{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b98-38d705def13a", "slug": "f848e5b949be", "title": "D-Wave Quantum Inc (QBTS)", "subtitle": "Kerrisdale Capital · 2025-04", "author": "Kerrisdale Capital", "date": "2025-04-01 00:00:00", "pageCount": 19, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "D-Wave Quantum Inc", "targetTicker": "QBTS", "document": { "id": "019dd923-622c-750b-8b98-38d705def13a", "slug": "f848e5b949be", "title": "D-Wave Quantum Inc (QBTS)", "rawTitle": "Dwave Kerrisdale", "authorId": "53_Kerrisdale_Capital", "authorName": "Kerrisdale Capital", "authorDisplay": "Kerrisdale Capital", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2025-04-Dwave-Kerrisdale.pdf", "sourceUrl": null, "sourceDate": "2025-04-15 00:00:00", "presentationDate": "2025-04-01 00:00:00", "ingestedAt": "2026-04-22 20:37:43+00", "status": "ready", "pageCount": 19, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "D-Wave Quantum Inc", "targetTicker": "QBTS", "metadata": { "local_root": "/tmp/legacy-images/f848e5b949be", "activist_firm": "Kerrisdale Capital", "origin_corpus": "contrarian", "extraction_seconds": 103.21250009536743 } }, "coverage": { "pageCount": 19, "pagesIndexed": 19, "pagesWithImages": 19, "pagesWithMetadata": 19, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 134, "chartCount": 1, "metricSlides": 0, "toolMatches": 14, "documentToolMatches": 0, "frameworkMatches": 4, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "evidence": "The document presents a clear 'monster' (D-Wave's technology limitations) and a struggle to overcome it.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:59:26.180451+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 5, "name": "The Monster", "beatId": "60192a38-bd78-4dbb-b2b9-651141148afe", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Slides 5-12 present the limitations and criticisms of D-Wave's technology.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 16, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 13, "name": "The Struggle", "beatId": "8f62591a-fb18-4481-b9f4-db705a82e6ae", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "Slides 13-16 present the struggle or challenges faced by D-Wave.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 17, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 17, "name": "The Victory", "beatId": "100c1b92-152f-4afb-8af6-e8ff9c4ed1bb", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "Slide 17 presents a conclusion or victory.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "a45b4842-feed-4ff3-831d-bd7976002313", "evidence": "The document highlights the limitations and risks of using past-gen computing technology.", "position": 0, "objective": "The cost of inaction or using outdated technology", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.311725+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 16, "from": 13, "loop": { "name": "12_myth_buster", "slug": "12-myth-buster", "status": "active", "bestFor": "Rebranding, changing market perception, correcting false assumptions", "canonId": "019dd956-6aac-748b-b08d-f2b9c3727326", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Common Belief -> The Friction/Failure of that Belief -> The New Truth", "description": "Address a common misconception head-on to clear the room for a new truth", "familyLabel": null, "categoryName": "Persuasion", "categorySlug": "persuasion" }, "matchId": "5ed31335-8f19-40e3-a3d4-3fd562803888", "evidence": "The document presents a critical view of D-Wave's technology and progress.", "position": 1, "objective": "Busting the myth of D-Wave's technological advancements", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.423519+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "310e2742-fadb-4657-8c8e-3654f3415eab", "evidence": "As of the publication date of this report, Kerrisdale Capital Management LLC and its affiliates (collectively \"Kerrisdale\") have short positions in and own put options on the stock of Riot Platforms, Inc. (\"R", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:00:00.954505+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a7453f1d-8ad8-4675-8ae3-f6512d456853", "evidence": "Share price is divorced from fundamentals. Despite pulling back from recent highs, the stock remains up over 600% since gate-model quantum computing hype reignited last year.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:00:01.059207+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Audience frame", "slug": "audience-frame", "status": "active", "bestFor": null, "canonId": "2a1eefbd-5be8-4600-898b-49dbfcf73ec8", "version": 1, "bodyDocId": null, "description": "Tools for modelling and segmenting the audience (persona, JTBD, segmentation).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a7cb6773-6e01-4289-9b59-43d0e5e5eb39", "evidence": "Co-founded in 1999 by Dr. Geordie Rose... D-Wave occupies a contentious position in quantum computing circles.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:01.126385+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Analytical method", "slug": "analytical-method", "status": "active", "bestFor": null, "canonId": "b42c4911-7946-49b5-951c-5f3d23f4e2bd", "version": 1, "bodyDocId": null, "description": "Diagnostic / structuring methods (5-whys, fishbone, issue tree, hypothesis-driven).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "279dd0a9-50af-4172-a1b8-ad086cf3143c", "evidence": "D-Wave's quantum annealing technology faces core limitations that restrict its ability to solve large-scale real-world problems...", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 23:00:01.209595+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e1df4468-a0c5-434d-ba7a-c4d94e3e7139", "evidence": "For most of D-Wave's corporate history, its leadership dismissed gate-model quantum computing as impractical in the near term, citing crippling challenges like qubit coherence, fidelity, and error co", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:01.293033+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1c2086c6-10bd-43a9-9257-71a5439ad20c", "evidence": "Total IBM R&D spending in 2024 was $7.5bn and quantum computing is a key pillar of IBM research (alongside AI and semiconductors). Even assuming 1% was spent on quantum research it would equate to multiples more t", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:00:01.410729+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "997f0b90-1564-4a05-93a2-8f79d9137e64", "evidence": "table/data: Table of share issuances by quarter including common shares, net proceeds, and implied share price.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:07.54501+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Chartjunk Elimination", "slug": "chartjunk-elimination", "status": "active", "bestFor": null, "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1", "version": 1, "bodyDocId": null, "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "1d12ed08-35fb-4c33-9ce5-7f00a2c1aedc", "evidence": "chart/line: Dual-axis line chart showing share price vs revenue estimates over time.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:07.58532+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Antithesis", "slug": "antithesis", "status": "active", "bestFor": null, "canonId": "019dd956-a1f8-7283-8cf4-8e2c4292cc4e", "version": 1, "bodyDocId": null, "description": "Juxtaposing contrasting ideas in parallel structure", "familyLabel": null, "categoryName": "Loop", "categorySlug": "loop" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "b3d43228-a512-4c7b-864f-32f2a62c4607", "evidence": "quote/testimonial: Adding quantum slows down the solution because you have to send it to the [quantum computing] device...And there's a real nuance that you have to crush all your variables down in some semi-principled way.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:07.699599+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "650ee1de-e82d-4b99-9178-8094c8f41af9", "evidence": "quote: \"There is no proof that any optimization problem is solved faster using [D-Wave's] system compared to classical solvers.\" — Former D-Wave senior data scientist;", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.9, "extraction": { "at": "2026-07-16 23:00:07.657254+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Constraint", "slug": "constraint", "status": "active", "bestFor": null, "canonId": "019dd956-d7af-74fd-9633-01230dc10682", "version": 1, "bodyDocId": null, "description": "Limiting possible actions to prevent errors", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "96769dbe-4cf7-4afa-9b34-bcdd17a5ac63", "evidence": "quote: The authors showed that embedding problems into the sparse topology of D-Wave’s quantum annealers incurs a “quadratic space overhead,” (meaning the size of hardware needs grows much faster than the size of the problem)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:00:07.807594+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Problem Statement Canvas", "slug": "problem-statement-canvas", "status": "active", "bestFor": null, "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18", "version": 1, "bodyDocId": null, "description": "Structured definition of the problem: What? Who? Where? When? Scale?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "e4c0768d-4325-433f-9e6d-b82024eb70da", "evidence": "paragraph/paragraph: For D-Wave to solve a logistics or manufacturing optimization problem, however, the entire problem must be translated into a mathematical form called Quadratic Unconstrained Binary Optimization (QUBO", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:07.773845+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Call to action", "slug": "call-to-action", "status": "active", "bestFor": null, "canonId": "019dd9e1-4bbb-702a-9ead-82daf188bb7c", "version": 1, "bodyDocId": null, "description": "Explicit prescription of what the audience should do next.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0cde2aad-3a2b-4c49-8ce3-5179c19a16cb", "evidence": "callout: The added benefit is we call it 'quantum' and this is a benefit, to some, in the marketing department.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:00:07.958014+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8d72ca37-8a0f-44f6-a83e-ba773a7f6d8e", "evidence": "quote: \"If you use the hybrid solver, the hybrid solver has to compose QUBO problems... you can substitute quantum with classical and still get better results.\" ", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.9, "extraction": { "at": "2026-07-16 23:00:07.922016+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "91d9f43e-59fc-4a2e-98e2-c4ab997a4da9", "evidence": "The text frames D-Wave as a 'struggling provider' and 'commercial dead end' to justify the short position.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:44:45.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "antagonist-introduction" }, { "matchId": "a638bb58-3805-4857-9ea4-a17e0dcab36f", "evidence": "The slide systematically presents evidence to contradict the company's marketing claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:44:47.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" }, { "matchId": "6b8083e4-d369-4484-99fb-a14a2e302e4e", "evidence": "Contrasts D-Wave's public marketing claims with private customer feedback.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:44:46.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "expose_contradiction" }, { "matchId": "013dab77-8e37-41e8-b512-c74397d1b082", "evidence": "Uses PhD expert quotes to validate the critique.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:44:46.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "authority-citation" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Prose-style short research note (not a slide deck) — Kerrisdale's standard format: cover with executive-summary paragraphs, financial summary table on p.4, extensive verbatim quotes from former D-Wave engineers and customers (Airbus, BASF, GSK, Unisys, Amazon Bracket) forming the rhetorical core. Quotes used as primary-source evidence rather than CEO-vs-CEO contradictions. No named individual villain — critique aimed at the company and its marketing narrative. No stake size disclosed, only that Kerrisdale 'stands to realize gains' if the stock falls. No explicit target price — downside is implied via peer multiples and Kerrisdale's own 152x estimate vs consensus 57x.", "kpisCited": [ { "detail": "Up over 600% since gate-model quantum hype reignited last year", "metric": "Stock performance" }, { "detail": "$2,311m (307m fully-diluted shares at $7.53)", "metric": "Market capitalization" }, { "detail": "Never more than $9m; 2024A total revenue $9m", "metric": "Annual recurring revenue" }, { "detail": "229x 2024A, 92x 2025E, 152x 2026E, 137x 2027E", "metric": "EV / Sales multiple" }, { "detail": "57x consensus (152x Kerrisdale's estimate)", "metric": "Consensus 2026E revenue multiple" }, { "detail": "22% 2023A, 1% 2024A, 150% 2025E, -39% 2026E per Kerrisdale forecast", "metric": "Revenue growth y/y" }, { "detail": "Adj. EBITDA less capex losses of ($49m)–($71m) from 2022A through 2027E", "metric": "Free cash flow" }, { "detail": "Reported 80% improvement was vs. an Excel baseline, not a modern classical solver", "metric": "Pattison Food Group scheduling efficiency" } ], "closingAsk": "Short QBTS: without a successful gate-model pivot, D-Wave risks becoming a footnote in the very revolution it claims to lead, and its valuation will collapse under the weight of physics, finance, and fact.", "extraction": { "at": "2026-04-22 20:37:43+00", "model": "unknown-legacy", "runId": null, "seconds": 103.2125, "promptVersion": null }, "scqaReward": "Shares trade at 57x 2026E consensus revenue (152x Kerrisdale's estimate) on $9m of ARR with stalled growth and persistent cash burn; a rerating to defensible fundamentals implies very large downside.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "Quantum annealing shows no scaling advantage over classical solvers in peer-reviewed studies", "D-Wave's 'hybrid' solvers are 'almost entirely classical' per former insiders", "QBTS trades at 57x 2026E revenue on just $9m ARR with stalled customer growth" ], "scqaSituation": "D-Wave Quantum (QBTS) is a $2.3bn publicly traded quantum annealing company whose stock rallied 600% on broader quantum-computing enthusiasm, despite pursuing a niche annealing architecture distinct from gate-model leaders IBM and Google.", "thesisSummary": "Kerrisdale is short D-Wave Quantum (QBTS), a $2.3 billion quantum annealing company whose stock has surged over 600% on next-gen computing hype despite never generating more than $9 million in annual recurring revenue. Academic studies and customer interviews (Airbus, BASF, GlaxoSmithKline, Unisys, Amazon) consistently show D-Wave's annealer has no proven scaling advantage over classical solvers like Gurobi or CPLEX, while former engineers describe its 'hybrid' offering as 'almost entirely classical' with quantum as marketing veneer. D-Wave's 2021 pivot to gate-model quantum has produced no architecture papers or benchmarks three years later, and its recent 'quantum supremacy' claim rests on a toy spin-glass lattice with no industrial relevance. At 57x inflated 2026E consensus revenue (152x Kerrisdale's estimate), the valuation will unwind as customers defect and physics catches up with the narrative.", "primaryDemands": [], "scqaResolution": "Investors should short QBTS — Kerrisdale discloses an active short position — betting the stock unwinds as customers defect, physics reasserts itself, and the gap between commercial reality and quantum hype narrative closes.", "thesisOneLiner": "D-Wave's quantum annealing is a commercial dead end, its 'hybrid' solvers are almost entirely classical, and at 57x 2026E revenue the stock will collapse as reality sets in.", "precedentsCited": [ "Microsoft's overhyped Majorana qubit announcement", "D-Wave's prior 'carefully selected benchmark' speedup claims that failed under scrutiny" ], "scqaComplication": "Quantum annealing has no proven scaling advantage over classical solvers, D-Wave's 'hybrid' offering is almost entirely classical per former engineers, its gate-model pivot is stalled with zero benchmarks, and customers in key verticals report zero benefit.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 4, 12, 14, 16 ], "peerCompaniesCited": [ "IBM", "Google", "Quantinuum", "Microsoft", "Gurobi", "CPLEX" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "This is a classic short-seller research note cover/summary page.", "function": "frame_problem", "imagePath": "https://imgproxy.kitesheet.com/q1r847l9tlVDJScSwzldsawz1aCZfER3vMoq_8ZadcQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mODQ4ZTViOTQ5YmUvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 12, "textChars": 1351, "nDataPoints": 2, "notes": "This is a classic short-seller research note cover/summary page.", "elementsJson": [ "paragraph", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:45.844+00", "seconds": 4.404, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/1", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "D-Wave is riding quantum hype, but with a core technology that cannot stay afloat.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-c061fe954fcc", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.764, "x": 0.118, "y": 0.895 }, "kind": "disclaimer", "text": "Disclaimer: As of the publication date of this report, Kerrisdale Capital Management, LLC and its affiliates (collectively, \"Kerrisdale\"), have short positions in shares of D-Wave Quantum Inc. (\"QBTS\") or \"the Company\").", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:45.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2993448-c587-4166-b84c-42fea0921962", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "valuation multiple: 57x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-c84df4411cec", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.168 }, "kind": "paragraph", "text": "We are short shares of D-Wave, a $2 billion quantum annealing company whose stock has surged more than 600% since investors began chasing anything remotely associated with next-gen computing last year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:45.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2028eca2-0617-4dd8-9e33-b5e9c41523b3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.764, "x": 0.118, "y": 0.305 }, "kind": "paragraph", "text": "D-Wave's business is built around quantum annealing, a niche offshoot of quantum computing developed decades ago and largely abandoned by the industry.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:45.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2aa60b34-fc63-49d5-95fb-11e7015f4c12", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.735 }, "kind": "paragraph", "text": "Even D-Wave's most recent highly publicized research lacks commercial relevance.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:45.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "355ccab7-bfee-4131-ba79-01c82960be46", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.635 }, "kind": "paragraph", "text": "Meanwhile, D-Wave's gate-model pivot appears both reactionary and stalled.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:45.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35f8194d-217e-494d-9cc5-1de09ae9cac8", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.515 }, "kind": "paragraph", "text": "To compensate for the shortcomings of its quantum technology, D-Wave leans heavily on so-called \"hybrid\" solutions which combine its annealer with classical hardware and algorithms to tackle industrial-scale problems.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:45.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d4480e7-1ea8-47c5-b4ba-5b8486a2702b", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.225 }, "kind": "paragraph", "text": "Shares currently trade at over 57x consensus 2026E revenue - a ridiculous multiple for a company that has never generated more than $9 million in annual recurring revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:45.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42a373e6-61d2-4e5d-b770-eb81dcae4413", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "there is no proof that any optimization problem is solved faster — former D-Wave engineer", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-c79012f4634a", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.394, "x": 0.303, "y": 0.103 }, "kind": "title", "text": "D-Wave Quantum Inc (QBTS)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:45.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f05e62a-b6d5-448d-a197-226891f44b90", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.17, "x": 0.415, "y": 0.13 }, "kind": "title", "text": "Past-Gen Computing", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:45.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a9eb619-216f-426f-b605-3ba4e457acc7", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "310e2742-fadb-4657-8c8e-3654f3415eab", "evidence": "As of the publication date of this report, Kerrisdale Capital Management LLC and its affiliates (collectively \"Kerrisdale\") have short positions in and own put options on the stock of Riot Platforms, Inc. (\"R", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:00:00.954505+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "91d9f43e-59fc-4a2e-98e2-c4ab997a4da9", "evidence": "The text frames D-Wave as a 'struggling provider' and 'commercial dead end' to justify the short position.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:44:45.844+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/Vaj0zyt8oI5Cxy7KGdh90Iz9xU8N73afGeYDLosjq_4/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mODQ4ZTViOTQ5YmUvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/GrnpzaHiL-xGkSfBzLucWwGzesIsDz3EZ0MYSY5efu4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mODQ4ZTViOTQ5YmUvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/ArUA33utELpEa5lOOiELQVeLOgEN7eukXsQSICOvEuA/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mODQ4ZTViOTQ5YmUvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 2, "textChars": 542, "nDataPoints": 0, "notes": null, "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:43.479+00", "seconds": 1.907, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/2", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": { "h": 0.4, "w": 0.7, "x": 0.15, "y": 0.15 }, "kind": "list", "text": "EXECUTIVE SUMMARY...3\nCOMPANY OVERVIEW...4\nHybrid Solutions...5\n(No) Advantage Systems...5\nLack of Gate-Model Progress...6\nFinancial Profile...6\nQUANTUM ANNEALING: FUNDAMENTAL LIMITATIONS...9\nLost in Translation: Mapping the Real World to QUBO...9\nPhysical Limitations and Sparse Connectivity...10\nNo Proven Scaling Advantage...11\nQuantum Price Tag for Classical Solution...11\nQUANTUM SHELL GAME...12\nREAL-WORLD CUSTOMER PERSPECTIVES...13\nQUANTUM SUPREMACY SPIN...15\nCONCLUSION...16\nAPPENDIX I...17\nFULL LEGAL DISCLAIMER...18", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:43.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99e536ed-7694-4df3-a7c8-5a3f9a5de41a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.15, "y": 0.1 }, "kind": "title", "text": "Table of Contents", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:43.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "faa4dd78-fcf9-402c-9668-a0e14c721b49", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "This is a short-seller research note summary.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 9, "textChars": 1275, "nDataPoints": 2, "notes": "This is a short-seller research note summary.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:46.852+00", "seconds": 5.081, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/3", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "D-Wave hides how hybrid solutions are almost entirely driven by classical algorithms.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-3ddd8f000bf2", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "2026E revenue multiple: 57x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-420bfd1d41bd", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.228 }, "kind": "paragraph", "text": "Encoding and scaling issues severely undercut D-Wave's practical utility. Real-world optimization problems involve multiple overlapping constraints.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.852+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f12b7ac-b174-401e-afb4-6eb5143704c3", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.764, "x": 0.118, "y": 0.545 }, "kind": "paragraph", "text": "D-Wave's gate-model progress appears stalled. For most of its history, D-Wave dismissed gate-model quantum computing as impractical. That conviction abruptly reversed in October 2021.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.852+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5df81231-cab0-4fa5-b8a2-ac4bd24d1a68", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.764, "x": 0.118, "y": 0.407 }, "kind": "paragraph", "text": "D-Wave hides how hybrid solutions are almost entirely driven by classical algorithms. Given the severe limitations of its quantum systems, D-wave's commercial strategy revolves around selling “hybrid” quantum-classical solutions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.852+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93392322-9d4f-40c9-8885-df0b610c7383", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.764, "x": 0.118, "y": 0.801 }, "kind": "paragraph", "text": "Share price is divorced from fundamentals. Despite pulling back from recent highs, the stock remains up over 600% since gate-model quantum computing hype reignited last year. Yet shares trade at a ludicrous 57x 2026E inflated consensus revenue (and 152x our estimate).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.852+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4f98a4c-a0fa-44ae-86cd-f5cb53202385", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.132 }, "kind": "paragraph", "text": "Quantum annealing is a commercial dead end. D-Wave's long-running struggle to commercialize its niche offshoot of quantum computing reflects fundamental technical limitations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.852+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e29d5e54-426e-4246-a02f-8f237ea03e48", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.683 }, "kind": "paragraph", "text": "Quantum supremacy claim is commercially overstated. D-wave recently declared it had achieved quantum supremacy on a useful, real-world problem.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.852+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0281e9e-82b6-408b-be65-9afbf8f520a3", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.265, "x": 0.118, "y": 0.094 }, "kind": "title", "text": "Executive Summary", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.852+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3abb827d-b712-45d2-84fb-99600a5c057f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a7453f1d-8ad8-4675-8ae3-f6512d456853", "evidence": "Share price is divorced from fundamentals. Despite pulling back from recent highs, the stock remains up over 600% since gate-model quantum computing hype reignited last year.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:00:01.059207+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "The slide includes a detailed financial table and a narrative section highlighting the company's controversial reputation and marketing history.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 6, "textChars": 377, "nDataPoints": 80, "notes": "The slide includes a detailed financial table and a narrative section highlighting the company's controversial reputation and marketing history.", "elementsJson": [ "headline_text", "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:46.9+00", "seconds": 5.12, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/4", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Enterprise Value / Sales: 152x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bb-d7c3467b4ed2", "parentComponentId": null }, { "bbox": { "h": 0.305, "w": 0.764, "x": 0.118, "y": 0.597 }, "kind": "paragraph", "text": "Co-founded in 1999 by Dr. Geordie Rose... D-Wave occupies a contentious position in quantum computing circles.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "033037a6-5b41-4514-9090-11cc5d00008b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "One former senior executive bluntly characterized the company as the \"redheaded stepchild\" of the industry.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bb-d27cecf0c43c", "parentComponentId": null }, { "bbox": { "h": 0.012, "w": 0.435, "x": 0.128, "y": 0.488 }, "kind": "source-note", "text": "Source: Kerrisdale forecast. Historical financials per QBTS SEC filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "edbbfb63-3857-418b-aaad-f8dc58c88198", "parentComponentId": null }, { "bbox": { "h": 0.355, "w": 0.744, "x": 0.128, "y": 0.001163 }, "kind": "table", "text": "Capitalization and Financial Summary table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87a5446c-a54c-4181-ac64-543765fad4d4", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.245, "x": 0.118, "y": 0.093 }, "kind": "title", "text": "Company Overview", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1192bbf2-d40e-4436-aee6-782b2d3d158c", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience frame", "slug": "audience-frame", "status": "active", "bestFor": null, "canonId": "2a1eefbd-5be8-4600-898b-49dbfcf73ec8", "version": 1, "bodyDocId": null, "description": "Tools for modelling and segmenting the audience (persona, JTBD, segmentation).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a7cb6773-6e01-4289-9b59-43d0e5e5eb39", "evidence": "Co-founded in 1999 by Dr. Geordie Rose... D-Wave occupies a contentious position in quantum computing circles.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:01.126385+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "analysis", "title": "The slide functions as a critical assessment of D-Wave's technical claims and market positioning.", "function": "diagnose_problem", "rawType": "research-note", "block": null, "metadata": { "slideType": "research-note", "slideTypeCanon": null, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 7, "textChars": 637, "nDataPoints": 4, "notes": "The slide functions as a critical assessment of D-Wave's technical claims and market positioning.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:47.294+00", "seconds": 5.43, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/5", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The quantum component, according to multiple sources, contributes no differentiated value.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-dac4109a3283", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.66 }, "kind": "paragraph", "text": "D-Wave released its first commercial quantum annealer in 2011 with 128 qubits. The company's current Advantage system now features over 5,000 qubits...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.294+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "728e37d4-3a70-4277-a2f9-325792c9540f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Quantum annealing is a method of quantum computing designed to solve optimization problems...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.294+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95ca9558-0073-485e-85b8-7d7fbf02a3a6", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.78, "x": 0.11, "y": 0.3 }, "kind": "paragraph", "text": "D-Wave's quantum annealing technology faces core limitations that restrict its ability to solve large-scale real-world problems...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.294+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b78fa56b-93fb-4832-a0d2-b247ab616650", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The quantum component's added benefit is \"highly questionable\" and a source of internal skepticism and debate. — Former D-Wave engineer", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-df0477653a0d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.11, "y": 0.26 }, "kind": "title", "text": "Hybrid Solutions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.294+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "919aab1b-026d-4118-9d95-c4648d4f1534", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.22, "x": 0.11, "y": 0.62 }, "kind": "title", "text": "(No) Advantage Systems", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.294+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3497595-0902-4e9c-b031-5c12eded99ec", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Analytical method", "slug": "analytical-method", "status": "active", "bestFor": null, "canonId": "b42c4911-7946-49b5-951c-5f3d23f4e2bd", "version": 1, "bodyDocId": null, "description": "Diagnostic / structuring methods (5-whys, fishbone, issue tree, hypothesis-driven).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "279dd0a9-50af-4172-a1b8-ad086cf3143c", "evidence": "D-Wave's quantum annealing technology faces core limitations that restrict its ability to solve large-scale real-world problems...", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 23:00:01.209595+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "60192a38-bd78-4dbb-b2b9-651141148afe", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Slides 5-12 present the limitations and criticisms of D-Wave's technology.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "a45b4842-feed-4ff3-831d-bd7976002313", "evidence": "The document highlights the limitations and risks of using past-gen computing technology.", "position": 0, "objective": "The cost of inaction or using outdated technology", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.311725+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "analysis", "title": "The slide highlights technical limitations of D-Wave's annealing qubits and questions the company's progress in gate-model quantum computing.", "function": "diagnose_problem", "rawType": "research-note", "block": null, "metadata": { "slideType": "research-note", "slideTypeCanon": null, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 8, "textChars": 1069, "nDataPoints": 3, "notes": "The slide highlights technical limitations of D-Wave's annealing qubits and questions the company's progress in gate-model quantum computing.", "elementsJson": [ "paragraph", "headline_text" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:44.767+00", "seconds": 2.635, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/6", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The absence of these standard technical disclosures suggests D-Wave's gate-model efforts remain in early exploration phases at best.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bb-ec785e3bc588", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.8 }, "kind": "list", "text": "1. Cloud-based quantum computing as a service (QCaaS) (79% of 2024 revenue). 2. Professional services (19% of 2024 revenue). 3. On-premise system sales (0% of 2024 revenue).", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.767+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2a3105a-8f4c-4ef5-9517-09bfea4581df", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.4 }, "kind": "paragraph", "text": "For most of D-Wave's corporate history, its leadership dismissed gate-model quantum computing as impractical in the near term, citing crippling challenges like qubit coherence, fidelity, and error correction.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.767+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4109bd6a-e687-4677-bcac-56d79232ba12", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "model quantum computers employ flexible, programmable qubits capable of universal quantum computation, where each additional qubit exponentially expands the computational space.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.767+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e936daa-e8a5-4b7d-91d0-6e73479ddc00", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "In contrast, D-Wave's annealing qubits serve as fixed components in a physical optimization system, functioning more like specialized sensors than general-purpose computing elements.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.767+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff797e51-eff9-476e-9aed-24485aa10af0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Founder Geordie Rose once derided gate-based systems as a \"rotten idea,\" insisting quantum annealing was the only viable path to commercial applications.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bb-f2bd680056e5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.33, "x": 0.11, "y": 0.37 }, "kind": "title", "text": "Lack of Gate-Model Progress", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.767+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29ae7d4f-4a3b-40d0-b3f3-7904ecc4adfe", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.16, "x": 0.11, "y": 0.76 }, "kind": "title", "text": "Financial Profile", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:44.767+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1655627-2871-4285-9a37-9f330929c26e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e1df4468-a0c5-434d-ba7a-c4d94e3e7139", "evidence": "For most of D-Wave's corporate history, its leadership dismissed gate-model quantum computing as impractical in the near term, citing crippling challenges like qubit coherence, fidelity, and error co", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:01.293033+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "60192a38-bd78-4dbb-b2b9-651141148afe", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Slides 5-12 present the limitations and criticisms of D-Wave's technology.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "a45b4842-feed-4ff3-831d-bd7976002313", "evidence": "The document highlights the limitations and risks of using past-gen computing technology.", "position": 0, "objective": "The cost of inaction or using outdated technology", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.311725+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "analysis", "title": "This is a research note page from Kerrisdale Capital criticizing D-Wave's business model and financial health.", "function": "diagnose_problem", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 725, "nDataPoints": 12, "notes": "This is a research note page from Kerrisdale Capital criticizing D-Wave's business model and financial health.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:46.998+00", "seconds": 4.735, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/7", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "D-Wave's financial performance exemplifies the worst hype of the SPAC bubble era, with 2024 revenue coming in -88% below original projections.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-01a1abf2e1c9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "annual revenue: $9m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-08155cef0b88", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.766, "x": 0.117, "y": 0.125 }, "kind": "paragraph", "text": "Despite beginning commercial operations in 2011, D-Wave's financial results remain startlingly weak. Thirteen years of commercialization have never yielded more than $9m in annual revenue...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c763d30-df6d-45c8-bbb5-303fb5811b90", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Total IBM R&D spending in 2024 was $7.5bn and quantum computing is a key pillar of IBM research (alongside AI and semiconductors). Even assuming 1% was spent on quantum research it would equate to multiples more than D-Wave has ever generated in annual revenue. — Footnote 1", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-06d7d3ded3bd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.766, "x": 0.117, "y": 0.885 }, "kind": "source-note", "text": "1 Total IBM R&D spending in 2024 was $7.5bn and quantum computing is a key pillar of IBM research...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9e73728-c11a-451f-8f34-e4bf3d1303bc", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1c2086c6-10bd-43a9-9257-71a5439ad20c", "evidence": "Total IBM R&D spending in 2024 was $7.5bn and quantum computing is a key pillar of IBM research (alongside AI and semiconductors). Even assuming 1% was spent on quantum research it would equate to multiples more t", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:00:01.410729+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "60192a38-bd78-4dbb-b2b9-651141148afe", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Slides 5-12 present the limitations and criticisms of D-Wave's technology.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "a45b4842-feed-4ff3-831d-bd7976002313", "evidence": "The document highlights the limitations and risks of using past-gen computing technology.", "position": 0, "objective": "The cost of inaction or using outdated technology", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.311725+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "analysis", "title": "The slide highlights significant dilution (77% increase in shares) and a disconnect between share price rally and stagnant revenue estimates.", "function": "analyze_data", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 10, "textChars": 1013, "nDataPoints": 30, "notes": "The slide highlights significant dilution (77% increase in shares) and a disconnect between share price rally and stagnant revenue estimates.", "elementsJson": [ "headline_text", "data_table", "line_chart", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:49.772+00", "seconds": 7.479, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/8", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Despite pulling back from recent highs, D-Wave's share price remains up over 600% since last October – a staggering rally that has occurred alongside largely unchanged consensus revenue estimates, as shown below.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-535d0f4bca73", "parentComponentId": null }, { "bbox": { "h": 0.285, "w": 0.764, "x": 0.118, "y": 0.537 }, "kind": "chart", "text": "Dual-axis line chart showing share price vs revenue estimates over time.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:49.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcc4e6be-2360-4c44-9cc7-bf3786f3c19c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "dilution: 77%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-56c67bb2fa6d", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.865 }, "kind": "paragraph", "text": "Shares currently trade at 57x consensus expectation of ~$35m in 2026E - an estimate that optimistically assumes significant year-over-year growth next year despite the non-recurring Jülich system sale in 2025E.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:49.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0de54eb3-45c7-4851-9303-f3c8bcee616a", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.448 }, "kind": "paragraph", "text": "Despite pulling back from recent highs, D-Wave's share price remains up over 600% since last October - a staggering rally that has occurred alongside largely unchanged consensus revenue estimates, as shown below.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:49.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6beb6d9e-dbb8-4675-ade5-7f1964deb6f6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.118, "y": 0.415 }, "kind": "source-note", "text": "Source: Kerrisdale analysis, QBTS SEC form 10-Q and form 10-K filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:49.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3220e4d2-6de9-468d-8f74-d0aa4033d4c2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.118, "y": 0.835 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:49.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc2fa7da-8121-4b8b-9aee-06715d8cbc48", "parentComponentId": null }, { "bbox": { "h": 0.285, "w": 0.764, "x": 0.118, "y": 0.117 }, "kind": "table", "text": "Table of share issuances by quarter including common shares, net proceeds, and implied share price.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:49.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50b092dd-0763-405e-ae17-82e3b58809ef", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.512 }, "kind": "title", "text": "Recent Share Price Performance vs. Consensus Revenue Estimates", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:49.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c2916a6-3bb0-4387-8a88-9ac53b1b47d3", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.092 }, "kind": "title", "text": "Significant Dilutive Share Issuance: 2Q24-1Q25", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:49.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebabde13-447a-4e54-9a3f-cfe647658bc1", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "997f0b90-1564-4a05-93a2-8f79d9137e64", "evidence": "table/data: Table of share issuances by quarter including common shares, net proceeds, and implied share price.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:07.54501+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Chartjunk Elimination", "slug": "chartjunk-elimination", "status": "active", "bestFor": null, "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1", "version": 1, "bodyDocId": null, "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "1d12ed08-35fb-4c33-9ce5-7f00a2c1aedc", "evidence": "chart/line: Dual-axis line chart showing share price vs revenue estimates over time.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:07.58532+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "60192a38-bd78-4dbb-b2b9-651141148afe", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Slides 5-12 present the limitations and criticisms of D-Wave's technology.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "a45b4842-feed-4ff3-831d-bd7976002313", "evidence": "The document highlights the limitations and risks of using past-gen computing technology.", "position": 0, "objective": "The cost of inaction or using outdated technology", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.311725+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "tension", "title": "Includes two expert testimonials from former D-Wave employees criticizing the technology's efficacy.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 8, "textChars": 1678, "nDataPoints": 0, "notes": "Includes two expert testimonials from former D-Wave employees criticizing the technology's efficacy.", "elementsJson": [ "headline_text", "quote_block", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:48.113+00", "seconds": 5.786, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/9", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "There is no proof that any optimization problem is solved faster using [D-Wave's] system compared to classical solvers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-9819970473d3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.118, "y": 0.6 }, "kind": "paragraph", "text": "Classical optimization solvers like Gurobi and CPLEX represent the culmination of decades of algorithmic refinement... As a result, Gurobi and CPLEX can routinely solve large-scale industrial problems...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:48.113+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "412463c3-7d21-4e29-b68b-1d2d0795664b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.118, "y": 0.46 }, "kind": "paragraph", "text": "For over a decade, D-Wave has positioned itself as a leader in practical quantum computing... The reason, we believe, is quantum annealing faces profound adoption challenges rooted in fundamental physical limitations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:48.113+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5d08dbf-0f70-4bdc-acbf-78c792744078", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.118, "y": 0.3 }, "kind": "quote", "text": "Adding quantum slows down the solution because you have to send it to the [quantum computing] device...And there's a real nuance that you have to crush all your variables down in some semi-principled way...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:48.113+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "177e3ee5-d018-4974-867d-fa97ef8a6b6f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.118, "y": 0.225 }, "kind": "quote", "text": "There is no proof that any optimization problem is solved faster using [D-Wave's] system compared to classical solvers.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:48.113+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0394dea-a19f-4f06-89d6-f91061dce93f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"There is no proof that any optimization problem is solved faster using [D-Wave's] system compared to classical solvers.\" — Former D-Wave senior data scientist; \"Adding quantum slows down the solution because you have to send it to the [quantum computing] device...And there’s a real nuance that you have to crush all your variables down in some semi-principled way so that you can fit a representation of the problem on the quantum computer. And then you have to reconstitute that solution into the larger landscape. And so, in all of that there’s never been any great evidence that D-Wave has provided internally, or externally to be honest, that that was doing any good.\" — Former D-Wave engineer, technical consultant", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-9fd920dd91b7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.118, "y": 0.805 }, "kind": "title", "text": "Lost in Translation: Mapping the Real World to QUBO", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:48.113+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ab87741-d3cf-4a2b-b7da-2ecd9b6fb164", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.118, "y": 0.175 }, "kind": "title", "text": "Quantum Annealing: Fundamental Limitations", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:48.113+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0f80800-78f2-4507-a66d-c8b59af0eada", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Antithesis", "slug": "antithesis", "status": "active", "bestFor": null, "canonId": "019dd956-a1f8-7283-8cf4-8e2c4292cc4e", "version": 1, "bodyDocId": null, "description": "Juxtaposing contrasting ideas in parallel structure", "familyLabel": null, "categoryName": "Loop", "categorySlug": "loop" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "b3d43228-a512-4c7b-864f-32f2a62c4607", "evidence": "quote/testimonial: Adding quantum slows down the solution because you have to send it to the [quantum computing] device...And there's a real nuance that you have to crush all your variables down in some semi-principled way.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:07.699599+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "650ee1de-e82d-4b99-9178-8094c8f41af9", "evidence": "quote: \"There is no proof that any optimization problem is solved faster using [D-Wave's] system compared to classical solvers.\" — Former D-Wave senior data scientist;", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.9, "extraction": { "at": "2026-07-16 23:00:07.657254+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "60192a38-bd78-4dbb-b2b9-651141148afe", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Slides 5-12 present the limitations and criticisms of D-Wave's technology.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "a45b4842-feed-4ff3-831d-bd7976002313", "evidence": "The document highlights the limitations and risks of using past-gen computing technology.", "position": 0, "objective": "The cost of inaction or using outdated technology", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.311725+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "tension", "title": "The slide argues that D-Wave's model is not truly scalable or SaaS-like due to the bespoke nature of customer engagements and hardware overhead.", "function": "diagnose_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 7, "textChars": 1186, "nDataPoints": 0, "notes": "The slide argues that D-Wave's model is not truly scalable or SaaS-like due to the bespoke nature of customer engagements and hardware overhead.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:51.61+00", "seconds": 8.941, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/10", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "While the company markets its offering as “Quantum Computing as a Service” (QCaaS), the reality is far from anything resembling a scalable, SaaS-like model.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-aca81903539a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.766, "x": 0.117, "y": 0.785 }, "kind": "paragraph", "text": "This embedding process introduces significant overhead. First, it increases the number of physical qubits needed for each logical variable...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:51.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3008d98e-3f30-499a-bc34-4e0ff44cdec7", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.766, "x": 0.117, "y": 0.143 }, "kind": "paragraph", "text": "For D-Wave to solve a logistics or manufacturing optimization problem, however, the entire problem must be translated into a mathematical form called Quadratic Unconstrained Binary Optimization (QUBO)...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:51.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5918e45d-030f-4b7d-8956-d57153b03171", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.766, "x": 0.117, "y": 0.382 }, "kind": "paragraph", "text": "Beyond the technical challenge of QUBO encoding lies a major practical drawback: most customers have no experience framing their business problems in abstract mathematical terms...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:51.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bc844c9-6854-46ad-8a78-da5c7baec2dd", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.766, "x": 0.117, "y": 0.675 }, "kind": "paragraph", "text": "In addition to encoding challenges, D-Wave's quantum annealing systems face several core physical limitations that reduce their usefulness in practice...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:51.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3297e39-e655-4c0e-a4d8-10d8e2ec7706", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The authors showed that embedding problems into the sparse topology of D-Wave’s quantum annealers incurs a “quadratic space overhead,” (meaning the size of hardware needs grows much faster than the size of the problem) leading to a significant increase in the time to solution. — A study by Könz et al. (2021)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-b1243bb8bd03", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.117, "y": 0.642 }, "kind": "title", "text": "Physical Limitations and Sparse Connectivity", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:51.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b54f3402-4c05-40bb-888b-b35a603c4ca4", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Constraint", "slug": "constraint", "status": "active", "bestFor": null, "canonId": "019dd956-d7af-74fd-9633-01230dc10682", "version": 1, "bodyDocId": null, "description": "Limiting possible actions to prevent errors", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "96769dbe-4cf7-4afa-9b34-bcdd17a5ac63", "evidence": "quote: The authors showed that embedding problems into the sparse topology of D-Wave’s quantum annealers incurs a “quadratic space overhead,” (meaning the size of hardware needs grows much faster than the size of the problem)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:00:07.807594+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Problem Statement Canvas", "slug": "problem-statement-canvas", "status": "active", "bestFor": null, "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18", "version": 1, "bodyDocId": null, "description": "Structured definition of the problem: What? Who? Where? When? Scale?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "e4c0768d-4325-433f-9e6d-b82024eb70da", "evidence": "paragraph/paragraph: For D-Wave to solve a logistics or manufacturing optimization problem, however, the entire problem must be translated into a mathematical form called Quadratic Unconstrained Binary Optimization (QUBO", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:00:07.773845+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "60192a38-bd78-4dbb-b2b9-651141148afe", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Slides 5-12 present the limitations and criticisms of D-Wave's technology.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "a45b4842-feed-4ff3-831d-bd7976002313", "evidence": "The document highlights the limitations and risks of using past-gen computing technology.", "position": 0, "objective": "The cost of inaction or using outdated technology", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.311725+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "tension", "title": "The slide uses academic citations to undermine the company's technical claims and highlights a significant price premium.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 5, "textChars": 593, "nDataPoints": 1, "notes": "The slide uses academic citations to undermine the company's technical claims and highlights a significant price premium.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:47.894+00", "seconds": 5.094, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/11", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In our view, organizations that use D-Wave's quantum offering for classical optimization are paying a steep premium for the quantum \"brand,\" not differentiated quantum performance.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bc-8901466d12d5", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.124 }, "kind": "paragraph", "text": "While D-Wave promotes its annealers as accelerators for optimization problems, academic benchmarks consistently show that they fail to deliver meaningful speedups as problem sizes increase.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "146f9fc9-1b96-4b16-bcc4-516c71ce584d", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.491 }, "kind": "paragraph", "text": "Based on our research, D-Wave's quantum services are dramatically more expensive than traditional classical solvers – often by an order of magnitude or more.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44aff14d-7e59-4102-8cf4-5f88ed81c222", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.435, "x": 0.118, "y": 0.457 }, "kind": "title", "text": "Quantum Price Tag for Classical Solution", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ee986d2-64c6-4ca7-8422-05531ded23a3", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.335, "x": 0.118, "y": 0.093 }, "kind": "title", "text": "No Proven Scaling Advantage", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a269fdfd-781d-4b17-81f9-5c6209058a03", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "60192a38-bd78-4dbb-b2b9-651141148afe", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Slides 5-12 present the limitations and criticisms of D-Wave's technology.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "a45b4842-feed-4ff3-831d-bd7976002313", "evidence": "The document highlights the limitations and risks of using past-gen computing technology.", "position": 0, "objective": "The cost of inaction or using outdated technology", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.311725+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "tension", "title": "The slide uses expert testimony to undermine the company's core value proposition.", "function": "expose_contradiction", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 9, "textChars": 1715, "nDataPoints": 0, "notes": "The slide uses expert testimony to undermine the company's core value proposition.", "elementsJson": [ "headline_text", "quote_block", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:47.21+00", "seconds": 3.978, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/12", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The added benefit is we call it 'quantum' and this is a benefit, to some, in the marketing department.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc75-36e75d005863", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.72, "x": 0.162, "y": 0.322 }, "kind": "paragraph", "text": "Former D-Wave Engineer: One of the key issues is [D-Wave's] hybrid solver doesn't really tell you how much quantum is in the hybrid... I would not notice any difference between classical solver A, classical solver B, and that Leap hybrid.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10ad5da3-c5b3-4dcd-beba-982a1ca5f2e6", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.162, "y": 0.555 }, "kind": "paragraph", "text": "Kerrisdale: What is the added benefit of including quantum in a hybrid solution? Former D-Wave Engineer: I would say, the added benefit is we call it 'quantum' and this is a benefit, to some, in the marketing department.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a680e70-c979-4651-8769-851244c20c03", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.764, "x": 0.118, "y": 0.765 }, "kind": "paragraph", "text": "When D-Wave launched its 5,000-qubit Advantage system in 2020... the company explicitly acknowledged that solving real-world problems would require hybrid approaches. Despite ongoing upgrades... it remains hybrid solvers that enable D-Wave's ability.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bf708c6-6196-43dd-b0c1-b3df3be36366", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.162, "y": 0.475 }, "kind": "paragraph", "text": "Kerrisdale: Which technology is actually solving the optimization problem? Former D-Wave Engineer: If I had to bet, I would say almost entirely the classical system.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8781ff3-0fc7-49a0-9ff6-397363e2a163", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.162, "y": 0.655 }, "kind": "quote", "text": "D-Wave is selling bullsh-t", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94d70704-b201-4a41-a54c-5ec05066375d", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.72, "x": 0.162, "y": 0.133 }, "kind": "quote", "text": "If you use the hybrid solver, the hybrid solver has to compose QUBO problems... there is no quantum advantage, you can substitute quantum with classical and still get better results.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "735ea0e8-f230-4b8f-951f-5619e3e399d6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"If you use the hybrid solver, the hybrid solver has to compose QUBO problems... you can substitute quantum with classical and still get better results. So, the entire hybrid framework could be beneficial, but it’s not because of quantum, it’s because of its construct, and the quantum part can be replaced with classical.\" — Former D-Wave data scientist; \"D-Wave is selling bullsh-t\" — Executive at large multi-national technology and logistics company, former professor of quantum physics and quantum algorithms.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc75-3b96cfa5b39f", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.285, "x": 0.118, "y": 0.094 }, "kind": "title", "text": "Quantum Shell Game", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "045ba434-0761-4f53-97de-b9cf4c4707d2", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Call to action", "slug": "call-to-action", "status": "active", "bestFor": null, "canonId": "019dd9e1-4bbb-702a-9ead-82daf188bb7c", "version": 1, "bodyDocId": null, "description": "Explicit prescription of what the audience should do next.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0cde2aad-3a2b-4c49-8ce3-5179c19a16cb", "evidence": "callout: The added benefit is we call it 'quantum' and this is a benefit, to some, in the marketing department.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:00:07.958014+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8d72ca37-8a0f-44f6-a83e-ba773a7f6d8e", "evidence": "quote: \"If you use the hybrid solver, the hybrid solver has to compose QUBO problems... you can substitute quantum with classical and still get better results.\" ", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.9, "extraction": { "at": "2026-07-16 23:00:07.922016+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "a638bb58-3805-4857-9ea4-a17e0dcab36f", "evidence": "The slide systematically presents evidence to contradict the company's marketing claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:44:47.21+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "60192a38-bd78-4dbb-b2b9-651141148afe", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Slides 5-12 present the limitations and criticisms of D-Wave's technology.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 5, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "a45b4842-feed-4ff3-831d-bd7976002313", "evidence": "The document highlights the limitations and risks of using past-gen computing technology.", "position": 0, "objective": "The cost of inaction or using outdated technology", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.311725+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "tension", "title": "Includes direct quotes from an Airbus manager and an unnamed source, framing D-Wave's customer success stories as 'innovation theater'.", "function": "expose_contradiction", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 6, "textChars": 2195, "nDataPoints": 1, "notes": "Includes direct quotes from an Airbus manager and an unnamed source, framing D-Wave's customer success stories as 'innovation theater'.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:46.839+00", "seconds": 3.409, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/13", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In our view, these testimonials are less about demonstrating quantum advantage and more about putting on a show of corporate innovation theater.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc74-6c7989d10081", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.765, "x": 0.118, "y": 0.818 }, "kind": "paragraph", "text": "The project that we developed using the quantum solution was something small... And I can tell you the results were 'okay,' not something amazing... in my opinion the combination of classical and quantum - it's not strong enough in comparison with other competitors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "283bbdd6-294c-4768-a6a2-8e960149ccfb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.765, "x": 0.118, "y": 0.138 }, "kind": "paragraph", "text": "We believe the conferences D-Wave hosts which showcase glowing customer testimonials highlight not only users who fail to grasp the true role quantum plays in D-Wave's hybrid solutions but also reflect a critical selection bias.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2d9e7ae-d2f4-4c7d-9059-b84b6dc52ff8", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.765, "x": 0.118, "y": 0.52 }, "kind": "quote", "text": "I know that with D-Wave, with the Advanced system and so on, we did a lot on the, I would say \"announcement side,\" but on the actual improvements it was for me a bit harder to see what we're actually improving because even if it did improve, I think it's still kind of a niche solution...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33f7ae40-1aea-459d-babe-184581545461", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "[Customers] are helping quantum computing, more than quantum computing is helping them. — Former D-Wave engineer. I know that with D-Wave, with the Advanced system and so on, we did a lot on the, I would say “announcement side,” but on the actual improvements it was for me a bit harder to see what we’re actually improving because even if it did improve, I think it’s still kind of a niche solution...I am kind of in the belief, in the long term a lot of movements are not based on hype and short term research, but rather on the fundamentals of the businesses, on the actual measurables that they create. And for me, I cannot see how [D-Wave] really are able to be a very sustainable business. — Research and technology manager, Airbus SE. The project that we developed using the quantum solution was something small...During the execution and development phase [beyond initial proof-of-concept] you have a lot of different issues to solve, and when we were going through that, we tried using some hybrid solution from [D-Wave]. And I can tell you the results were ‘okay,’ not something amazing...in my opinion the combination of classical and quantum – it’s not strong enough in comparison with other competitors. — Anonymous customer", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc74-7275b0f3612d", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.35, "x": 0.118, "y": 0.395 }, "kind": "title", "text": "Real-World Customer Perspectives", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "342b478d-11e1-4b38-aa73-63025920da96", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6b8083e4-d369-4484-99fb-a14a2e302e4e", "evidence": "Contrasts D-Wave's public marketing claims with private customer feedback.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:44:46.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 16, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 13, "name": "The Struggle", "beatId": "8f62591a-fb18-4481-b9f4-db705a82e6ae", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "Slides 13-16 present the struggle or challenges faced by D-Wave.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 16, "from": 13, "loop": { "name": "12_myth_buster", "slug": "12-myth-buster", "status": "active", "bestFor": "Rebranding, changing market perception, correcting false assumptions", "canonId": "019dd956-6aac-748b-b08d-f2b9c3727326", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Common Belief -> The Friction/Failure of that Belief -> The New Truth", "description": "Address a common misconception head-on to clear the room for a new truth", "familyLabel": null }, "matchId": "5ed31335-8f19-40e3-a3d4-3fd562803888", "evidence": "The document presents a critical view of D-Wave's technology and progress.", "position": 1, "objective": "Busting the myth of D-Wave's technological advancements", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.423519+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "tension", "title": "The slide uses negative customer feedback to challenge the company's value proposition.", "function": "expose_contradiction", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 5, "textChars": 1588, "nDataPoints": 0, "notes": "The slide uses negative customer feedback to challenge the company's value proposition.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:46.159+00", "seconds": 2.638, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/14", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "How do I know it’s not just a GPU sitting in a big fancy box with D-Wave written on the side?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc74-5bb3d48d83a8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.16, "y": 0.12 }, "kind": "quote", "text": "They’re very coy about [the mix of classical and quantum] because when we actually ran this... it worked, but the noise was just horrendous... How do I know it’s not just a GPU sitting in a big fancy box with D-Wave written on the side?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.159+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b772b77-6dad-4488-93ed-1e0a7d6e3223", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.16, "y": 0.65 }, "kind": "quote", "text": "They were going with this approach called quantum annealing. It just did not seem to be bearing fruit... they switched over to what they call hybrid solvers... [hybrid] is probably just classical computing... it’s probably not doing anything substantial.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.159+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2ac52a9-5f2e-4f0f-86fb-ed8aaa363578", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.16, "y": 0.42 }, "kind": "quote", "text": "The best way we’ve described it is it’s great for school projects, but when you get to real business problems, it’s not mature enough... hybrid solving didn’t actually give us any benefits... it did not provide any benefit over classical computing.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.159+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4018ff2-262c-459a-b648-cfc02f2be11f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“They’re very coy about [the mix of classical and quantum] because when we actually ran this, what we mapped to a true QUBO problem, so you could run it entirely quantum on their system using the fully quantum annealer, it worked, but the noise was just horrendous. The error bars were always all over the place and it would never really converge well. When we used their hybrid solver, all of those problems went away. What I could never get an answer from them though, and we asked this was, ‘what exactly is that hybrid solver?’ I asked as much as, ‘How do I know it’s not just a GPU sitting in a big fancy box with D-Wave written on the side?’ And they never gave us a suitable answer.” — Former senior executive in Scientific Computing, GlaxoSmithKline", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc74-5e213fe8d5e6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 13, "name": "The Struggle", "beatId": "8f62591a-fb18-4481-b9f4-db705a82e6ae", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "Slides 13-16 present the struggle or challenges faced by D-Wave.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 16, "from": 13, "loop": { "name": "12_myth_buster", "slug": "12-myth-buster", "status": "active", "bestFor": "Rebranding, changing market perception, correcting false assumptions", "canonId": "019dd956-6aac-748b-b08d-f2b9c3727326", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Common Belief -> The Friction/Failure of that Belief -> The New Truth", "description": "Address a common misconception head-on to clear the room for a new truth", "familyLabel": null }, "matchId": "5ed31335-8f19-40e3-a3d4-3fd562803888", "evidence": "The document presents a critical view of D-Wave's technology and progress.", "position": 1, "objective": "Busting the myth of D-Wave's technological advancements", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.423519+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "tension", "title": "Uses expert quotes to undermine the credibility of the company's technical claims.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 9, "textChars": 2325, "nDataPoints": 0, "notes": "Uses expert quotes to undermine the credibility of the company's technical claims.", "elementsJson": [ "headline_text", "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:46.783+00", "seconds": 3.137, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/15", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "While the underlying research reflects meaningful progress in academic quantum simulation, framing it as a real-world breakthrough is a stretch.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc74-9e1f88863753", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.515 }, "kind": "paragraph", "text": "This report has so far focused on the limitations of D-Wave's quantum annealer... But quantum annealing is also being explored for quantum simulation...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99c2af43-4ff0-401d-8dc1-d105cdfe7c66", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.764, "x": 0.118, "y": 0.605 }, "kind": "paragraph", "text": "In a press release highlighting its paper 'Beyond-Classical Computation in Quantum Simulation,' the company claimed to have 'unequivocally validate[d] the world's first and only demonstration of quantum computational supremacy on a useful, real-world problem'", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab3023a6-d06c-484f-9000-47e4445f9127", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.805 }, "kind": "paragraph", "text": "While the underlying research reflects meaningful progress in academic quantum simulation, framing it as a real-world breakthrough is a stretch.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aedae67c-2290-486b-877a-3e6b11b34698", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.265 }, "kind": "quote", "text": "It's a toy problem...it's certainly not a real-world problem in the sense of having practical applications...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fc1b0fd-4199-4f66-934f-f4280be10a37", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.764, "x": 0.118, "y": 0.135 }, "kind": "quote", "text": "The claim of quantum supremacy is a clear no...Papers have refuted D-Wave's claim and D-Wave is just holding onto a small technicality...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36b4f0f0-3987-4c38-88db-1aaca468d465", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.375 }, "kind": "quote", "text": "It's almost like what they built is to solve this problem...in reality you want to make this more complex...their system won't be able to solve it.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1e40d46-ebd4-4616-ada9-7467c4893e1c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The claim of quantum supremacy is a clear no...I’m willing to bet a thousand bucks that in the next three months some science team is gonna simulate that diamond lattice and say, there you go...Papers have refuted D-Wave’s claim and D-Wave is just holding onto a small technicality...Ok, so they did a different lattice shape? Big deal. Let’s not forget the obvious fact that this problem is very contrived, and the real-world lattice would be a pyrochlore lattice and that they cannot do.\" — PhD Physics, expert in quantum physics and materials science. \"It’s a toy problem...it’s certainly not a real-world problem in the sense of having practical applications that will lead to new discoveries and material science or something along those lines.\" — PhD Physics, 30 years of experience in quantum computing research. \"It’s almost like what they built is to solve this problem...They say it’s material science, but my thought would be, in reality you want to make this more complex, and as soon as you make this more complex – more variables or you make it a mixture or something – as soon as you introduce that, their system won’t be able to solve it.\" — PhD Computational Chemistry, 20+ years as scientist.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc74-a255434b34e6", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.285, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "Quantum Supremacy Spin", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e96ccce6-cdd4-4153-b536-128543ef9e7b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "013dab77-8e37-41e8-b512-c74397d1b082", "evidence": "Uses PhD expert quotes to validate the critique.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:44:46.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 16, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 13, "name": "The Struggle", "beatId": "8f62591a-fb18-4481-b9f4-db705a82e6ae", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "Slides 13-16 present the struggle or challenges faced by D-Wave.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 16, "from": 13, "loop": { "name": "12_myth_buster", "slug": "12-myth-buster", "status": "active", "bestFor": "Rebranding, changing market perception, correcting false assumptions", "canonId": "019dd956-6aac-748b-b08d-f2b9c3727326", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Common Belief -> The Friction/Failure of that Belief -> The New Truth", "description": "Address a common misconception head-on to clear the room for a new truth", "familyLabel": null }, "matchId": "5ed31335-8f19-40e3-a3d4-3fd562803888", "evidence": "The document presents a critical view of D-Wave's technology and progress.", "position": 1, "objective": "Busting the myth of D-Wave's technological advancements", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.423519+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 16, "type": "tension", "title": "The slide uses a testimonial from an industry consultant to reinforce the negative thesis.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 8, "textChars": 2432, "nDataPoints": 0, "notes": "The slide uses a testimonial from an industry consultant to reinforce the negative thesis.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:47.671+00", "seconds": 3.9, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/16", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "D-Wave risks becoming a footnote in the very revolution it claims to lead.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc74-1ec1fd11cb8d", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "were carefully engineered to sidestep D-Wave's known limitations. Even the most complex instance cited - the biclique lattice - is an abstract problem with no direct industrial relevance. As all three experts quoted above emphasized, the result is academically impressive but falls well short of D-Wave's bold framing around \"useful\" quantum advantage.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11995848-0884-4962-bd59-ecd02c86d2af", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.764, "x": 0.118, "y": 0.175 }, "kind": "paragraph", "text": "This episode fits a familiar pattern in quantum computing: incremental progress repackaged as revolutionary breakthrough - most recently evident in Microsoft's overhyped Majorana qubit announcement. We believe that modeling complex real-world magnetic systems remains beyond D-Wave's capabilities. D-Wave's latest simulation results are not a paradigm-shifting advance as the company suggests. The problem was contrived, the competitive context questionable, and the real-world utility effectively nonexistent.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1215628b-18ad-4a22-bdd0-4e9d0613d145", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.68, "x": 0.16, "y": 0.428 }, "kind": "paragraph", "text": "— Industry consultant, 20 years in quantum computing business development for IBM, Quantinuum, and several others in the industry.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68d667fa-9591-4099-be25-39c96305ee07", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.764, "x": 0.118, "y": 0.477 }, "kind": "paragraph", "text": "Quantum annealing is not the future of quantum computing. D-Wave's unwillingness to disclose the true role of quantum hardware in its hybrid solutions underscores a deeper reality: annealing isn't just niche - it's commercially unviable. Optimization customers have been sold a costly marketing gimmick rather than a groundbreaking tool, even as the broader industry advances toward fault-tolerant, gate-model systems capable of tackling problems annealing was never designed to handle. Without a successful pivot - unlikely as its gate-model effort stagnates while deep-pocketed competitors race ahead - D-Wave risks becoming a footnote in the very revolution it claims to lead.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eef372d3-f60f-4796-aaa4-a2a9b92d796e", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.68, "x": 0.16, "y": 0.348 }, "kind": "quote", "text": "\"They're trying to turn the business around. But to me, the technology is old and it's going to be outperformed by true gate-based quantum...they [D-wave] were great at starting off quantum, but they're in the ending arc of their business, they're not in the expanding arc.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42981953-3d2e-44a8-b28e-4308c846b1ac", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "They’re trying to turn the business around. But to me, the technology is old and it’s going to be outperformed by true gate-based quantum...they [D-wave] were great at starting off quantum, but they’re in the ending arc of their business, they’re not in the expanding arc. — Industry consultant, 20 years in quantum computing business development for IBM, Quantinuum, and several others in the industry.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:35:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b6-764f-bc74-22cb1ffa7bd6", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.135, "x": 0.118, "y": 0.305 }, "kind": "title", "text": "Conclusion", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97b71bb0-7fb2-4d6b-bfb2-b0011fb934b3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 13, "name": "The Struggle", "beatId": "8f62591a-fb18-4481-b9f4-db705a82e6ae", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "Slides 13-16 present the struggle or challenges faced by D-Wave.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 16, "from": 13, "loop": { "name": "12_myth_buster", "slug": "12-myth-buster", "status": "active", "bestFor": "Rebranding, changing market perception, correcting false assumptions", "canonId": "019dd956-6aac-748b-b08d-f2b9c3727326", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Common Belief -> The Friction/Failure of that Belief -> The New Truth", "description": "Address a common misconception head-on to clear the room for a new truth", "familyLabel": null }, "matchId": "5ed31335-8f19-40e3-a3d4-3fd562803888", "evidence": "The document presents a critical view of D-Wave's technology and progress.", "position": 1, "objective": "Busting the myth of D-Wave's technological advancements", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:26.423519+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 17, "type": "appendix", "title": "Technical primer on quantum computing concepts relevant to D-Wave.", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 7, "textChars": 1277, "nDataPoints": 0, "notes": "Technical primer on quantum computing concepts relevant to D-Wave.", "elementsJson": [ "paragraph", "numbered_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:47.463+00", "seconds": 3.679, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/17", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": { "h": 0.068, "w": 0.764, "x": 0.118, "y": 0.315 }, "kind": "list", "text": "1. Quantum Superposition allows the system to explore many possible solutions at once. 2. Quantum Tunneling enables the system to escape local minima in the energy landscape.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "243a689c-2be2-4b4f-85c6-ee9d20193da3", "parentComponentId": null }, { "bbox": { "h": 0.041, "w": 0.764, "x": 0.118, "y": 0.403 }, "kind": "paragraph", "text": "If the annealing is performed slowly enough (adiabatic evolution), the system ideally ends in the ground state of the final Hamiltonian, which corresponds to the optimal or near-optimal solution.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7af2143-795b-42f3-9cb1-2c9a89777a98", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.133 }, "kind": "paragraph", "text": "Quantum annealing is a quantum heuristic designed to solve combinatorial optimization problems by leveraging the principles of quantum mechanics. In this model, the solution to a problem is encoded as the ground state of a quantum system.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf96adb6-2a0c-40b0-8082-a3fd5ccc41b1", "parentComponentId": null }, { "bbox": { "h": 0.068, "w": 0.764, "x": 0.118, "y": 0.495 }, "kind": "paragraph", "text": "However, real-world quantum annealing faces several limitations. Noise, thermal effects, and hardware imperfections can prevent the system from reaching the true ground state. Additionally, problems often require minor embedding.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4821595-52e2-4af7-93a8-e26121db7587", "parentComponentId": null }, { "bbox": { "h": 0.068, "w": 0.764, "x": 0.118, "y": 0.215 }, "kind": "paragraph", "text": "The process begins with qubits initialized in a uniform superposition. The system is governed by a time-dependent Hamiltonian which gradually evolves from a simple initial form to a final Hamiltonian that encodes the problem.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f21d0804-7d5f-4d8e-afc3-bc9b34af84fd", "parentComponentId": null }, { "bbox": { "h": 0.041, "w": 0.764, "x": 0.118, "y": 0.591 }, "kind": "paragraph", "text": "In practice, D-Wave's systems solve problems represented in Quadratic Unconstrained Binary Optimization (QUBO) or Ising model form. These must be translated from high-level business or scientific use cases.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f978558c-dbab-4f7c-98b2-d2a5f7999ebc", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.125, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "Appendix I", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9365fc44-a612-4ef8-9d60-1d8af3e2ae05", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 17, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 17, "name": "The Victory", "beatId": "100c1b92-152f-4afb-8af6-e8ff9c4ed1bb", "matchId": "c0b97c25-f642-410a-9cfc-132b4294d331", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "Slide 17 presents a conclusion or victory.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "setup", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 8, "textChars": 1353, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:47.843+00", "seconds": 3.926, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/18", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.76, "x": 0.118, "y": 0.135 }, "kind": "disclaimer", "text": "As of the publication date of this report, Kerrisdale Capital Management LLC and its affiliates (collectively \"Kerrisdale\") have short positions in the stock of D-Wave Quantum Inc. (the \"Covered Issuer\").", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "249aacdb-ed1b-41b7-8146-aa1ca7e09037", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.69 }, "kind": "disclaimer", "text": "This report discusses estimated fair values of securities and companies, utilizing valuation methodologies. Such estimated fair values are not price targets.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f53871a-123b-4bdc-bb86-fe6b76de7d79", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.118, "y": 0.245 }, "kind": "disclaimer", "text": "This report is not a recommendation to short or sell shares of any company, including the Covered Issuer, and is only a discussion of why Kerrisdale is short the Covered Issuer.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa8672aa-031b-4fe2-84f1-bdfc0e43a4c3", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.425 }, "kind": "disclaimer", "text": "All content in this report represents the opinions of Kerrisdale. The Authors have obtained all information herein from sources they believe to be accurate and reliable. However, such information is presented \"as is.\"", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab8b8201-238d-419d-9e7d-1a676edad08d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.56 }, "kind": "disclaimer", "text": "This document is for informational purposes only. It is not intended as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc0521ec-494d-4e45-9d61-b8d315eab2a2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.325 }, "kind": "disclaimer", "text": "Following publication of the report, the Authors will transact in the securities of the Covered Issuer. The Authors may buy, sell or short shares of the Covered Issuer and other securities covered herein.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4233fed-df59-40c6-86c8-72918938929c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.118, "y": 0.86 }, "kind": "disclaimer", "text": "Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8e022eb-0135-4670-bf05-eddf98f41a2d", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.25, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "Full Legal Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:47.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a55106a-9f84-4694-b626-cd13aaae89a3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 19, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 9, "componentCount": 3, "textChars": 258, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:44:46.749+00", "seconds": 2.693, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-38d705def13a/19", "deck": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b98-38d705def13a.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.5, "x": 0.25, "y": 0.95 }, "kind": "disclaimer", "text": "Kerrisdale Capital Management, LLC | Tel: 212.792.7999 | Email: info@kerrisdalecap.com", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ddbbd18-9dee-4c70-b991-99c4d361e5fa", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "disclaimer", "text": "This document does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7230658-5de8-45ca-96e1-e9c678e076aa", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.06, "y": 0.04 }, "kind": "image", "text": "KerrisdaleCapital", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:44:46.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8a05185-5c04-46f7-8702-dacbfceba57c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 5, "to": 12, "label": "The Monster", "description": "Slides 5-12 present the limitations and criticisms of D-Wave's technology." }, { "from": 13, "to": 16, "label": "The Struggle", "description": "Slides 13-16 present the struggle or challenges faced by D-Wave." }, { "from": 17, "to": 17, "label": "The Victory", "description": "Slide 17 presents a conclusion or victory." } ], "loops": [ { "from": 5, "to": 12, "label": "Cost Of Inaction", "description": "The cost of inaction or using outdated technology" }, { "from": 13, "to": 16, "label": "Myth Buster", "description": "Busting the myth of D-Wave's technological advancements" } ] }