Platforms & hybrid computing
Established businesses fund long research cycles. Their share prices also reflect many activities unrelated to quantum.
IBM · GOOGL · MSFT · AMZN · NVDAPORTFOLIO / EXPERIMENT 02
Quantum is a frontier.
Track the whole stack.
Twelve public companies. Three routes into quantum computing. One transparent basket to test whether technical progress becomes shareholder value.
THE ALLOCATION
Funded platforms first.
Breakthrough exposure in measured doses.
Control & testing equipment
Exposure to the tools required by multiple hardware architectures, rather than a single winning qubit design.
KEYS · FORMQuantum specialists
Direct exposure to technical progress, capped because losses, dilution and technology risk can dominate the outcome.
IONQ · QNT · QBTS · INFQ · RGTIThese are research allocations, not fair-value estimates. Quantum exposure is only part of the diversified companies’ businesses. The portfolio can move with AI, cloud, semiconductor and broad equity markets even when quantum itself has not changed.
PERFORMANCE / SAME START, SAME CURRENCY
Quantum 12 vs. QQQ & SPY
━ Quantum 12┄ QQQ┈ SPY
All three start at $10,000.002026-10-30 · baseline closeThe next completed session creates the first return.
This portfolio was created on 2026-10-31, using the previous completed close as a reference. There is one observation and no earned return yet. The first possible performance date is the next trading session. This is not a backtest or a claim of an executed purchase.
Dividends are included once through adjusted-price ratios; splits use the same adjustment basis at both endpoints. This gross research comparison excludes commissions, spreads, taxes and management fees. It is not executable NAV.
THE COMPANIES / ALLOCATION FROZEN 2026-10-31
What we own in the experiment.
And why each weight exists.
IBM
IBM
20%initial weight
Superconducting systems, error correction and enterprise access.
- Reference value
- $2,000.00
- Latest close
- $257.81
- Since baseline
- 0.00%
The largest allocation anchors the basket in a funded full-stack programme and established enterprise distribution.
What would change the thesis?
Logical error rates, delivered roadmap milestones and paid use; distinguish targets from delivered systems.
GOOGL
Alphabet
15%initial weight
Google Quantum AI and superconducting error-correction research.
- Reference value
- $1,500.00
- Latest close
- $279.84
- Since baseline
- 0.00%
A second major hardware programme reduces reliance on IBM; commercial quantum revenue remains uncertain.
What would change the thesis?
Independent validation of error correction and economically useful workloads.
MSFT
Microsoft
10%initial weight
Azure Quantum, developer access and quantum research.
- Reference value
- $1,000.00
- Latest close
- $521.91
- Since baseline
- 0.00%
Cloud distribution offers exposure across hardware suppliers. The weight does not assume that any one hardware claim succeeds.
What would change the thesis?
Repeatable logical-qubit results and customer adoption through Azure.
AMZN
Amazon
10%initial weight
Amazon Braket provides access to multiple quantum technologies.
- Reference value
- $1,000.00
- Latest close
- $240.35
- Since baseline
- 0.00%
A diversified distribution layer with exposure to demand across vendors, supported by the broader AWS business.
What would change the thesis?
Paid workloads and whether quantum delivers an advantage over classical alternatives.
NVDA
NVIDIA
10%initial weight
GPU acceleration, simulation and hybrid quantum-classical integration.
- Reference value
- $1,000.00
- Latest close
- $204.64
- Since baseline
- 0.00%
Classical compute is needed around quantum systems. This allocation captures the integration layer without assuming a winning qubit.
What would change the thesis?
Commercial deployments of hybrid workflows; separate quantum demand from general AI revenue.
KEYS
Keysight Technologies
10%initial weight
Quantum control, measurement and test systems.
- Reference value
- $1,000.00
- Latest close
- $307.20
- Since baseline
- 0.00%
The larger equipment allocation backs measurement and control needs across architectures, with an established test business.
What would change the thesis?
Disclosed quantum orders, adoption and margins; avoid treating all test revenue as quantum revenue.
FORM
FormFactor
5%initial weight
Cryogenic probing and semiconductor testing for quantum development.
- Reference value
- $500.00
- Latest close
- $87.53
- Since baseline
- 0.00%
A smaller allocation adds laboratory infrastructure exposure, while recognising that mainstream semiconductor testing drives much of the business.
What would change the thesis?
Cryogenic-system demand and repeat orders rather than the size of the overall semiconductor market.
IONQ
IonQ
8%initial weight
Trapped-ion quantum computing and networking.
- Reference value
- $800.00
- Latest close
- $30.04
- Since baseline
- 0.00%
The largest specialist position, but still below one tenth of the portfolio because commercial scale and valuation remain uncertain.
What would change the thesis?
Organic revenue, cash consumption, dilution, backlog conversion and reproducible performance.
QNT
Quantinuum
5%initial weight
Trapped-ion systems, quantum software and error correction.
- Reference value
- $500.00
- Latest close
- $33.60
- Since baseline
- 0.00%
A second trapped-ion platform broadens execution exposure. The new listing and operating losses justify a smaller position.
What would change the thesis?
Cash runway, logical fidelity, paid deployments and delivery of hardware targets.
QBTS
D-Wave Quantum
3%initial weight
Quantum annealing and gate-model development.
- Reference value
- $300.00
- Latest close
- $10.65
- Since baseline
- 0.00%
A small allocation tests near-term optimisation demand. Annealing success must not be equated with universal fault-tolerant computing.
What would change the thesis?
Repeat paying customers, workload economics, cash burn and separation of annealing and gate-model results.
INFQ
Infleqtion
2%initial weight
Neutral-atom computing and quantum sensing.
- Reference value
- $200.00
- Latest close
- $8.88
- Since baseline
- 0.00%
Small exposure to another architecture and sensing markets; accounting, execution and new-listing risks limit the weight.
What would change the thesis?
Computing versus sensing revenue, contract cash receipts and financial reporting quality.
RGTI
Rigetti Computing
2%initial weight
Superconducting quantum processors and systems.
- Reference value
- $200.00
- Latest close
- $11.25
- Since baseline
- 0.00%
A deliberately small alternative to the larger superconducting programmes, given funding and execution risk.
What would change the thesis?
System fidelity, contracted revenue, cash runway and share issuance.
QNT is Quantinuum equity, not a cryptocurrency. INFQ is Infleqtion equity. Security names and USD currency are checked before a quote enters the portfolio. Company sources establish involvement in quantum; their technical and commercial claims remain claims to test.
THE NEXT DECISION
Review evidence.
Do not trade every headline.
Useful computation
Track logical error rates, independently repeatable results and workload economics versus the best classical alternative. A larger physical-qubit count alone is insufficient.
Revenue that converts to cash
Track repeat customers, organic revenue, gross margins, cash runway and diluted shares. Partnerships and bookings are not equivalent to collected revenue.
A dated human decision
Review after quarterly results or a material technical, funding or reporting event. Daily prices can change weights through drift; they do not trigger automatic trades.
No rebalance has occurred. A future change needs a published rationale, old and new weights, and a prospective effective close. The current experiment remains buy-and-hold until then. There is no automated trading or scheduled refresh; this snapshot was updated on request.
METHOD & LIMITS
A small enough ledger to inspect.
How the values are calculated
At the baseline, each company receives its stated weight of $10,000.00. For any later session its value equals that initial amount multiplied by adjusted close on the session divided by adjusted close on the baseline, both taken from the same downloaded history. Values are summed across companies; each benchmark follows the same rule. Dividends are treated as reinvested in the same security, not distributed across the basket.
Fractional share equivalents are permitted. They describe the baseline only; a reinvested position may acquire more shares later. No leverage, shorting, contribution or rebalance is modelled. The dates follow SPY’s trading-session calendar. All holdings and benchmarks must cover every displayed session; no missing price is silently carried forward.
QQQ and SPY are broad equity comparisons, not risk-matched quantum benchmarks. A 20% specialist allocation can lose most of its value; the other 80% is still equity risk. Weights reflect a research judgement, not a valuation-based recommendation.
Source dates & current weights
Last source fetch: 2026-10-31T09:38:28.064Z. Yahoo Finance daily closes and adjusted closes are research data, not an execution feed. All figures use the last date shared by every holding and benchmark. Source snapshots and calculation hashes are included in the downloadable data.
| Security | Initial weight | Current weight | Latest source close | Source |
|---|---|---|---|---|
| IBM | 20% | 20.00% | 2026-10-30 | Price history ↗ |
| GOOGL | 15% | 15.00% | 2026-10-30 | Price history ↗ |
| MSFT | 10% | 10.00% | 2026-10-30 | Price history ↗ |
| AMZN | 10% | 10.00% | 2026-10-30 | Price history ↗ |
| NVDA | 10% | 10.00% | 2026-10-30 | Price history ↗ |
| KEYS | 10% | 10.00% | 2026-10-30 | Price history ↗ |
| FORM | 5% | 5.00% | 2026-10-30 | Price history ↗ |
| IONQ | 8% | 8.00% | 2026-10-30 | Price history ↗ |
| QNT | 5% | 5.00% | 2026-10-30 | Price history ↗ |
| QBTS | 3% | 3.00% | 2026-10-30 | Price history ↗ |
| INFQ | 2% | 2.00% | 2026-10-30 | Price history ↗ |
| RGTI | 2% | 2.00% | 2026-10-30 | Price history ↗ |