{ "docId": "019dd923-622c-750b-8b9a-1cc056790523", "docSlug": "340e94a59fc0", "documentTitle": "IonQ Inc. (IONQ)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-05-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 159, "pageCount": 183, "prevPage": 158, "nextPage": 160, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 4, "notes": "The slide uses a Q&A format to highlight the absurdity of the transaction size relative to actual usage capacity.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-1cc056790523/159", "deckHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523#slide-159", "components": [ { "bbox": null, "kind": "callout", "text": "I mean, it just doesn’t add up; there’s no way they can use it; I don’t know what they’re going to do with it; there’s no way in hell they can use $15 million worth of compute time.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-f5d2-7501-bd84-c53b74b92d68", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.39 }, "kind": "list", "text": "Q: “Who are these contemplated Maryland faculty and students that would be using the IonQ computer? Basically, Monroe’s grad students and buddies?”\nA: “I think there are some professors. So, there are a couple of people there, but I don’t view University of Maryland as a quantum powerhouse.”\nQ: “So, how would they conceivably purchase $14 million of compute time?”\nA: “I don’t know what they’re going to do with it.”\nQ: “Is there even enough—that just sounds like years and years and years worth of quantum computing time\nA: “No, there’s not enough. That is true. There’s no way they can use it. [Redacted] gave some time to a faculty member at the University of Maryland and literally spent hours on the phone with their IT department, who couldn’t understand how to interface with Amazon, and it was like this huge cluster-f.”\nQ: “So, there aren’t even enough people there that understand how to use the compute time for this to be relevant?”\nA: “I would tell you that there’s no way in hell they can use $15 million worth of compute time. Yeah, there’s no way that can use millions worth of time. I can tell you one user last year, we let him have full access to the computer and gave him priority, and he was doing machine learning, which is very compute-intensive. And he used $200,000 worth of time in probably six months. So, let’s say 10 people at the University of Maryland were doing machine learning, and they were using $200,000 in six months; I mean, it just doesn’t add up.” – Former executive of IonQ", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b76bbda4-243a-413f-8b68-25c838a36115", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.34 }, "kind": "paragraph", "text": "Ex-executive indicated “there’s no way” that UMD faculty and staff would be able to use the “purchased” compute time", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cc28e056-f16d-45fc-a3d7-6a5766d4ec30", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "I would tell you that there’s no way in hell they can use $15 million worth of compute time. Yeah, there’s no way that can use millions worth of time. ... I mean, it just doesn’t add up. — Former executive of IonQ", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-f5d2-7501-bd84-c8133ed55571", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1ad664c5-1b63-4f37-b924-0dfaf7f9171c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "When we asked how staff and students at UMD would ever use the $14-20MM of compute time they appear to have “purchased” from IonQ, the ex-executive bluntly stated that they couldn’t – essentially describing the essence of a sham transaction: “I mean, it just doesn’t add up”; “there’s no way they can use it”; “I don’t know what they’re doing to do with it”; “there’s no way in hell they can use $15 million worth of compute time.”", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "502b6221-c14b-4771-8b8e-9d7481e45915", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "6104257c-1a47-4cff-9154-19ec439f2845", "evidence": "The slide explicitly frames the transaction as a 'sham transaction' and uses expert testimony to expose the contradiction.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }