Callum Stewart, Principal at Bullhound Capital

In this episode, host Yuval Boger speaks with Callum Stewart, a former Cambridge physicist turned deep tech investor at Bullhound Capital, about how he evaluates quantum companies for late-stage venture investment. Stewart explains why he shifted from hardware-agnostic bets to backing specific modalities like superconducting qubits, and discusses the dual pressures of algorithmic improvements and hardware advances that are compressing quantum timelines. He also offers a contrarian take on the quantum funding environment, warning that a market correction is likely before commercial quantum advantage triggers the next wave of investment and industry consolidation.