A Revolutionary Technology Narrative Has Surged—Don’t Take the Bait

Trey Thoelcke

Thu, July 2, 2026 astatine 7:05 AM CDT 5 min read

Quick Read

• IonQ and Rigetti transportation price-to-sales multiples of 148x and 646x respectively, portion some companies are posting hundreds of millions successful yearly operating losses.

• 3D Systems peaked adjacent $63 successful 2013 and crashed 95% to nether $3 by 2026, adjacent arsenic 3D printing exertion proved commercially viable.

• Jensen Huang warned quantum computing is apt 15-plus years from commercialization, comparing today's quantum stocks to dot-com-era failures similar Pets.com.

• Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and IonQ didn't marque the cut. Grab the names FREE today.

Although the maturation rates coming retired of the quantum computing conception look genuinely spectacular connected paper, Wall Street has stood connected this nonstop ledge before, and the autumn has ne'er been gentle. IonQ (NYSE:IONQ) posted Q1 FY26 gross of $64.67 million, up 755% twelvemonth implicit year. Rigetti Computing (NASDAQ:RGTI) astir tripled income to $4.40 million. D-Wave Quantum (NYSE:QBTS) reported a bookings fig of $33.4 million, astir 2,000% higher than the anterior year. Quantum Computing (NASDAQ:QUBT) reported a 9,364.1% gross jump, driven astir wholly by acquisitions.

The percentages are eye-popping. However, the marketplace capitalizations perched connected apical of them are what should springiness a retirement-minded capitalist pause.

What is peculiarly notable is however intimately today's setup resembles erstwhile Wall Street emotion affairs. IonQ carries a marketplace headdress of astir $19.2 cardinal against FY25 gross of $130.02 million, oregon astir 148 times sales. Alpha Vantage pegs its trailing price-to-sales astatine 109 and its EV-to-revenue astatine 96. Rigetti trades astatine a trailing price-to-sales of 465. D-Wave's trailing price-to-sales is 873. Quantum Computing's comes successful astatine 505 connected trailing gross of $4.3 million.

Those multiples bespeak narratives acold much than established businesses.

Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and IonQ didn't marque the cut. Grab the names FREE today.

The Long Memory: What Happened Last Time

Wall Street has tally this play repeatedly. In November 2013, 3D printing was going to remake manufacturing. 3D Systems (NYSE:DDD) peaked adjacent $63 that month. It closed connected July 1, 2026, astatine $2.96, a drawdown of 95.3% from that peak. Stratasys (NASDAQ:SSYS), the sector's different flagship, closed astatine $8.48 connected July 1, 2026, good disconnected its ain $12.85 precocious successful aboriginal February 2025 and a shadiness of its 2014 highs. The exertion worked. It inactive works. The stocks ne'er came backmost for the radical who bought the hype.