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Martin Shkreli, notorious for his market commentary and controversial strategies, has been aggressively shorting quantum computing stocks. And it looks like his bearish bets are paying off.
Shkreli placed short bets against major players, including IonQ Inc. (NYSE:IONQ), D-Wave Quantum, Inc. (NYSE:QBTS), Rigetti Computing (NASDAQ:RGTI) and Quantum Computing Inc. (NASDAQ:QUBT), which initially rallied after the sector received attention from retail investors.
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The surge, largely fueled by hype around quantum advancements and bold claims from company CEOs, left Shkreli facing substantial paper losses.
Shkreli has maintained his core thesis that the market is overvaluing quantum computing stocks based on hype rather than tangible business metrics or technological progress. He doubled down on his assertion that quantum's commercial promise is overblown and decades away.
In a Friday morning post on X, Shkreli celebrated this month's reversal and significant drop in quantum stocks.
"My favorite quantum shorts:
1) QBTS – can’t even be called quantum computing
2) RGTI – didn’t make it through low hurdle DARPA
3) IONQ – insane house of cards
4) BTQ – scamco
5) LAES – scamco," Shkreli said.
He also hosted an early morning livestream, boasting 600% gains on his quantum shorts.
Though quantum computing stocks attempted a slight recovery on Friday, the sector has suffered massive losses over the past 30 days.
Rigetti shares have dropped more than 50%, IonQ shed 38%, D-Wave was down 43% and Quantum Computing stock was down by more than 50% over the past month.
SEALSQ Corp. (NASDAQ:LAES) and BTQ Technologies Corp. (NASDAQ:BTQ) have also dropped significantly.
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