Old narratives never die; they simply fade away (until they bounce back?)
I started to set out, this, the second article on market narratives and memes, on Monday afternoon, 13-04-2026.
And, as part of that process, I was looking for a stock that had benefited from a popular narrative or meme in the past, but which had gone off the boil in recent times. The stock I came up with was D-Wave Quantum ticker QBTS US.
And, looking at the 2-year chart, in the top window below, you can probably see why I picked it.
A +600.0% gain between May and October 2025 made it a stock market darling, but by November, the stock was cooling down and selling off.
There was a pause in the sell-off, over the holidays, but we saw a second downward leg in the stock price from January onwards.
And that’s where I thought we had left it. However, the market had other ideas, and since Monday(13-04-2026), the stock has rallied by more than +50.0%
Source:Barchart.com
It’s not alone either, as you can see below.
Quantum Computing stocks
Source:Barchart.com
AI for the Quantum Guy
The recent gains in QBTS, QUBT, RGTI, IONQ and others are being attributed to the release of a new AI model at Nvidia called Ising, which is designed to improve quantum computing performance and error correction rates.
Some believe this will allow the quantum computer companies to move closer towards profitability.
Current quantum computers are what we might call fragile.
They have to be shielded from the outside world. They also need to be cooled to temperatures that are close to absolute zero to operate.
Any disturbance or temperature fluctuation can create errors in processing, and too many errors can corrupt their calculations.
The excitement and interest around the sector comes from the fact that its TAM, or Total Addressable Market, is forecast to reach as much as $840.0 billion by 2040. Compared to just $1.0 bln in 2024.
That meme looked to have lost its appeal, but at least in the short term, it's been resurrected.
Turnover Speaks Volumes
One way to gauge how much genuine interest there is in that resurrection is to monitor and compare trading volumes or turnover of the stocks.
For example, in the table below, we can see average volumes traded over select time scales: 1 month, 6 months and 52 weeks.
Coherent COHR tops the table, and it has experienced volume growth.
With a 1-month average daily volume traded of 8.36 million shares, whereas its 52-week average daily volume was only 4.69 million shares.
I note, however, that Wednesday's volume (14-04-2026) was back in line with the 52-week average.
Volumes traded in leading Quantum Computing stocks
Source:Barchart.com
D- Wave, however, had been experiencing a decline in volumes traded, with its 52-week daily average volume up at 46.32 million shares. But the 1-month average was some -50.0% lower, at 23.558 million shares.
Yet, if we look at the volume traded in the previous session, in this case, Wednesday, 14th of April, we find that the volume had surged to 98.95 million shares. Volume on Thursday, 16-04-2026, also exceeded 90.0 million shares.
The takeaway from all of this is that it's a good idea to keep track of old narratives.
Particularly when they involve new technology that has the potential to change society, and or create new markets.
Keep an eye on volumes and price moves, and be aware of the news flow in the sector, or things adjacent to it
Another example of why that’s worth considering doing this can be found below in the chart of Albemarle ALB US. The world's largest lithium refiner.
Lithium that powers the lithium-ion batteries that drive electric vehicles.
Source:Barchart.com
Albemarle sprang back to life on Thursday, 16-04-2026, as the war in the Persian Gulf dragged on, and EV sales appeared to be rising once more.
“The EV world is slowly turning into a giant roller coaster. According to new data from Benchmark Mineral Intelligence, March 2026 was a very busy month for the industry. People across the globe bought 1.75 million EVs in just 31 days. That is a huge 66% jump from the month before. If you look at the whole first quarter of the year, which includes January, February, and March, about 4 million electric cars were sold”
Source:Arenaev.com
The stock jumped by a whopping +16.31%, the second biggest one-day gain in Albemarle over the last two years.
A bit of effort on your part could yield big rewards.
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and as such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades (“AT”). The information does not contain a record of AT’s prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not a reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acting on the information provided does so at their own risk. Forecasts are not guarantees. Rates may change. Political risk is unpredictable. Central bank actions may vary. Platforms’ tools do not guarantee success.