Consider shorting speculative quantum computing stocks like IonQ (IONQ), Quantum Computing Inc. (QUBT), and D-Wave Quantum (QBTS), which are viewed as potential "scams" facing significant downside. Speculative biotech stocks Capricor Therapeutics (CAPR) and Anavex (AVXL) are also identified as strong short candidates based on perceived flawed science and questionable data. A specific short position is held in INmune Bio (INMB) with a target price of $1 to close the position. On the long side, NVIDIA (NVDA) is presented as an extremely bullish opportunity, with a belief it will be the first company to reach a $10 trillion market cap. Finally, Celsius (CELH) is considered a "pretty safe short" due to slowing growth and intense competition.

Here are the investment insights from the podcast transcript.

Quantum Computing Sector (General)

The speaker expresses a highly bearish view on most publicly traded quantum computing companies, frequently referring to them as "scams" that he believes will face regulatory scrutiny from the SEC or DOJ. He makes a clear distinction between companies he sees as fraudulent versus those that are more conservative.

Takeaways

• Overall Sentiment: Extremely bearish on the sector, with the exception of Rigetti.
• Investment Thesis: The speaker believes that several companies in this space are overhyped and are using complex financing deals to raise money from a market that doesn't understand the underlying technology or the deals themselves. He sees this as a bubble that is about to "implode".
• Key Players to Watch: He identifies a pattern of quant funds like Susquehanna and Jane Street getting involved in structured financing for these companies, which he interprets as a sign of a market top, not a vote of confidence.

IonQ (IONQ)

The speaker is intensely bearish on IonQ, calling it a "complete fraud" and a top short idea. The primary catalyst for this view is a recent financing deal the company announced.

• The company raised approximately $1 billion by selling 14.2 million shares at $55.49 (a premium to the market price at the time) to a single fund, Heights Capital (which the speaker identifies as a division of Susquehanna).
• The most critical and bearish part of the deal, according to the speaker, is the inclusion of 7-year warrants with a strike price of $99.88.
• The deal included 200% warrant coverage, meaning for every share purchased, the fund received warrants to buy two additional shares.
• The speaker's analysis, using the Black-Scholes model, values these warrants at approximately $30 each. This implies that for each share purchased at $55, the fund received approximately $60 in free options value, making it a "brilliant heist" for the fund and a "hyper-dilutive" and desperate move by IonQ.
• He believes this deal structure is used when a company cannot raise money from "smart money" through traditional means and is a way for the company's insiders to sell stock as quickly as possible.
• He notes that JP Morgan underwrote the deal, which was a "big snub" to IonQ's usual banker, Morgan Stanley. He predicts this will lead to a downgrade from Morgan Stanley.

Takeaways

• Actionable Insight: The speaker views IonQ as a strong short candidate. He personally shorted more of the stock upon learning of this financing deal.
• Catalyst: He believes this specific financing deal marks the "top" for IonQ's stock. The structure is so unfavorable to the company that he sees it as a sign of extreme desperation.
• Risk Factor (for longs): The massive issuance of warrants creates a significant "overhang" on the stock. It caps the upside potential, as the warrant holders can sell shares into any rally. The speaker believes the company is essentially "selling its upside away".

Quantum Computing Inc. (QUBT)

The speaker is extremely bearish on QUBT, stating he is short the stock and believes it is a "scam" that is going to "implode".

• He lumps QUBT in with IonQ and D-Wave as companies likely to attract regulatory attention from the SEC or DOJ.
• He notes that quant funds also did a financing deal with QUBT, but that deal did not include the massive warrant package seen in the IonQ deal, making the IonQ deal seem even more egregious by comparison.

Takeaways

• Actionable Insight: The speaker is actively shorting QUBT and expects the stock to decline significantly.
• Sentiment: Extremely bearish.

D-Wave Quantum (QBTS)

The speaker is extremely bearish on D-Wave, calling it "such a scam" and stating it is one of his biggest short positions.

• Similar to his thesis on IonQ and QUBT, he believes the company will eventually get "busted" by regulators like the SEC or DOJ.

Takeaways

• Actionable Insight: The speaker is actively shorting QBTS.
• Sentiment: Extremely bearish.

Rigetti Computing (RGTI)

In stark contrast to his views on other quantum companies, the speaker has a neutral-to-positive view of Rigetti.

• He specifically excludes Rigetti from his list of "scams" in the quantum space.
• He describes the company as being "conservative and realistic".

Takeaways

• Actionable Insight: While not an outright buy recommendation, the speaker's commentary suggests that for investors interested in the quantum computing space, RGTI may be a relatively safer bet compared to its peers due to its more conservative approach.

Capricor Therapeutics (CAPR)

The speaker is intensely bearish on Capricor, calling it a "scam" and identifying it as a potential next short target. He performed a deep dive into the company's science and clinical data.

• Scientific Thesis: He questions the fundamental mechanism of the drug (CAP-1002), which involves using stem cells from donor hearts. He argues that patients already have these cells, and there's no logical reason why cells from a deceased donor would help. He also cites data showing that almost none of the intravenously infused cells ever reach the heart.
• Clinical Data: He calls the trial data "fugazi" (fake). He points to a small 8-patient trial where the drug failed to show a statistically significant benefit at months 3, 6, and 9, only to "magically" work at the 12-month mark. He also notes that other measures of strength in the trial showed no benefit.
• Red Flag: He highlights that the statistician involved with the trial data was previously involved with Cassava Sciences (SAVA), a company known for its own data integrity controversies.

Takeaways

• Actionable Insight: The speaker views CAPR as a compelling short candidate based on what he sees as flawed science and manipulated data.
• Catalyst: He believes the FDA will not approve the drug and will issue a Complete Response Letter (CRL).

INmune Bio (INMB)

The speaker is bearish and holds a short position in INMB.

• He believes that after an initial crash, biotech "binary" event stocks tend to continue trending down.
• He states the company is "basically worthless" and that he plans to cover his short position if the stock drops to $1.

Takeaways

• Actionable Insight: The speaker is short INMB with a price target of $1 to close the position.
• Sentiment: Very bearish.

NVIDIA (NVDA)

The speaker is extremely bullish on NVIDIA.

• He believes the company will "keep beating" earnings expectations, driven by massive spending on GPUs from cloud giants like Microsoft.
• He reiterated a past prediction that NVDA would be the first company to reach a $10 trillion market cap.
• His own financial model is above Wall Street consensus, projecting earnings of $207 per share for fiscal year 2026, compared to the street's $196.
• He highlighted the company's massive $15 billion stock buyback in the first quarter as a sign of strength.

Takeaways

• Actionable Insight: The speaker has a long-term bullish outlook on NVDA, viewing it as the "best company in the world".
• Valuation: While not explicitly stated as a buy at current levels, his commentary suggests he believes the company will grow into and exceed its high valuation.

Microsoft (MSFT)

The speaker's view on Microsoft is neutral, leaning slightly bearish due to valuation.

• He acknowledges the company's "incredible" growth and massive capital expenditures ($17 billion in a single quarter) on AI infrastructure.
• However, he finds it "tough to be that bullish" on the stock at its current price, noting it trades at 30 times his own above-consensus estimate for next year's earnings.

Takeaways

• Actionable Insight: The speaker suggests caution on MSFT due to its high valuation, even while acknowledging its strong fundamental performance in AI. It may be fully valued at its current price.

Other Stock Mentions

• Sarepta (SRPT): Bullish. The speaker is long the stock and believes there is significant underlying value, though it may take time to be realized.
• Madrigal Pharmaceuticals (MDGL): Bullish. He states that he "likes" the company.
• Celsius (CELH): Bearish. He calls it a "pretty safe short," believing its market is no longer growing and is facing intense competition.
• Recursion Pharmaceuticals (RXRX): Bearish. He is shorting the stock and believes it is "basically worthless".
• Anavex (AVXL): Bearish. He plans to open a short position soon, questioning why the company has not filed for FDA approval in the U.S. for its Alzheimer's drug if the data is as good as claimed.
• Apple (AAPL): Neutral. He notes its massive free cash flow ($100 billion annually) but also points out that revenue and wearables sales are down.
• ATYR Pharma (ATYR): Mixed. He first says "I'm all over it" but later lists it as a potential short candidate alongside Capricor. The sentiment is unclear.
• OpenAI: Bullish. He is "long" on the company and believes it could be profitable immediately if it chose to be.