Quantum-computing stocks are having their best week ever and it’s only Tuesday morning

Quantum computing is stealing mindshare from AI and crypto as the hot new investable theme following Alphabet’s computational breakthrough, fueling surges in the likes of IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing.

All of these are relatively small companies (by the standard of, say, S&P 500 companies), but still have market caps in excess of $1 billion. And those market caps are swelling very rapidly.

This group of four pure-play quantum-computing stocks has added $4 billion in market capitalization this week, the largest weekly increase in value for the group on record, which is worth about $11 billion as of December 13. And we’re not even halfway through Tuesday’s trading day.

Even Citron Research’s attempt to pour some cold water on Rigetti Computing’s rally last week lasted all of about an hour, with the company already up another 50% since then.

I’m not entirely sure what the total addressable market or visibility to a ramp in revenues looks like for these firms, but one thing I am very sure of: they’ve got support from option flow that would have been unimaginable one year ago.