{ "docId": "019dd923-622c-750b-8b98-38d705def13a", "docSlug": "f848e5b949be", "documentTitle": "D-Wave Quantum Inc (QBTS)", "authorId": "53_Kerrisdale_Capital", "authorName": "Kerrisdale Capital", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-04-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 13, "pageCount": 19, "prevPage": 12, "nextPage": 14, "slideType": "villain_critique", "function": "expose_contradiction", "density": "dense", "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" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-38d705def13a/13", "deckHref": "/decks/019dd923-622c-750b-8b98-38d705def13a", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-38d705def13a.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-38d705def13a#slide-13", "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, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc74-6c7989d10081", "frameworkName": null, "frameworkSlug": 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, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "283bbdd6-294c-4768-a6a2-8e960149ccfb", "frameworkName": null, "frameworkSlug": 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, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e2d9e7ae-d2f4-4c7d-9059-b84b6dc52ff8", "frameworkName": null, "frameworkSlug": 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, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "33f7ae40-1aea-459d-babe-184581545461", "frameworkName": null, "frameworkSlug": 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, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc74-7275b0f3612d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.025, "w": 0.35, "x": 0.118, "y": 0.395 }, "kind": "title", "text": "Real-World Customer Perspectives", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "342b478d-11e1-4b38-aa73-63025920da96", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "expose_contradiction", "slug": null, "matchId": "6b8083e4-d369-4484-99fb-a14a2e302e4e", "evidence": "Contrasts D-Wave's public marketing claims with private customer feedback.", "confidence": 0.9 } ], "arcBeats": [ { "to": 16, "from": 13, "beatId": "8f62591a-fb18-4481-b9f4-db705a82e6ae", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Slides 13-16 present the struggle or challenges faced by D-Wave.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [ { "to": 16, "from": 13, "name": "Myth Buster", "slug": "12-myth-buster", "bestFor": "Rebranding, changing market perception, correcting false assumptions", "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", "structure": "The Common Belief -> The Friction/Failure of that Belief -> The New Truth", "confidence": 0.7, "description": "Address a common misconception head-on to clear the room for a new truth" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }