Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Warden Capital Hawkins Entrekin | “D-Wave Quantum Inc. is a hardware developer specializing in quantum annealing systems and specialized optimization computing. The manager holds a high-conviction short position executed via January 2029 put options. The central thesis posits that D-Wave's technology lacks commercial viability, faces direct obsolescence from conventional algorithmic advances, and trades at an unsustainable multi-billion-dollar valuation unsupported by business fundamentals. From a financial and unit economics perspective, the company exhibits extreme capital destruction with virtually no revenue traction, generating just $3 million in quarterly revenue against a $4.5 billion market capitalization. With approximately $1.30 per share in net cash and an annual cash burn rate of $0.50 per share, the company faces severe balance sheet depletion before 2029. Given the absence of an economic moat or proprietary commercial lock-in, survival will necessitate massive, highly dilutive equity raises that will permanently impair equity holders. Key downside catalysts include accelerating cash burn from newly acquired gate-model research, liquidity depletion forcing emergency dilutive share issuance, and algorithmic substitution from classical computing. The primary risk to the short thesis is speculative retail meme momentum or unexpected government subsidy allocations that artificially prolong financing runway.” | BEAR | Q3 2026 Oct 15, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.