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Globe and Mail
an hour ago
- Globe and Mail
Could a Quantum Computing Bubble Be About to Pop? History Offers a Clear Answer
Key Points IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing have reached valuation levels well beyond those seen during prior stock market bubbles. Each of these companies has recently raised capital through a series of equity offerings and stock issuances. These moves could suggest that the valuation levels for these businesses are not only abnormally high, but unsustainable. These 10 stocks could mint the next wave of millionaires › Last summer, companies such as IonQ (NYSE: IONQ), Rigetti Computing (NASDAQ: RGTI), D-Wave Quantum (NYSE: QBTS), and Quantum Computing (NASDAQ: QUBT) were unknown penny stocks. However, as quantum computing steadily made its way toward center stage in the artificial intelligence (AI) realm, each of these companies witnessed meteoric rises in their share prices. Over the last 12 months, IonQ stock has blasted higher by 517%, while Rigetti, D-Wave, and Quantum Computing have experienced surges of at least 1,500% as of this writing (July 21). With valuations reaching historically high levels, could investors be on the verge of witnessing a quantum computing bubble bursting? Is quantum computing in a bubble? The chart below illustrates valuation trends among popular quantum computing stocks on a price-to-sales (P/S) basis. IONQ PS Ratio data by YCharts. As I outlined in a prior article, the quantum computing stocks above are trading at far higher P/S multiples compared to levels seen during the dot-com and COVID-19 stock bubbles. For example, during the internet boom in the late 1990s, stocks such as Amazon, Cisco, and Microsoft experienced peak P/S ratios in the range of 30x and 40x. Taking this a step further, popular COVID stocks such as Zoom Communications and Peloton saw P/S multiples top out at 124x and 20x, respectively. The big theme here is that IonQ, Rigetti, D-Wave, and Quantum Computing are each trading for valuation multiples that could be seen as historically high, even when compared to prior bubble events. With that said, other AI companies that are also exploring quantum computing -- such as Nvidia, Amazon, Alphabet, and Microsoft -- currently trade for much more reasonable valuation multiples when compared to the companies in the chart above. For this reason, I do not think the entire quantum computing landscape is at risk of experiencing a bubble-bursting event. However, IonQ and its peers have been dropping some breadcrumbs in recent months that lead me to think the smaller quantum computing players could be on the verge of a harsh sell-off. What's going on under the hood with quantum computing stocks? After some digging into certain filings with the Securities and Exchange Commission (SEC), I think IonQ, Rigetti, D-Wave, and Quantum Computing may be trying to signal some important things to investors: In February, IonQ announced that it planned to raise up to $500 million through a series of stock issuances. The company doubled down on its capital-raising ambitions more recently, offering 14,165,708 shares at a price of $55.49 -- raising nearly $1 billion in the process. In June, Rigetti raised $350 million in capital after completing an at-the-market (ATM) equity offering. Between June 11 and June 27, D-Wave Quantum raised $400 million through an ATM offering. Of note: This followed a prior raise of $150 million that occurred in January. In late June, Quantum Computing raised $200 million following the issuance of 14 million shares at an average price of $14.25. What's really going on here? With each of these quantum computing stocks trading near all-time highs, it appears to me that management is looking to take advantage of frothy market conditions. IONQ data by YCharts. Quantum computing is a research-heavy, capital-intensive industry. Management at IonQ and its peers surely understand this, and so I see these capital raises as a calculated move to capitalize on inflated, overstretched valuations. Should you invest in quantum computing stocks? To me, any hint of a bubble surrounding IonQ and its smaller peers may already be in the process of bursting. Under the surface, the various stock issuances and equity offerings annotated above could suggest that management does not believe current price levels are sustainable. By using the dot-com and COVID bubbles as benchmarks, history would suggest that a major correction could be on the horizon for these small quantum computing stocks. Issuing stock to raise funds is not sustainable in the long run. Furthermore, consistently diluting shareholders through these offerings could call into question how these companies are allocating capital. In my eyes, if investors are seeking exposure to the quantum computing industry, they are best off exploring more diversified opportunities in big tech as opposed to the smaller, more speculative players analyzed in this piece. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,041%* — a market-crushing outperformance compared to 183% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. See the stocks » *Stock Advisor returns as of July 21, 2025
Globe and Mail
4 hours ago
- Globe and Mail
The Smartest Ethereum ETF to Buy With $500 Right Now
Key Points The iShares Ethereum Trust (ETHA) has attracted more assets than any other Ethereum ETF, with 42% of asset inflows in just the past month. BlackRock's backing provides institutional credibility and virtually unlimited financial resources behind the fund. Buying Ethereum through an ETF eliminates the need for crypto wallets, special exchanges, and fractional coin calculations. 10 stocks we like better than iShares Ethereum Trust - iShares Ethereum Trust ETF › Exchange-traded funds (ETFs) based on the real-time price of Ethereum (CRYPTO: ETH) have been around for a year now. Since the funds were approved and launched in July 2024, Ethereum has gained 7% while the S&P 500 (SNPINDEX: ^GSPC) rose 18%. The leading ETFs have done a great job of tracking this performance precisely, even if the cryptocurrency has been lagging behind stocks recently. But one ETF stands apart from the rest in many ways. If you're planning to enter the Ethereum market via an ETF, the iShares Ethereum Trust (NASDAQ: ETHA) should be at the top of your list. Apart from having the most assets under management (AUM) in its category, the iShares ETF also comes with low fees and a proven fund family. So if you have $500 to spend on a crypto investment today, here's why you should consider the iShares Ethereum Trust. Is Ethereum a good investment? Ethereum is often more volatile than the larger Bitcoin (CRYPTO: BTC) cryptocurrency. For instance, the two crypto giants have both posted approximately 1,200% gains in the last five years, but Ethereum's path to this peak had many more peaks and valleys along the way. The S&P 500 is basically flatlining next to both, even in the midst of the generative artificial intelligence boom: Ethereum Price data by YCharts Now, Ethereum serves a very different purpose than Bitcoin. Instead of a fundamental wealth-holding tool, Ethereum's smart contracts help app developers manage financial tools and trends in a global blockchain ledger. So Ethereum's value doesn't spring from a scarce supply, but from real-world usage of the resulting programs. That makes Ethereum a promising investment if you feel like the financial world could use a whole new set of basic tools. Ethereum-based apps can track ownership of physical assets, execute financial transactions automatically, or manage your digital wallet securely. The Ethereum ledger is readable anytime, from anywhere. At the same time, its encryption effectively makes all of this transaction data immune to hacking and fraud attacks. On this platform, developers can build a wide variety of financial apps, mobile games, and so on. So if you see a market for this sort of thing in the long run, Ethereum has led the blockchain-based app development space for years. It's the industry standard -- for good reason. And that should make Ethereum a solid investment over the years, as decentralized app development continues to gain traction. Why buy via an Ethereum ETF? Buying Ethereum directly often means setting up a new account with a different type of brokerage -- one that can handle cryptocurrency trades rather than stock transactions. You also need to get comfortable with a different type of transaction, where you're usually trading fractions of a digital coin rather than batches of full shares of a stock. Prices are always changing, and you have to figure out where to store your new Ethereum coins. ETFs make the whole process much easier, assuming you already have a stock-trading brokerage account. These funds act just like stocks, with shares usually priced in a comfortable range. A few iShares Ethereum Trust shares at $27 apiece can be more comfortable than a single Ethereum coin at $3,640. What makes the iShares ETF special? As mentioned, the iShares fund is more popular and therefore more liquid than other Ethereum-based ETFs. This makes trading safer and easier, with more stable share prices and quicker transactions. It's part of the world-famous iShares fund family, next to the even more popular iShares Bitcoin ETF (NASDAQ: IBIT) and the massive iShares Core S&P 500 ETF (NYSEMKT: IVV). Financial services giant BlackRock runs the show, giving investors the peace of mind that comes with essentially bottomless financial backing. And like most of its iShares cousins, this one comes with a low fee ratio. At 0.25% per year, it's not exactly the cheapest Ethereum ETF to own, but it comes close to the lowest-cost Grayscale Ethereum Mini Trust (NYSEMKT: ETH) at 0.15%. The BlackRock backing and world-class liquidity can make up for this small gap, and some Ethereum ETFs come with fee ratios as high as 2.5%. The iShares Ethereum Trust is only pulling away from the competition, too. With 42% of AUM inflows over the last month, this fund added more AUM than any other Ethereum ETF has done year to date. You should consider the iShares Ethereum Trust before any other fund in this category. It's a great place to put your next $500 (about 18 shares) of investable cash to work. Market makers broadly agree, judging by the dominant inflows of more funding. Should you invest $1,000 in iShares Ethereum Trust - iShares Ethereum Trust ETF right now? Before you buy stock in iShares Ethereum Trust - iShares Ethereum Trust ETF, 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 iShares Ethereum Trust - iShares Ethereum Trust ETF 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 $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Anders Bylund has positions in Bitcoin, Ethereum, iShares Bitcoin Trust, and iShares Ethereum Trust - iShares Ethereum Trust ETF. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
Globe and Mail
4 hours ago
- Globe and Mail
Is Rivian Stock a Buy Now?
Key Points Rivian manages its key components in-house, including a proprietary technology platform for vehicle controls and autonomous driving features. It leveraged its technology to form a joint venture with Volkswagen, accelerating the development of next-generation electric vehicles. Rivian is scheduled to begin construction of a new EV manufacturing facility in Georgia in 2026. 10 stocks we like better than Rivian Automotive › Rivian Automotive (NASDAQ: RIVN) has captured some investor attention in its quest to establish its place in the electric vehicle (EV) market. Following a meteoric rise after its initial public offering in late 2021, Rivian's stock plummeted in the two years that followed. The stock is still down 92% from its peak. However, recent developments, including its announcement of a joint venture with Volkswagen (OTC: VWAP.Y) and consecutive quarters of positive gross profits, show that Rivian may be turning a corner. Still, challenges remain as the company prepares to expand its manufacturing capacity and scale up production over the next several years. If you're thinking of investing in Rivian, here's what you need to know. Rivian's in-house focus and technology platform Rivian manages nearly all aspects of its business, from engineering to manufacturing, in-house. The company has developed a technology platform that encompasses a comprehensive software stack, covering everything from vehicle controls to the user interface, and enabling over-the-air updates and feature enhancements. Additionally, it features an in-house built autonomy platform with driver-assist technology that can be utilized for autonomous driving. The company leveraged this technology to establish a joint venture with the Volkswagen Group that focuses on software, electronic control units (ECUs), and related network architecture design and development. Volkswagen plans to utilize Rivian's zonal ECU architecture and software stack across its multiple brands. In November, Rivian received $1.3 billion for intellectual property licensed to Volkswagen. Volkswagen has also committed to making additional equity investments of up to approximately $2.5 billion in multiple tranches. Amazon is a major customer and investor One key aspect of Rivian's business since 2019 has been its partnership with Amazon (NASDAQ: AMZN) to develop the Rivian Commercial Van and Electric Delivery Van variants. Today, there are more than 20,000 of these vehicles on the road. In November 2023, their agreement was amended to adjust specific exclusivity rights for Amazon, allowing Rivian to sell its commercial vans to other customers. The Amazon contract has been a major portion of Rivian's business. In 2024, Rivian generated over $1.04 billion in revenue from Amazon -- 21% of its total revenue. In 2025's first quarter, revenue from Amazon totaled $99 million, a significant decrease from the $338 million reported in the same quarter last year. Amazon also holds a significant stake in Rivian, representing 13.3% of its voting power. This partnership with one of the world's largest retailers has been instrumental in helping Rivian establish its foothold in the competitive automotive industry. Still, it will be crucial for the EV maker to develop its other partnerships and revenue streams. What's next for Rivian? Rivian has a history of incurring significant net losses, including a net loss of $4.8 billion last year and a $541 million loss in 2025's first quarter. However, the company did achieve a gross profit of $206 million in Q1, its highest gross profit to date. It was also the company's second consecutive quarter of gross profitability. Management expects to achieve a positive gross profit for 2025 as it continues to focus on cost efficiencies. RIVN Revenue (Quarterly) data by YCharts. The EV maker will continue to ramp up production and add to its facilities. It plans to build a second manufacturing facility near Social Circle, Georgia, to meet demand from the United States and international markets. The plant is expected to have an annual capacity of 400,000 vehicles. It will be built in two phases, each contributing 200,000 units of annual capacity. Construction of that Georgia facility is expected to begin in 2026, with production on the first manufacturing line projected to start in 2028. Vehicles produced there will be on the company's midsize platform, which includes its R2 and R3 models. Development of this facility is supported by a loan arrangement with the U.S. Department of Energy for up to approximately $6.6 billion. Is Rivian right for you? Rivian is expanding its manufacturing footprint, strategically developing its software and services ecosystem, and forming strategic partnerships with key customers and partners. The company is making solid progress in revenue and gross profit, and I would like to see it continue to improve its cost efficiency and profitability. Investors buying today could be getting on the ground floor. That said, analysts project that the EV maker will continue to lose money through 2028, as it will take time and capital to build out its facilities and scale up production. For these reasons, Rivian is a high-risk, high-potential-reward stock that may take years to pay off, making it best suited for aggressive investors with long-term buy-and-hold timelines. Should you invest $1,000 in Rivian Automotive right now? Before you buy stock in Rivian Automotive, 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 Rivian Automotive 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 $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025
