When institutional giants like Canada’s Public Sector Pension Investment Board (PSP)—managing $265 billion in assets and delivering an 8.3% annualized return over a decade—make moves, investors take notice. Recently, PSP has been offloading its stake in high-flying Canadian quantum computing firm D-Wave Quantum (NYSE:QBTS), signalling caution amid volatility. Meanwhile, a TSX mining stock, Lundin Mining (TSX:LUN), is attracting billionaire-backed confidence. Here’s what’s happening and why it matters.
Why billionaires’ moves matter
Billionaire investors and institutions like PSP don’t just follow trends—they set them. With access to deep research teams, industry networks, and a long-term focus, their portfolio shifts often hint at emerging risks or opportunities. For retail investors, tracking these moves can offer a roadmap to smarter decisions—especially in volatile sectors like tech or commodities.
PSP’s exit from D-Wave Quantum stock: Locking in gains
D-Wave’s stock skyrocketed 1,056% between September 2024 and January 2025, driven by hype around quantum computing breakthroughs like Alphabet subsidiary Google’s Willow chip. However, since January, shares have plunged 40% year to date, coinciding with PSP’s aggressive selling spree. The pension fund reduced its stake in D-Wave from more than 10% in December 2024 to around 2% by January 22, 2025.
Why sell now?
D-Wave Quantum is an extremely volatile, speculative, hype-driven growth stock that had endured a 95% drawdown before the 1,000% surge from September. The company’s fundamentals are still weak, tempting investors to book some profits when the stock surges beyond its “fair” value.
Despite rising customer bookings, D-Wave remains unprofitable, with negative cash flow, and caries significant risk of financial distress. The business is still a long way away from financial sustainability and requires shareholder support in the form of new capital.
Given the long road to quantum computing’s commercial viability, with Nvidia’s chief executive officer Jensen Huang warning about quantum computing’s commercial use likely two decades away, portfolio managers at PSP potentially share a similar view.
PSP’s sustained exit from D-Wave Quantum stock aligns with its mandate to “manage risk and optimize returns.” While D-Wave recently raised US$150 million in January 2025 to fund operations, the stock’s instability makes it a high-risk bet for retail investors.
The TSX stock billionaires are buying: Lundin Mining stock
As PSP pivots from speculative tech, Lundin Mining—a copper, zinc, and nickel producer—is drawing billionaires’ attention. In January, Nemesia, a firm tied to trusts established by Lundin’s late billionaire founder Adolf H. Lundin, invested $610.6 million in LUN shares, boosting its stake to 19.5%. This move coincides with Lundin’s joint acquisition of Filo Corp with BHP Canada, a deal set to expand its copper reserves—a critical metal for the energy transition.
Why buy Lundin Mining stock?
Nemesia’s increased investment in Lundin Mining stock was driven by positive prospects for the miner. Commodity megatrends support a bullish call on LUN stock as copper demand grows with renewables, electrification and grid infrastructure investments.
Unlike a cash-bleeding D-Wave, Lundin Mining is profitable, with a robust balance sheet and a history of dividend payouts. The current LUN stock quarterly dividend yields a respectable 3.1% annually.
Most noteworthy, Nemesia’s massive investment signals an existing billionaire insider investor’s long-term faith in Lundin’s operating strategy.
Lundin stock trades at a reasonable price-to-earnings (P/E) ratio of 23, which compares favourably against an industry average P/E of 62, appealing to value-focused investors.
What this means for individual investors
Following billionaire moves isn’t about blind imitation—it’s about understanding the reasons why. Here’s how to apply these insights:
Firstly, avoid hype traps: D-Wave Quantum stock’s volatility underscores the risks of chasing speculative tech names. Shares have already experienced a 60% drawdown this new year. Trades could be choppy. Focus on companies with clear paths to profitability.
Secondly, prioritize fundamentals: Lundin Mining’s copper focus and insider buying highlight the value of stable, sector-tailwind plays.
Finally, diversify: Even billionaires spread risk. Balance high-growth picks with potentially defensive stocks like Lundin.
Investor takeaway
PSP’s exit from D-Wave Quantum stock reflects a shift from a speculative tech stock, while another billionaire fund deepens exposure to tangible assets like copper—a metal powering the global energy transition. Lundin Mining, backed by billionaire-linked investors and strategic acquisitions, offers a safer harbour amid Trump-tariffs-amplified market turbulence. Investors may wish to align with the trends that billionaires endorse, but they should always base their decisions on fundamentals.
