(https://www.cnbc.com/2026/06/01/barclays-says-ibm-is-mimicking-nvidias-playbook-in-quantum-market.html) and suddenly a $10B capex spend becomes a growth story. Here's what the bulls are missing: NVIDIA had *actual demand* driving its capex cycle. IBM is betting $10B on a *theoretical* market that hasn't proven it wants to pay for quantum compute at scale. The gap between quantum research and quantum revenue is still a chasm.

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