than +11% after reporting stronger-than-expected Q3 adjusted operating Ebitda. In addition, Honeywell International is up more than +5% after reporting better-than-expected Q3 sales.
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On the negative side, Molina Healthcare is down more than -20% to lead health insurers lower after cutting its full-year adjusted EPS forecast. Also, International Business Machines is down more than -4% after reporting a smaller-than-expected increase in its Q3 hybrid cloud unit. In addition, Tesla is down more than -3% after reporting Q3 EPS below consensus.
Late Wednesday, the Trump administration announced sanctions on Rosneft PJSC and Lukoil PJSC, Russia's biggest oil producers, due to "Russia's lack of serious commitment to a peace process to end the war in Ukraine." The new sanctions could bar foreign countries or companies from conducting business with the oil companies and cut them off from much of the international financial system.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods "if there isn't a deal" by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last four weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don't align with President Trump's priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts' expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.17%. China's Shanghai Composite closed up +0.22%. Japan's Nikkei Stock 225 closed down -1.35%.
Interest Rates
December 10-year T-notes (ZNZ5) today are down -8 ticks. The 10-year T-note yield is up +3.4 bp to 3.984%. T-notes are under pressure today due to inflation concerns, as a +5% surge in WTI crude oil prices has boosted inflation expectations and pushed the 10-year breakeven inflation rate up to a 1-week high of 2.309%. Also, supply pressures are negative for T-notes as the Treasury will auction $26 billion of 5-year TIPS later today.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are moving higher today. The 10-year German bund yield is up +1.6 bp to 2.579%. The 10-year UK gilt yield is up +0.8 bp to 4.425%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Energy stocks and energy service providers are climbing today, with the price of WTI crude oil up more than +5% at a 2-week high. APA Corp (APA) is up more than +6% and Valero Energy (VLO) is up more than +5%. Also, Diamondback Energy (FANG) and Devon Energy (DVN) are up more than +4%, and Occidental Petroleum (OXY) and ConocoPhillips (COP) are up more than +3%. In addition, Halliburton (HAL), Phillips 66 (PSX), and Baker Hughes (BKR) are up more than +2%.
Quantum-computing stocks are rallying today after the Wall Street Journal reported that the firms are in talks to give the Commerce Department equity stakes in exchange for federal funding. As a result, IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT) are up more than +6%.
Molina Healthcare (MOH) is down more than -20% to lead health insurers lower and losers in the S&P 500 after cutting its full-year adjusted EPS forecast to $14.00 from a previous estimate of $19.00, well below the consensus of $18.65. Also, Centene (CNC) and Oscar Health (OSCR) are down more than -7%. In addition, Humana (HUM) is down -2%, and Elevance Health (ELV), United Health Services (UHS), and UnitedHealth Group (UNH) are down more than -1%.
West Pharmaceutical Services (WST) is up more than +12% to lead gainers in the S&P 500 after raising its full-year adjusted EPS estimate to $7.06-$7.11 from a previous forecast of $6.65-$6.85.
Dow Inc. (DOW) is up more than +11% after reporting Q3 adjusted operating Ebitda of $868 million, well above the consensus of $759.7 million.
Las Vegas Sands (LVS) is up more than +9% after reporting Q3 net revenue of $3.33 billion, above he consensus of $3.04 billion.
Honeywell International (HON) is up more than +5% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after reporting Q3 sales of $10.41 billion, stronger than the consensus of $10.15 billion.
TransUnion (TRU) is up more than +3% after reporting Q3 adjusted EPS of $1.10, better than the consensus of $1.05.
CME Group (CME) is up more than +1% after Deutsche Bank upgraded the stock to buy from hold with a price target of $300.
Roper Technologies (ROP) is down more than -7% to lead losers in the Nasdaq 100 after forecasting Q4 adjusted EPS from continuing operations $5.11 to $5.16, weaker than the consensus of $5.24.
International Business Machines (IBM) is down more than -4% to lead losers in the Dow Jones Industrials after reporting a +14% increase in its Q3 hybrid cloud unit, below the consensus of +16%.
Tesla (TSLA) is down more than -3% after reporting Q3 EPS of 50 cents, weaker than the consensus of 54 cents.
Southwest Airlines (LUV) is down by more than -3% after reporting Q3 operating revenue of $6.90 billion, below the consensus of $6.92 billion.
Tractor Supply Co (TSCO) is down more than -3% after narrowing its full-year comparable sales forecast to +1.4% to +2.4% from a previous forecast of 0% to +4.0%.
Packaging Corp (PKG) is down more than -1% after reporting Q3 adjusted EPS of $2.73, below the consensus of $2.82.
Moderna (MRNA) is down more than -4% after saying its vaccine to prevent cytomegalovirus, a common cause of birth defects, failed to meet its goal in a late-stage trial.
Earnings Reports(10/23/2025)
Alaska Air Group Inc (ALK), Allegion plc (ALLE), American Airlines Group Inc (AAL), AutoNation Inc (AN), Baker Hughes Co (BKR), Blackstone Inc (BX), Boston Beer Co Inc/The (SAM), Boyd Gaming Corp (BYD), Brunswick Corp/DE (BC), Carpenter Technology Corp (CRS), CBRE Group Inc (CBRE), CenterPoint Energy Inc (CNP), Comfort Systems USA Inc (FIX), Darling Ingredients Inc (DAR), Deckers Outdoor Corp (DECK), Digital Realty Trust Inc (DLR), Dover Corp (DOV), Dow Inc (DOW), EastGroup Properties Inc (EGP), Euronet Worldwide Inc (EEFT), First Citizens BancShares Inc/ (FCNCA), Ford Motor Co (F), Freeport-McMoRan Inc (FCX), FTI Consulting Inc (FCN), Hasbro Inc (HAS), Healthpeak Properties Inc (DOC), Honeywell International Inc (HON), Intel Corp (INTC), Iridium Communications Inc (IRDM), Kinsale Capital Group Inc (KNSL), Lazard Inc (LAZ), Millrose Properties Inc (MRP), Mohawk Industries Inc (MHK), MSC Industrial Direct Co Inc (MSM), Newmont Corp (NEM), Norfolk Southern Corp (NSC), Old Republic International Cor (ORI), PG&E Corp (PCG), Pool Corp (POOL), Popular Inc (BPOP), Roper Technologies Inc (ROP), Ryder System Inc (R), SLM Corp (SLM), Spirit AeroSystems Holdings In (SPR), SS&C Technologies Holdings Inc (SSNC), TechnipFMC PLC (FTI), Textron Inc (TXT), T-Mobile US Inc (TMUS), Tractor Supply Co (TSCO), TransUnion (TRU), Union Pacific Corp (UNP), Valero Energy Corp (VLO), VeriSign Inc (VRSN), West Pharmaceutical Services Inc (WST), Western Union Co/The (WU).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Climb on Strength in Energy Producers

Key Points
Quantum computing pure-play stocks IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. have rocketed higher by up to 4,940% over the trailing-12-month period.
The evolution of quantum computing and a handful of early contract signings have some analysts on Wall Street extra bullish on this high-growth innovation.
However, historical trends caution investors to be skeptical of early-innings winners in the quantum computing arena.
Ever since the S&P 500 bull market took shape three years ago, the rise of artificial intelligence (AI) has led the way. Investor excitement for this multitrillion-dollar opportunity has powered all members of the "Magnificent Seven" higher.
But AI isn't the only trend that has investors envisioning dollar signs. In 2025, the hype surrounding quantum computing pure-play stocks has been surreal. While some Magnificent Seven members are offering quantum solutions and/or developing quantum computing hardware, it's Wall Street's four pure-play stocks that have captivated audiences. One look at their respective trailing-12-month gains, as of the closing bell on Oct. 17, shows why:
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Yet in spite of these potentially life-altering returns, some Wall Street analysts believe these quantum computing stocks are just getting started.
Wall Street's high-water price targets point to further upside for quantum computing pure-play stocks
Keeping in mind that price targets issued by financial institutions and analysts tend to be fluid and are often reactive, not proactive, four Wall Street analysts have set outlier targets on this quantum computing quartet:
IonQ: Analyst Craig Ellis at Riley Securities has a Street-high target of $100 on IonQ, which represents potential upside of 59%. Ellis raised his and his firm's price target from $75 to $100 in September following the Quantum World Congress.
Rigetti Computing: Benchmark analyst David Williams holds the loftiest price target on Rigetti after raising his and his firm's price target on the company from $20 to $50 two weeks ago. Williams' research note supporting the price target hike points to Rigetti's operational execution and early-stage contracts as reason for optimism. If accurate, Rigetti possesses 8% additional upside from where it closed on Oct. 17.
D-Wave Quantum: Analyst Suji Desilva of Roth Capital sits atop the pedestal as the biggest Wall Street bull of D-Wave Quantum stock. Desilva's price target of $50, which was upped from $20 last week, points to 30% additional upside. Desilva's research note accompanying the price target hike lists D-Wave Quantum's signing of a European customer as a catalyst.
Quantum Computing Inc.: Ascendiant Capital's Edward Woo possesses the loftiest price target on Quantum Computing, Inc., with a bullseye set for $40/share, up from a prior forecast of $22. Woo's recently upped price target is based on projections of meaningful future sales growth and the commercialization of the company's products. If Woo's prognostication proves correct, Quantum Computing, Inc. stock can rally another 118%!
There's little doubt that this technology has high-ceiling potential. Quantum computing can revolutionize drug development, weather forecasting, cybersecurity, and even the way AI algorithms "teach" software and systems.
But it's also an extremely new technology being brought to the forefront by a group of unproven businesses.
Wall Street's quantum computing darlings may have bit off more than they can chew
No one can deny that IonQ, Rigetti, D-Wave, and Quantum Computing Inc. have changed investors' fortunes over the last year. But expecting gains of 412% to 4,940% to be sustainable with so many questions unanswered is unwise.
As much as investors might dislike the following historical correlation, there hasn't been a single game-changing trend in over three decades that's avoided an eventual bubble-bursting fall from grace. Though it's impossible to predict when bubbles will form and burst, history has been quite clear that investors have persistently overestimated the utility and adoption of new technologies and hyped trends.
While quantum computing does offer plenty of real-world intrigue, its commercialization and real-world use cases appear to be years away. This is a technology that's nowhere close to being optimized.
Further, it's not clear if any businesses are generating a recurring profit from the sale or use of quantum computer hardware or services. Though the global addressable market for quantum computing is mouthwatering, there's virtually no evidence of this technology being commercialized broadly or with any ongoing success at the moment. These are hallmarks of a bubble that'll eventually burst.
Building on this point above, IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing, Inc. aren't remotely close to being profitable on a recurring basis. Early estimates suggest D-Wave Quantum might have a shot at profits in 2029, while annual losses for IonQ and Rigetti Computing continue until the turn of the decade, if not longer.
History also suggests the otherworldly valuations currently assigned to this quantum computing quartet aren't sustainable.
Prior to the bursting of the dot-com bubble in early 2000, the public companies that were leading the internet revolution on Wall Street commonly peaked at trailing-12-month (TTM) price-to-sales (P/S) ratios of 30 to 40, with a little bit of wiggle room at the upper end of the range. The current TTM P/S ratios for these pure-play stocks, as of Oct. 17, are:
IonQ: 274
Rigetti Computing: 1,484
D-Wave Quantum: 440
Quantum Computing Inc.: 8,644
Even with high double-digit or triple-digit sales growth, all four of these quantum computing pure-plays will remain at or above this historically unsustainable P/S ratio range associated with game-changing technologies and trends.
While lofty price targets exist for Wall Street's hottest quantum computing stocks, history paints a different picture.
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Sean Williams has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. Stocks Can Soar Up to 118%, According to Select Wall Street Analysts

Key Points
Pure-play stocks IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. have respectively soared between 570% and 6,590% over the trailing year.
Though quantum computers offer real-world utility, they're a long way from meaningful corporate adoption.
From a valuation perspective, quantum computing stocks are on another planet.
Recently, all three of Wall Street's major stock indexes climbed to fresh record-closing highs. The primary catalyst fueling these gains is investor optimism tied to game-changing technological advances, such as the evolution of artificial intelligence (AI).
But it's not just AI responsible for this breakneck rally over the last six-plus months. The emergence of quantum computing has sent four pure-play stocks into the stratosphere. IonQ (NYSE: IONQ), Rigetti Computing (NASDAQ: RGTI), D-Wave Quantum (NYSE: QBTS), and Quantum Computing, Inc. (NASDAQ: QUBT) have respectively soared by 570%, 6,590%, 4,340%, and 2,830% over the trailing-12-month period, as of the closing bell on Oct. 15.
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Gains of this magnitude tend to incite "FOMO" (the fear of missing out). Unfortunately, history paints a different and dire picture for quantum computing's pure-play stocks.
The long-term future for quantum computers is bright
When looking out to the horizon, it's easy to get excited about the potential of Wall Street's latest hyped technology. Quantum computing, which relies on specialized computers and the principles of quantum mechanics to solve complex equations that classical computers are incapable of, offers the ability to tackle difficult problems in a variety of industries and settings.
Though far from a complete list, quantum computers can be used to:
Speed up the learning capabilities of AI algorithms, which can expedite the efficiency and potential of large language models.
Run molecular interaction simulations to determine the best course of action for biotech and pharmaceutical companies when researching new therapies.
Improve the accuracy and efficiency of weather forecasting and climate modeling.
Break and improve AI- and machine learning-driven cybersecurity platforms to enhance end-user and network safety.
Online publication The Quantum Insider believes this technology can add $1 trillion in global economic value in a decade. Meanwhile, the analysts at Boston Consulting Group are looking for between $450 billion and $850 billion in economic value to be created worldwide from quantum computing by 2040.
We've also witnessed some very early evidence of quantum computing service adoption. Amazon's quantum computing service Braket, which is operated on its world-leading cloud infrastructure service platform Amazon Web Services, is giving its subscribers access to quantum computers from IonQ and Rigetti Computing.
On paper, this technology has the potential to accelerate corporate America's long-term growth rate and improve quality of life around the world. But at this very moment, quantum computing stocks are the most dangerous investment on Wall Street, based on what history tells us.
Quantum computing stock investors are likely in for a rude awakening
More often than not, history is an ally of investors. For instance, history tells us that there hasn't been a rolling 20-year period where the S&P 500 has delivered a negative total return, including dividends. This is a pretty resounding correlation in favor of optimistic, long-term investors.
At the same time, history offers two dire warnings for investors in IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing, Inc.
Firstly, there's the reality that every game-changing technological innovation and hyped trend for more than three decades has navigated its way through an eventual bubble-bursting event. Beginning with the internet in the mid-1990s, we've witnessed a myriad of technologies and next-big-thing trends be hyped and fail to live up to initial expectations, including genome decoding, China stocks, nanotechnology, 3D printing, blockchain technology, cannabis, and the metaverse.
Time and again, investors have demonstrated a willingness to overestimate the early innings adoption and utility of a new innovation or hyped trend. Every game-changing technology needs ample time to mature, without exception.
In the extremely early stages of quantum computing's expansion, we're seeing IonQ, Rigetti, D-Wave Quantum, and Quantum Computing, Inc., lose money hand over fist. It's also so early in the rollout of this technology that businesses aren't remotely close to optimizing quantum computing solutions. In short, this technology isn't a profit-generator or game-changer for corporate America, as of yet.
However, IonQ, Rigetti, D-Wave, and Quantum Computing, Inc., stocks are trading as if it's an optimized technology. History tells us this disparity will result in lofty investor expectations not being met.
The other historical headwind that absolutely cannot be swept under the rug or sugarcoated in any way is quantum computing stock valuations -- specifically the price-to-sales (P/S) ratios of these high-flying pure-plays.
Prior to the bursting of the dot-com bubble in March 2000, publicly traded companies leading the internet revolution commonly peaked at P/S ratios ranging from 30 to slightly over 40. History has shown that P/S ratios at or near this range from industry leaders aren't sustainable over an extended period.
On a trailing-12-month basis, the P/S ratios for Wall Street's quantum computing darlings are (as of the closing bell on Oct. 15):
IonQ: 316
Rigetti Computing: 1,803
D-Wave Quantum: 515
Quantum Computing, Inc.: 10,005
Even if we factor in double- and triple-digit annual sales growth over the next two years for these four pure-plays, their respective P/S ratios, based on Wall Street's consensus sales forecasts in 2027, would respectively only fall to:
IonQ: 79.9 (est.)
Rigetti Computing: 456.6 (est.)
D-Wave Quantum: 215.7 (est.)
Quantum Computing, Inc.: 475.4 (est.)
Given how far away corporate America is from the widespread adoption and utility of quantum computers, these ultra-premium valuations can't be justified. If history tells us that P/S ratios of 30 to 40 for market leaders aren't sustainable, imagine what awaits four unproven businesses with P/S ratios that are 2X to 12X above this historical peak range when priced at revenue two years into the future!
Should you invest $1,000 in IonQ right now?
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Sean Williams has positions in Amazon. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Are Quantum Computing Stocks IonQ, Rigetti Computing, and D-Wave Quantum Wall Street's Most Dangerous Investment? History Says Yes.

Key Points
By one estimate, quantum computing can create up to $1 trillion in global economic value by 2035.
The real-world utility of quantum computing solutions, coupled with a handful of early collaborations, have investors excited about the future.
However, the executives, directors, and beneficial owners of IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing, Inc., are sending all the wrong signals.
Earlier this week, Wall Street celebrated the three-year anniversary of the start of the current bull market for the benchmark S&P 500. While the evolution of artificial intelligence (AI) has played a key role in sending the broader market to new heights, AI isn't the only game-changing trend fueling investor optimism at the moment.
Wall Street and everyday investors are extremely excited about the prospects of quantum computing, which is evident in the trailing-12-month (TTM) returns for four popular pure-plays:
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
While this technology is delivering life-changing returns to investors in a short time frame, these four quantum computing stocks are also delivering a clear and unmistakable warning to Wall Street.
Why are quantum computing stocks the hottest thing since sliced bread?
Without getting overly technical, quantum computing relies on quantum mechanics and specialized computers to solve complex problems that traditional computers wouldn't be able to do (at least in our lifetime).
Much like the internet revolutionized business-to-business and business-to-consumer commerce, investors are looking to quantum computing as a technology that can usher in the next leap forward for a variety of industries. For instance, molecular interaction simulations run on quantum computers can rapidly narrow down the best course of action for drug developers when attempting to tackle hard-to-treat and deadly diseases.
Quantum computers can also be used to break existing AI- and machine learning-powered cybersecurity platforms to make them even safer. To build on this point, this technology has the potential to speed up the learning process of AI algorithms, which can enhance the efficiency and adoption of AI-empowered software.
Aside from this snippet of real-world utility, Wall Street and investors are intrigued by the growing addressable opportunity for quantum computing. Whereas Boston Consulting Group sees it adding $450 billion to $850 billion in global economic value come 2040, online publication The Quantum Insider believes $1 trillion in worldwide economic value can be created by 2035.
A handful of quantum computing pure-plays are working with some of Wall Street's most-influential businesses, as well. Quantum computers from IonQ and Rigetti Computing are both accessible using Amazon's quantum computing service, Braket.
With momentum on their side, IonQ, Rigetti, D-Wave, and Quantum Computing, Inc. have seen their shares skyrocket. However, things may not be as perfect as their respective returns suggest.
This $875 million warning to Wall Street shouldn't be ignored by investors
While earnings reports, management commentary, and investor presentations are at the top of the list for investors when learning about a company's prospects, insider trading activity can also be incredibly important.
An "insider" is a high-ranking executive, someone on the company's board, or a beneficial owner who holds at least 10% of outstanding shares. In short, these are folks who may possess non-public information and should know their company better than any Wall Street analyst or retail investor.
Insiders of publicly traded companies are required to file Form 4 with the Securities and Exchange Commission no later than two business days after making a trade. This includes when they're buying shares of their own company, selling stock, or even exercising options. Full disclosure is a requirement for insiders of publicly traded businesses.
A quick roundup of insider activity over the trailing-five-year period (or as long as they've been public) reveals a cautionary tale for investors of Wall Street's quantum computing darlings:
IonQ: $569,934,078 in net-selling by insiders
Rigetti Computing: $50,124,972 in net-selling by insiders
D-Wave Quantum: $221,687,659 in net-selling by insiders
Quantum Computing, Inc.: $33,245,464 in net-selling by insiders
Collectively, insiders at these four quantum computing pure-plays have sold a net of $875 million of their company's respective shares over the last five years.
Before diving deeper, let me introduce a bit of an asterisk into the above data. Compensation for executives and/or directors at publicly traded companies often comes in the form of common stock and options. To satisfy the federal and/or state-level tax liability for this compensation, executives and directors commonly sell stock.
Insider selling isn't necessarily damning to a company. Selling stock for tax purposes, or to diversify an investment portfolio, isn't something that investors should worry about too much.
On the other hand, there's only one reason for insiders to buy shares: they believe their stock will increase in value. All four quantum computing pure-plays have seen minimal or nonexistent insider buying. Quantum Computing, Inc. has seen zero insider purchases, while the last insider purchase at D-Wave Quantum occurred more than three years ago! If insiders aren't putting their money to work in their own stock, why should investors?
This lack of insider buying, when pared against persistent selling activity, makes the red flag surrounding quantum computing stock valuations shine even brighter.
While it's not uncommon for stocks on the cutting-edge of a next-big-thing trend to trade at a premium valuation, the TTM price-to-sales (P/S) ratios for quantum computing stocks are off the charts and historically unsustainable. Whereas no megacap stock leading an innovative trend has ever been able to sustain a TTM P/S ratio of 30 or higher, IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing, Inc. are sporting respective TTM P/S ratios of 340, 1,796, 494, and 10,250!
Chalk up this collective $875 million in net-selling activity as yet another warning to Wall Street that this parabolic run-up in quantum computing stocks is unsustainable.
Should you invest $1,000 in IonQ right now?
Before you buy stock in IonQ, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and IonQ wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $648,924!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,102,333!*
Now, it’s worth noting Stock Advisor’s total average return is 1,052% — a market-crushing outperformance compared to 190% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of October 13, 2025
Sean Williams has positions in Amazon. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.