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Alan Baratz of D-Wave Quantum (David Fitzgerald/Getty Images)

D-Wave Quantum touts tech breakthrough that lets gate models scale

You know what’s cool? Keeping a lot of qubits, together, cool.

Luke Kawa

D-Wave Quantum has announced a breakthrough that addresses a key challenge in developing superconducting gate-based quantum computers: how to gather a ton of quantum bits (or qubits) in the same place while keeping them all cool enough to function.

A particularly tricky problem of heat

We want quantum computers to be able to solve complex problems. Complex problems require these machines to utilize a lot of qubits. Those qubits, in a superconducting system, need to be housed in an extremely cold environment to operate.

But connecting and communicating with all those quantum processing units (or QPUs) via individual wires would result in too much heat, not to mention adding to the cost of the system.

D-Wave says it’s solved this problem through multiplexing (using one wire to communicate with a number of other chips) and bump bonding (stacking a QPU and a control chip together), as well as controlling qubits by magnetic fields.

“This industry-first milestone advances the development of commercially viable gate-model quantum computers by significantly reducing the wiring required to control large numbers of qubits without degrading qubit fidelity,” per the press release. “Using superconducting bump bonding and advanced cryogenic packaging techniques, D-Wave built a multichip package that integrates a high-coherence fluxonium qubit chip with a multilayer control chip.”

Annealing vs. gate-based

D-Wave is the major player in annealing quantum computing, an approach that solves more specialized optimization problems. The company has already been able to apply this on-chip cryogenic control technology to its annealing systems.

But gate-based quantum computers, which aim to address even more complex and broad queries, are the dominant approach, pursued by the likes of Rigetti Computing and IonQ as well as D-Wave.

 “We wanted to make sure that we had kind of the scalable control piece sort of nailed down, because we think that to get to broad quantum utility with gate-model architectures requires scaled, error-corrected architectures, which requires a lot of physical qubits,” said Dr. Trevor Lanting, chief development officer at D-Wave.

“This is basically proof that we can use the technology that exists that we’ve developed, and more or less in a very straightforward way, to control gate-model architectures.”

He added that D-Wave’s superconducting approach to quantum computing allows the firm to leverage preexisting manufacturing and packaging processes that have been developed, rather than having to build up a technology base from scratch. 

A solid first step

During the conference call that followed the release of Q3 earnings in November, CEO Dr. Alan Baratz highlighted gate-model development as a priority for D-Wave.

“ Up until now, our investment in gate has been light, mostly because we havent had the funds to be able to grow that investment all that much. Now with the roughly $830 million in the bank, we have the resources to be able to invest more in that program, both internal investment and through acquisition to accelerate the program,” he told Sherwood News.

“ We have one customer who has said, ‘When you have a gate-model system, I want it.’”

At the time, Baratz told us that what was ultimately announced today would mark the “first step” in the company’s gate-model program.

“ From there, we will go to a small logical qubit, a small surface code logical qubit to demonstrate that we can now use this technology to build error-correctable logical cubits,” he said. “And our hope would be to have that before the end of next year, and then well start scaling to larger surface code.”

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Infleqtion targets revenue growth of 23% in 2026, up from 12% in 2025

Quantum computing firm Infleqtion said it’s aiming to book $40 million in sales this year as it released its 2025 results after the close on Wednesday.

That would be an increase of roughly 23% compared to the $32.5 million in revenues the company generated in 2025, and would mark an acceleration from growth of 12% last year.

The seller of quantum sensors and computers went public via a SPAC in February after carrying a pre-money valuation of $1.8 billion (well below other pure-play peers like Rigetti Computing, IonQ, and D-Wave Quantum).

“We did $29 million in revenue in 2024, and then we announced that we did $50 million of booked and awarded business in 2025. I think that sets a good foundation for significant revenue growth going forward,” CEO Matthew Kinsella told us in February. “I’ve always deeply believed that we need to develop that muscle of commercialization.”

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Retail traders are selling everything but the Magnificent 7, per JPMorgan

JPMorgan strategist Arun Jain with the skinny on retail trading activity through 11:30 a.m. ET today:

“Retail investors are selling into today’s strength in both ETFs and Single Stocks. In ETFs, they are trimming their broad-based exposure — a major departure from their typical pattern.”

The SPDR S&P 500 ETF and ProShares UltraPro QQQ suffered particularly large outflows, per Jain.

The exceptions to the selling pressure are the Magnificent 7 stocks, he wrote, with Nvidia, Tesla, Meta, and Microsoft enjoying “small net purchases,” while Micron, TSMC, Exxon, and Chevron were the most dumped names.

Retail trading 4/8

Last week, Jain noted that retail traders had been “skipping the dips, selling into rallies, and positioning more defensively” with markets jittery amid the ongoing Mideast war.

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Avis shorts facing $1.1 billion in losses as car rental company racks up 155% gains in its recent rally

Whatever traders are doing with Avis — buying, or just renting — it’s causing short sellers an immense amount of pain.

Shares of the car rental company have traded violently on Wednesday, from up nearly 7% at their highs to down almost 4% at their lows, after a face-ripping rally of 155% over the previous 11 sessions.

Per exchange data, roughly half the shares were sold short as of mid-March. S3 Partners, which tracks higher-frequency measures, said that short interest as a share of float had recently been trimmed to about 43%, down from as high as 53% at the start of the year.

Per Matthew Unterman, managing director at S3, Avis shorts are down $1.1 billion on paper over the past 30 days.

This isn’t Avis’ first rodeo: shares went parabolic in Q4 2021 as part of a meme stock moment in which it briefly became the most valuable company in the Russell 2000 small-cap index.

In any event, cheers to u/Bright_Leopard_4326, who admonished other members of the r/ShortSqueeze subreddit for not paying enough attention to the potential for a boom in the stock 10 days ago, when shares were trading below $150.

AVIS short squeeze
Source: r/ShortSqueeze

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