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technology stocks

The credible near-term applications remain narrow: certain quantum chemistry and materials simulations, particular optimisation structures, and cryptographic research driven partly by the need to migrate existing systems to post-quantum standards before large machines exist. None of those markets is large enough today to support the aggregate valuation of the listed sector. That does not make the technology a fiction; it makes the current prices a bet on a timeline, and timelines in this field have slipped consistently for two decades.

  • Is the result peer-reviewed, or a corporate blog post timed to a market open?
  • Does the claimed advantage compare against a genuinely optimised classical algorithm, or against a deliberately weak baseline?
  • Is the customer named, and is the contract value disclosed, or is it a 'partnership' with no financial terms?
  • Does the company report bookings and backlog, or only cumulative announcements?

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