IonQ revenues up 90%, stock up 150% YTD
Quantum computing company IonQ has seen revenues increase 90% and its stock rise 150% year-to-date in 2024.
Snapshot · The Prof G Pod with Scott Galloway
Prof G Markets: Google’s Quantum Breakthrough & The World Cup Goes to Saudi Arabia
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Dec 16, 2024
Where this was said
Quantum Business Cases, Bitcoin Risk & Quantum Washing
At 38:25 · chapter starts 35:30
Ed makes the business case concrete with two key applications: quantum computers can simulate molecular development at scale, potentially revolutionizing drug discovery; and they can theoretically crack any encryption system, including Bitcoin. The Bitcoin threat is quantified precisely — 13 million qubits needed to crack it, versus Willow's current 105. That gap explains both why Bitcoin dipped on the announcement and why the threat is real-but-distant. Scott pivots to investment implications, citing Rigetti Computing (up 7x in 2024) and IonQ (revenues up 90%, stock up 150%, with a $55M Air Force contract) as the early movers. But Ed's closing prediction steals the segment: 'Hurricane Quantum' is coming — a flood of corporate quantum-washing where companies build token research labs, inflate their multiples, and make promises no one can hold them accountable for because the payoff is always a decade away. Scott immediately plays along, announcing that 'Prof G raised $7 billion two years ago and has been experimenting with quantum computing.' The joke lands because Ed has just explained exactly how these things work. [1] — Ed Elson "Quantum computers could theoretically break any encryption system in the world, including Bitcoin. You'd need 13 million qubits to do it — …" 33:17 [2] — Ed Elson "Quantum computing will become the next AI — a term companies use to inflate their stock multiple without delivering real financial results.…" 35:30
Quantum Washing: The Next Corporate Buzzword Explosion
Quantum computing will become the next AI — a term companies use to inflate their stock multiple without delivering real financial results. Build a quantum lab, watch your valuation soar, and never be held accountable because the payoff is always 10 years away.
Rigetti Computing stock up 7x this year
Rigetti Computing, a quantum chip maker, has seen its stock rise sevenfold in 2024.
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