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Bitcoin possesses a remarkable resilience, bouncing back from precipitous falls of 50%, even 90%. Over the past five years, it has appreciated by nearly 180%, a performance that would have delighted the more speculative of our ancestors. However, recent months have introduced a degree of unease. Concerns about the economy, the trajectory of interest rates, and the rather alarming prospect of quantum computing rendering blockchain obsolete are, one suspects, more than mere whispers.

D-Wave Quantum (QBTS +3.96%) is one of those companies riding the wave. Its stock has done more looping than a Six Flags rollercoaster, bouncing from four bucks to forty-six in the last year. Which, let’s be honest, is either brilliant engineering or a really good marketing department. Or both. It’s the tech world, after all.

Look, I’m not saying AI isn’t overhyped. It absolutely is. But the market will correct itself eventually, regardless. It’s just…physics. Things go up, things go down. It’s not rocket science. And people act like they’re surprised? It’s the same story every time. The only guarantee in the market is that someone, somewhere, is about to make a spectacularly bad decision. It’s a certainty. A statistical inevitability. And the rest of us have to suffer for it.

Now, the stock hasn’t exactly been setting the exchanges ablaze, averaging annual losses of 21% over the last five years. A regrettable performance, to be sure. But consider this: even a slightly crooked path can lead to a worthwhile destination. One must simply possess the fortitude – and, naturally, a well-considered investment thesis – to see it through. Before entrusting your hard-earned currency to Chewy, one must assess the situation with the cold precision of a card sharp.

The appeal isn’t the thrill of exponential growth, naturally. It’s the sheer, quiet desperation of knowing you’ll receive something, regardless of whether the market decides to throw a tantrum. It’s a small comfort, admittedly, but in a world built on promises and fuelled by hope, a little bit of guaranteed income can be surprisingly… soothing. Don’t mistake this for optimism. It’s merely acknowledging reality.¹

The company, a name not often whispered in the same breath as the tech giants, nevertheless commands a $4.3 billion business in providing the electrical infrastructure for these data centers. A substantial sum, certainly, though one easily lost in the larger narratives of innovation. One wonders, does anyone truly consider the fate of the power supply when contemplating the future of consciousness?