Copyright Bloomberg
Rigetti Computing Inc. and D-Wave Quantum Inc. make products that so far have few real world applications. They’re burning through cash and aren’t expected to generate significant amounts of revenue for years. Despite all that, investors can’t get enough of them. The stocks have gained more than 1,900% over the past 12 months on bets the technology they’re developing will be the next big thing. The rally has placed them among the best performers in the stock market, dwarfing the returns of popular artificial intelligence plays like Palantir Technologies Inc. With market capitalizations that exceed $10 billion, the companies are more valuable than soup maker Campbell’s Co., even though they have less than 1% of the revenue.
