Review date: June 17, 2026
Quantum Portfolio positioning
The Quantum Portfolio remains a concentrated thematic portfolio built around the global quantum-computing opportunity. The current holdings are D-Wave Quantum Inc. (QBTS), Rigetti Computing, Inc. (RGTI), and FormFactor, Inc. (FORM). Together, they give the portfolio exposure to three different layers of the theme: quantum-computing systems and software, superconducting gate-based quantum hardware, and semiconductor test-and-measurement infrastructure that can benefit from more complex advanced computing supply chains. Current market quotes show QBTS at $23.94, RGTI at $20.64, and FORM at $140.24 as of the latest available market data.
Recent performance
Performance is mixed but still early. Based on the portfolio’s stored quote-history data through June 16, 2026, D-Wave is down 13.10% from its first quote, Rigetti is nearly unchanged at -0.19%, and FormFactor is up 0.74%. The most important portfolio-management point is that all three holdings were added within the past two weeks. That makes this a positioning review, not a thesis-exit review.
QBTS has been the weakest contributor so far. The drawdown is uncomfortable, but quantum pure plays can move sharply as investors reprice long-duration technology milestones, commercialization timelines, and funding expectations. A short-term decline does not equal a broken thesis, especially when the position remains inside the minimum holding-period protection window.
RGTI has been relatively stable versus its stored entry quote. Rigetti’s recent updates are relevant to the portfolio thesis because the company reported general availability of its 108-qubit Cepheus-1-108Q system through Rigetti QCS, Amazon Braket, Microsoft Azure Quantum, and qBraid, while also reporting Q1 2026 revenue of $4.4 million and cash, cash equivalents, and available-for-sale investments of $569.0 million as of March 31, 2026. ([investors.rigetti.com](https://investors.rigetti.com/news-releases/news-release-details/rigetti-computing-reports-first-quarter-2026-financial-results?utm_source=openai))
FORM is the stabilizer in the basket. It is not a pure quantum-computing stock in the same way QBTS and RGTI are, but that is precisely why it matters. FormFactor gives the portfolio exposure to the broader test, measurement, wafer-probe, and advanced semiconductor infrastructure layer. The company reported Q1 2026 revenue of $226.1 million, up 32.0% year over year, and described demand strength tied to DRAM, HBM applications, and Foundry & Logic probe-card demand. ([investors.formfactor.com](https://investors.formfactor.com/news-releases/news-release-details/formfactor-inc-reports-2026-first-quarter-results?utm_source=openai))
Theme drivers: why the quantum thesis remains active
The quantum-computing theme remains early, volatile, and milestone-driven. D-Wave recently announced a gate-model roadmap targeting 100 logical qubits capable of more than one million operations by 2032, while continuing to position itself as a dual-platform company with both annealing and gate-model systems. ([ir.dwavequantum.com](https://ir.dwavequantum.com/news/news-details/2026/D-Wave-Charts-a-New-Course-to-Fault-Tolerant-Quantum-Computing-with-Gate-Model-Roadmap/default.aspx?utm_source=openai))
Rigetti’s thesis is different: it is centered on superconducting gate-based systems, chiplet scaling, and cloud availability. Its 108-qubit Cepheus-1-108Q system is a key milestone because it expands the company’s generally available hardware footprint and gives researchers and customers access to a larger modular system. ([investors.rigetti.com](https://investors.rigetti.com/news-releases/news-release-details/rigetti-announces-general-availability-108-qubit-system?utm_source=openai))
FormFactor broadens the portfolio beyond quantum-system vendors. The company has continued to highlight its role in wafer test, RF and microwave measurement, and emerging measurement requirements connected to next-generation semiconductor innovation, including quantum-related test environments. ([formfactor.com](https://www.formfactor.com/blog/2026/driving-the-future-of-wafer-test-formfactor-at-swtest-2026/?utm_source=openai))
Risk concentration
The portfolio is intentionally thematic, but it is also concentrated. Two of the three holdings, QBTS and RGTI, are high-beta quantum-computing pure plays with negative earnings profiles according to current market data. That means the portfolio can be highly sensitive to changes in risk appetite, dilution concerns, technical-roadmap expectations, and the timing of commercial quantum adoption.
FORM reduces some of that single-theme fragility because it has a broader semiconductor infrastructure business and recent record revenue momentum. However, FORM also trades at a high earnings multiple based on current market data, so it should not be treated as a low-risk defensive holding. ([investors.formfactor.com](https://investors.formfactor.com/news-releases/news-release-details/formfactor-inc-reports-2026-first-quarter-results?utm_source=openai))
Close decision
No positions are being closed this week. QBTS, RGTI, and FORM are all within the protected minimum holding period. More importantly, there is no clear thesis break, catalyst failure, liquidity issue, or portfolio-fit problem that justifies overriding that protection. The current weakness in QBTS is a risk marker to monitor, not a standalone sell signal.
What to watch next
- QBTS: execution against the gate-model roadmap, evidence of annealing-system commercialization, and whether the market continues to support the company’s dual-platform strategy.
- RGTI: fidelity improvements, customer usage of Cepheus-1-108Q, on-premises system deployments, and cash-burn discipline relative to its balance sheet.
- FORM: whether HBM, DRAM, Foundry & Logic, and advanced-probe demand remain strong enough to support the current valuation.
- Portfolio level: avoid adding more highly speculative quantum pure-play exposure until the current positions have seasoned and the portfolio has clearer performance evidence.
Bottom line
The Quantum Portfolio is still in its early construction phase. The short-term mark-to-market result is being pulled down by QBTS, but the portfolio’s thematic logic remains intact: own a select group of companies tied to quantum-computing hardware, access, and enabling semiconductor infrastructure. This week’s action is to hold all three positions, monitor volatility, and require stronger evidence before making any exit decision.
Risk disclaimer: This article is for informational and editorial purposes only and is not financial advice. Quantum-computing stocks can be highly volatile and may not be suitable for all investors. Always do your own research and consider consulting a qualified financial adviser before making investment decisions.