``` Up over 1900% in 12 months, "quantum demon stocks" far surpass "AI demon stocks" ```

After the artificial intelligence boom, the capital market is now turning its attention to quantum computing, a field with even greater imaginative potential.

Quantum computing companies represented by Rigetti Computing Inc. and D-Wave Quantum Inc. have seen their share prices soar by more than 1900% in the past 12 months, far outperforming many popular AI stocks and becoming the most controversial speculative hotspot in the market.

This astonishing surge has pushed both companies' market capitalizations above $10 billion, even surpassing AI star company Palantir, as well as well-established firms like Campbell's Co. However, they currently have almost no practical applications, are not expected to generate significant revenue for years, and burn through cash at a tremendous rate.

The market is deeply divided on this. Bulls believe quantum computing has the potential to solve major issues from disease treatment to climate change, and is the next disruptive technology not to be missed. Bears warn, however, that this is just a bubble fueled by speculation and lacking fundamental support, destined to burst.

Soaring Valuations and Bubble Warnings

Bubble concerns are not unfounded. According to data compiled by Bloomberg, Rigetti’s valuation is more than 500 times its forward sales, while the figure for AI company Palantir and the Nasdaq 100 Index is 72 times and less than 6 times, respectively.

Bruce Cox, manager of the Harrington Alpha Fund, is shorting Rigetti. He bluntly stated, "The market lacks profit support, the bubble is just too crazy."

Despite high valuations, Wall Street analysts are generally optimistic. All ten analysts covering D-Wave recommend buying. Benchmark analyst David Williams even received large amounts of "hate mail" after raising his price target for Rigetti.

Yet this frenzy is also accompanied by extreme volatility. Recently, both stocks have fallen about 28% and 16%, respectively, in the past month.

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