Ticker Reports for December 1st
If D-Wave Is Too Risky, Consider These 3 Quantum ETFs for Diversification
After a dismal November in which shares plunged by more than 38%, D-Wave Quantum Inc. (NYSE: QBTS) is leaving investors focused on quantum computing wondering whether the worst is still yet to come. Signs across the industry don't look promising, with rivals Rigetti Computing (NASDAQ: RGTI) and IonQ Inc. (NYSE: IONQ) dropping by 42% and 21%, respectively, over the last month as well. Investors may have grown tired of waiting for these firms to achieve profitability, or the initial period of hype may be giving way to a more cautious environment as the technology catches up to expectations.
Whatever the reasons for the recent pullback in the quantum computing space, it's understandable if investors might be looking for a way to protect their interests while still maintaining exposure. One approach might involve diversifying across exchange-traded funds (ETFs) that include stocks representing the quantum field. A broader basket of securities can help to insulate against the negative performance of a single stock or a small group of names. The funds below each hold QBTS shares but provide some additional diversification as well.
Pure Play and Broader Tech Balance in a Brand New Fund
One of the most recent entrants to the quantum computing ETF space, the WisdomTree Quantum Computing Fund (BATS: WQTM) holds over three dozen stocks of companies involved in quantum either as pure players or diversified innovators, the latter combining quantum efforts with a broader business, for an expense ratio of 0.45%.
The varied approach means that, while companies like D-Wave and Rigetti represent some of the largest positions in the portfolio, more generalized tech companies like Alphabet Inc. (NASDAQ: GOOGL) can help to hedge against industry-specific turbulence. The fund also provides a modest amount of geographic diversification, with just under two-thirds of the portfolio covering U.S. companies and the rest distributed across firms from Japan, Canada, the Netherlands, and elsewhere.
Given that WQTM only launched in October, its performance history is very limited. Investors should also bear in mind that this fund has substantially low assets under management (AUM)—currently below $10 million—and trading volumes. This might make liquidity a challenge and could make the fund appeal to investors with a longer view of the quantum space primarily.
Quantum and Machine Learning Offer Some Diversification Advantages
The Defiance Quantum ETF (NASDAQ: QTUM) has a somewhat broader mandate than WQTM above, as it tracks an index of both quantum computing and machine learning firms (although there is naturally a fair degree of overlap between these industries). It has just under 80 positions in its portfolio and is not heavily weighted toward any particular names.
D-Wave makes up just 1.44% of the QTUM portfolio, so investors should keep in mind that this fund is more broadly focused than some other quantum ETFs that carry QBTS stock. In the case of the recent quantum industry dip, this could actually be to the fund's advantage: QTUM fell by under 6% in the last month, a much narrower decline than QBTS.
With an expense ratio of 0.40%, QTUM is slightly cheaper than WQTM above. It also has several more years of track record and significantly higher AUM at about $2.9 billion. The fund has a healthy one-month average trading volume of around 766,000, so liquidity should not be a concern for investors seeking to trade this fund more actively.
A View of Quantum Computing Companies Alongside Other Meme Stocks
Investors seeking to remain exposed to QBTS while taking on a much wider set of accompanying positions might look to the Roundhill Meme Stock ETF (NYSEARCA: MEME). As the name suggests, this fund holds viral meme companies notable for their high degrees of popularity and volatility.
Also in existence only since October of this year, MEME is a fund for risk-tolerant investors comfortable with rapidly changing securities prices and a low asset base. Still, the ETF has strong trading volume in its short history, so it may still appeal to more active traders.
About 3.3% of MEME's portfolio is given over to QBTS shares, and other quantum firms are also present in its basket. However, this fund does not focus on quantum stocks—it also carries companies in the drone technology, cryptocurrency, nuclear energy, and satellite broadband industries, among others. There are only about two dozen companies in total, but there is no guarantee that MEME will continue to cover QBTS if its popularity declines, so investors should watch closely.
Stunning new initiative unfolding in the White House?
Stunning new initiative unfolding in the White House?
NVIDIA's 13F Reveals 2 Q3 Winners—And 1 Painful Miss
With a market capitalization of $4.3 trillion, semiconductor giant NVIDIA (NASDAQ: NVDA) is the most valuable publicly traded company in the world. NVIDIA is also viewed by many as the world’s most important company. Investors watch the firm’s earnings like hawks, looking to gauge the health of the artificial intelligence (AI) trade and, by extension, the overall market.
NVIDIA’s importance has extended so far that many also thoroughly watch the investments the company itself makes. Attracting funding from NVIDIA is often viewed as an indication that a company has a key advantage that can allow it to succeed.
NVIDIA’s latest 13F filing provides a snapshot of its investment performance for part of Q3. All 13F return data covers the period from the end of June through the end of July, unless otherwise noted.
APLD: A Double-Bagger and Then Some in Q3
Right off the bat, it is important to note that NVIDIA did not alter its portfolio from Q2 to Q3. None of its holdings changed, nor did the number of shares NVIDIA owns in each of the six stocks.
However, these names did deliver significantly different performances in the quarter, with some sinking and others soaring.
Notably, Applied Digital (NASDAQ: APLD) had a spectacular Q3. Shares more than doubled in value, rising by approximately 128%. A significant portion of the rise was due to the firm’s July 30 earnings release.
Shares popped 31% the next day. In its release, Applied Digital announced an expansion of its data center leasing agreement with another NVIDIA holding, CoreWeave (NASDAQ: CRWV). The agreement previously called for Applied Digital to lease 250 megawatts (MW) in AI data center capacity to CoreWeave. The company anticipated it would generate $7 billion in revenue over 15 years from this.
CoreWeave then increased its commitment to 400 MW, or approximately $11 billion over 15 years. That is certainly a huge development for Applied Digital, which generated just $37 million in revenue that quarter. Overall, Applied Digital was NVIDIA’s best-performing investment in Q3, an impressive showing for the firm’s second-largest holding. APLD has gained another 18% since the end of September.
Neo-Clouds NBIS and CRWV Diverge
Nebius (NASDAQ: NBIS) also did extremely well in Q3, rising by around 103%. The biggest contributor to this was the company’s AI data center deal with Microsoft (NASDAQ: MSFT).
Shares skyrocketed by 49% on Sept. 9 in reaction to the announcement. The deal was even larger and condensed over a shorter time frame than Applied Digital’s. Nebius said it would supply Microsoft with dedicated graphics processing unit (GPU) infrastructure through 2031.
These services hold a total contract value of approximately $17.4 billion. Last quarter, Nebius generated just $146 million in revenue. Since the end of September, NBIS is down around 15%.
On the other hand, CoreWeave was NVIDIA’s worst performer in Q3, with shares dropping 16%. Its Aug. 12 earnings release hit shares hard, with the stock dropping over 33% in the following two days.
The company's adjusted loss per share of 27 cents significantly missed expectations of 20 cents. Guidance for the next quarter was also not as good as anticipated. Still, revenue grew by 207%, and the firm's contracted backlog rose by 86% to $30.1 billion.
CoreWeave’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin fell from 63% to 62% despite revenues soaring. This was a concern, as margins often expand when revenues rise so quickly. However, the company is expanding its operations rapidly to meet demand, creating higher costs now that it hopes will pay off in the long run. CRWV has fallen another 40% since the end of September.
NVIDIA’s Portfolio Hit With +10% Drop in Q3
Unfortunately for NVIDIA, stellar performances by Applied Digital and Nebius did little to alleviate the pain felt from CoreWeave. NVIDIA's portfolio appreciated by around $167 million due to the combined impact of APLD and NBIS. Meanwhile, its CoreWeave position depreciated by over $636 million.
Overall, NVIDIA’s total portfolio declined from a value of approximately $4.3 billion in Q2 to $3.8 billion in Q3, representing a return of -11.3%. As of Sept. 30, CoreWeave accounted for 86% of NVIDIA’s holdings, displaying the dominant effect that the stock’s performance should have on the portfolio going forward. It will be interesting to see if NVIDIA alters its allocation in the future, and which names it may add or remove from the list.
Your dollars are being devalued in real time
Your dollars are being devalued in real time
Why Silver Beat Gold and the S&P in 2025—And What Comes Next
While the financial world has been captivated by the volatility of cryptocurrency and the steady march of gold, a different asset has quietly taken the lead in 2025. Silver, often dismissed as the volatile younger sibling in the precious metals family, is beginning to shed its reputation as the poor man’s gold.
Year-to-date (YTD), silver has posted gains of approximately 95%, significantly outpacing gold’s respectable 60% rise and crushing the broader returns of the S&P 500. A rare convergence of events is driving this performance: aggressive industrial demand, shrinking global inventories, and shifts in monetary policy.
For equity investors, the iShares Silver Trust (NYSEARCA: SLV) has become the primary vehicle to participate in this rally. Closing around $51 at the end of November, iShares Silver Trust has effectively tracked the metal’s ascent, offering a liquid entry point into a physical market that is becoming increasingly difficult to navigate.
The Thanksgiving Squeeze: A Wake-Up Call for Markets
The fragility of the global silver market was on full display at the end of November. A cooling system failure at a CyrusOne data center disrupted operations at the Chicago Mercantile Exchange (CME), causing a ten-hour trading halt on the Comex silver futures market.
When electronic trading screens went dark, physical hubs in London and Shanghai took over. Spot prices spiked to a record $56.72 per ounce, showing that real, deliverable silver is in critically short supply.
This event serves as a critical proof of concept for the bullish thesis on silver.
In modern financial markets, the price of commodities is often set by paper derivatives, contracts that represent metal but are rarely exchanged for the actual product.
When one such paper market paused, the physical market reasserted itself, revealing that real, deliverable silver is in short supply.
For holders of the iShares Silver Trust, which is backed by allocated bullion held in vaults, this disconnect highlights the value of holding assets tied to physical metal. The outage underscored that when liquidity dries up, the premium on physical ownership expands rapidly.
Solar Power and the End of Thrifting
Behind the headline-grabbing price spikes lies a boring but powerful reality—the world is using more silver than miners can dig out of the ground. 2026 is on track to mark the fifth consecutive year of a structural supply deficit, with the Silver Institute projecting a shortfall of nearly 95 million ounces. This brings the cumulative deficit since 2021 to approximately 820 million ounces, roughly equivalent to an entire year of global mine production.
Historically, when silver prices rise, industrial manufacturers try to thrift, or reduce the amount of silver used in their products to save money. However, a major technological shift in the solar industry is neutralizing this risk.
Manufacturers are aggressively transitioning from older solar cell technology (PERC) to newer, more efficient designs known as TOPCon and Heterojunction (HJT) cells. While older cells used about 10 milligrams of silver per watt, these new high-efficiency cells require between 13 and 22 milligrams per watt.
This shift creates a situation in which the solar industry requires more silver even as prices rise. With inventories in Shanghai warehouses at decade lows, there is very little buffer to absorb the increasing industrial consumption.
How SLV Tracks 500 Million Ounces
For investors seeking direct exposure to the silver price without the logistical headaches of storing physical bars, the iShares Silver Trust remains the market's heavyweight vehicle. Unlike mining companies, which face operational risks such as labor strikes or rising fuel costs, iShares Silver Trust is a passive grantor trust. Its sole purpose is to track the spot price of silver bullion, less the trust’s expenses.
Fundamentally, iShares Silver Trust is a titan in the commodity space. As of November 2025, the trust manages approximately $27 billion in assets, backed by a staggering 501.9 million ounces of silver held in allocated vaults in London and New York. To put this scale into perspective, iShares Silver Trust’s holdings represent roughly 60% of an entire year's worth of global mine production, effectively making the ETF a strategic stockpile in its own right.
The fund’s structure makes it a critical gauge for institutional sentiment. Recent data shows short interest in iShares Silver Trust hovering around 9.63% of the float. In a rising market, this relatively high short interest can act as rocket fuel; as prices break resistance levels (like the recent move above $50), short sellers are forced to buy shares to cover their positions, creating a feedback loop that drives the share price even higher.
With an expense ratio of 0.50%, iShares Silver Trust provides a cost-effective alternative to physical ownership, which often incurs higher premiums and storage fees. For the fundamental investor, iShares Silver Trust offers the purest correlation to the metal's supply-demand dynamics, serving as a liquid proxy for the physical shortage unfolding globally.
Rates, Ratios, and Critical Minerals
Beyond supply and demand, the macroeconomic environment is providing a strong tailwind for precious metals. All eyes are now on the Federal Reserve’s upcoming meeting on Dec. 9-10. Markets are currently pricing in an 85% probability of an interest rate cut.
Lower interest rates typically weaken the U.S. dollar, making commodities like silver cheaper for international buyers and increasing global demand.
Furthermore, silver remains statistically undervalued compared to gold. The Gold/Silver Ratio, which measures how many ounces of silver it takes to buy one ounce of gold, currently sits near 77. Historically, its average is closer to 60. For the ratio to return to its norm, silver would need to outperform gold by a significant margin from current levels.
Perhaps the most significant long-term driver is the shifting U.S. trade policy. The government officially designated silver as a Critical Mineral in late 2025. Following this, new investigations under Section 232 of the Trade Expansion Act have raised fears of future tariffs on imported metals.
The United States imports roughly 64% of the silver it consumes. The threat of tariffs has triggered precautionary buying, with approximately 75 million ounces flowing into U.S. vaults since October. This political maneuvering effectively puts a floor under the price, as strategic stockpiling competes with industrial buyers for the limited supply.
Volatility, Opportunity, and the New Normal
The recent surge in silver prices is not a momentary glitch; it is the result of years of underinvestment in mining colliding with an explosion in industrial demand. While the rapid rise to record highs may lead to short-term volatility as traders take profits, the floor for silver prices has likely moved higher.
The combination of critically low inventories, the shift toward silver-intensive solar technologies, and a supportive Federal Reserve suggests that the poor man's gold has entered a new era. With the designation of Critical Mineral status driving strategic stockpiling, fundamentals point to a structural bull market that is only just beginning to emerge.
The altcoin intelligence that costs millions (yours free)
The altcoin intelligence that costs millions (yours free)
MarketBeat Media, LLC dba TickerReport
345 N Reid Place, Suite 620, Sioux Falls, SD 57103.
0 Response to "π Why Silver Beat Gold and the S&P in 2025—And What Comes Next"
Post a Comment