Andrew Left is known as a short-seller, but he's turned a bullish gaze toward an under-the-radar quantum stock this week.
Quantum stocks have surged recently, with names like Rigetti Computing and D-Wave Quantum up 36% and 52%, respectively, in the last week. These companies and a few others have been at the heart of the quantum trade, but Left thinks a relative newcomer is the one to watch due to its ties to chip king, Nvidia.
In a post on X, Left's Citron Research said Infleqtion, which went public in February, is the red-hot sector's most undervalued play. The reason for his bullish thesis centers on Infleqtion's role in Nvidia's new quantum-focused AI leap, part of the chip maker's push to harness the nascent tech.
"The smallest public quantum company by market cap was selected the most by the most important AI infrastructure company on earth," Citron wrote on X. "NVIDIA ranked these companies for you. The stock market hasn't caught up yet."
Left shared a press release announcing Nvidia Ising, a group of AI models created to help accelerate the advancement of quantum computing.
The news boosted quantum stocks broadly this week, sparking several days of fresh momentum. Even so, some investors may have missed the fact that Nvidia's statement mentioned Infleqtion as one of the partners it selected for quantum projects using its Ising models.
While the development might seem subtle, Left sees it as an important reflection on the company's potential.
In his view, being named to two separate partner lists by Nvidia—Ising calibration and Ising decoding—gives it a clear advantage over other quantum computing stocks such as Rigetti, a company he previously told Business Insider he's betting against due to what he sees as an inflated valuation. Left also disclosed a bet against fellow quantum computing stock D-Wave Quantum.
"Infleqtion is the only company NVIDIA selected twice for both Calibration AND Decoding , yet trades at half the market cap of Rigetti, a company NVIDIA didn't select at all," Left added.
It's not the only reason he's bullish on Infleqtion, though. Left also highlighted the company's expanded partnerships with the US Department of Energy's National Laboratories, Sandia National Laboratories, Fermi National Accelerator Laboratory, and Lawrence Berkeley National Laboratory.
"This is the most obvious mispricing in the quantum market right now," he said of Infleqtion stock.
