Wall Street Lunch: D-Wave Quantum Shows Industry First On-Chip Cryogenic Control of Qubits

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D-Wave Quantum says it’s solved a massive wiring problem. (0:15) AI and robots at CES. (0:57) Nio’s 1,000,000th vehicle rolls out of the factory. (2:16)

This is an abridged transcript of the podcast:

Our top story so far, it’s another first in the Quantum Realm—if time does indeed run linearly there.

D-Wave Quantum (QBTS) says it has successfully completed an industry first: scalable, on-chip cryogenic control of qubits. The milestone is key for gate-model quantum computers because it dramatically cuts the amount of wiring needed for large qubit counts without hurting qubit fidelity.

Chief development officer Dr. Trevor Lanting said that without on-chip control and multiplexing, useful gate-model systems would require an impractically large amount of wiring and massive cryogenic enclosures. With this approach, D-Wave says it can control more qubits with less wiring, build larger processors with a smaller footprint, and is positioned to deliver what it calls the first truly scalable, commercial-grade gate-model system.

Also in the tech sector, AI is echoing in the halls at CES Vegas—from Nvidia’s (NVDA) Alpamayo, billed as the world’s first “thinking model” for autonomous driving, to Caterpillar’s (CAT) evolution “from dirt to data,” with a focus on autonomous machines and industrial AI.

AMD (AMD) is showcasing Zen 5–powered Ryzen AI Embedded processors, while Intel (INTC) is highlighting its next-gen Core Ultra Series 3.

Samsung’s (SSNLF) Galaxy Z TriFold also got a close-up in a new demo, folding out from smartphone to tablet in seconds for multitasking or mini-workstation duty.

Robots and humanoids are everywhere as well. LG’s CLOi grabbed attention by folding laundry and unloading dishwashers, and the new Atlas humanoid from Boston Dynamics can lift up to 110 pounds, with deployment planned at parent Hyundai’s car factories from 2028.

Other eye-catchers included Lego’s Smart Bricks, which embed chips to react to movement and sound, and gadgets like the Allergen Alert Mini Lab, designed to quickly test food for gluten and other allergens.

Among active stocks, AIG (AIG) is lower after announcing CEO Peter Zaffino will retire by mid-2026. Eric Andersen will join as president and CEO-elect effective February 16.

Arrowhead Pharmaceuticals (ARWR) is surging after saying its experimental obesity therapy ARO-INHBE doubled weight loss in an early-stage trial when combined with Eli Lilly’s (LLY) tirzepatide, sold as Zepbound.

Nio (NIO) celebrated the production of its one-millionth vehicle at Factory Two. CEO William Li said Nio is entering its “third stage of development,” targeting 40%–50% annual sales growth and more than 10,000 stations by 2030 as it expands globally.

And Under Armour (UAA) (UA) is rallying after Fairfax Financial Holdings disclosed a 22.2% stake, now holding about 41.96M shares following its latest round of buying.

In other news of note, odds that the U.S. could move to take over the Panama Canal have ticked higher on prediction markets after the U.S. captured Venezuelan leader Nicolás Maduro in a pre-dawn strike on Saturday.

On prediction market Kalshi, the implied probability has risen to 38%, up from 30% on January 3.

The U.S. ceded control of the canal in 1999 under a 1977 treaty signed by President Jimmy Carter.

And in the Wall Street Research Corner, Morgan Stanley chief equity strategist Michael Wilson says the Street is significantly underestimating the combined impact of several bullish forces heading into 2026—and the big surprise could be multiple expansion for the median stock on top of solid earnings growth.

Wilson has a year-end 2026 S&P 500 target of 7,800, pointing to what he calls “synergistic drivers” behind a rolling recovery in markets.

His key tailwinds: earnings growth, deregulation, easier monetary policy, a cyclical upturn in manufacturing, a weaker dollar and lower oil, plus a wallet-share shift back toward goods from services.

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