Quantum computing stocks soar on bullish options activity

Quantum computing stocks D-Wave Quantum, IonQ, Rigetti Computing, and Quantum Computing are surging on Monday morning thanks to one-way traffic in the options market.

Put/call ratios for all of these companies are well below their 20-day averages about 20 minutes into the session:

D-Wave, which is leading the rally, did have some news to speak of: an announcement that Murray Thom, vice president of quantum technology evangelism, would be presenting at CES on January 7. That press release, published at 7 a.m. ET, didn’t really move the needle much for the shares, with the company and its peers only taking off once the regular trading day began, and with it, the options frenzy.

While the good times may be back for these stocks, there’s still a long ways to go to repair the damage suffered since October, when a broad group of speculative stocks peaked.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

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