Details of the SEC’s findings

The SEC claims Musk privately informed a Twitter board member on March 27, 2022, that he owned at least 7 percent of the company. He also reportedly expressed interest in joining the board and taking the company private.

The lawsuit alleges that these discussions further underscore the significance of his delayed disclosure, as it deprived the public and existing shareholders of critical information that could have influenced trading decisions.

The SEC also says that it has obtained private text messages and other communications between Musk and Twitter’s board, suggesting a detailed investigation into the timeline and nature of his stock purchases.

These messages are expected to play a pivotal role in the case as the agency attempts to establish intent and the extent of any regulatory violations.

Musk’s response

Musk’s legal team has dismissed the allegations, with his attorney, Alex Spiro, accusing the SEC of engaging in a ‘multi-year campaign of harassment’ against the billionaire entrepreneur.

Spiro maintains that Musk complied with disclosure rules and has argued that the agency’s claims lack merit.

Musk has frequently clashed with the SEC in the past, often criticizing the regulator’s actions and oversight. This lawsuit adds another layer to the contentious relationship between Musk and the agency.

The lawsuit arrives at a critical juncture as Musk prepares to assume a high-profile role in the Trump administration’s newly created Department of Government Efficiency, raising questions about potential conflicts of interest.

The SEC’s leadership is also set to change, with current Chair Gary Gensler planning to step down ahead of the administration transition.

Musk’s acquisition of Twitter, which was finalized in October 2022 for US$44 billion, transformed the platform into X. The deal and its fallout, including significant changes to operations and policies, have kept X in the spotlight.

Shares of Musk’s electric vehicle company Tesla were unscathed by the new SEC lawsuit. They were up 7.48 percent year-to-date gain as of midday on Wednesday (January 15).

1. Delcath Systems (NASDAQ:DCTH)

Year-over-year gain: 202.86 percent
Market cap: US$405.43 million
Share price: US$12.69

Delcath Systems is a pharmaceutical and medical device company focused on “interventional oncology,” specifically in the treatment of primary and metastatic liver cancers. Delcath’s commercial product portfolio is focused on combining its Hepactic Delivery System (HDS) with the chemotherapeutic drug melphalan for ‘high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects.’

The HDS is approved in the US and Europe under different commercial names and categories. In the US, it is marketed in combination with melphalan as the FDA-approved Hepzato Kit, which is considered a combination drug and device product. In Europe, the HDS is marketed as device-only under the name Chemostat Hepatic Delivery System for Melphalan and is regulated as a Class III medical device.

Delcath Systems’ share price got its first big boost in the second quarter of 2024, rising nearly 45 percent from US$5.56 on May 5 to US$8.04 on May 21, 2024, a period that included the publication of encouraging results from its FOCUS Study in metastatic uveal melanoma patients treated with the Hepzato Kit and its first quarter financials highlighting total revenues of US$3.1 million, up more than 416 percent over the same quarter in the previous year.

A series of positive study results released in late August sent shares in Delcath rising another 37 percent. This included an independent study conducted by the University Hospital of Leipzig, Germany, which shows the efficacy and safety of repeated chemosaturation treatments using Delcath’s Chemostat system for the treatment of patients with primary or secondary liver tumors.

On December 2, Delcath announced that it received FDA clearance for its investigational new Drug application for a Phase 2 clinical trial evaluating Hepzato in combination with standard of care for liver-dominant metastatic colorectal cancer. The clearance gives Delcath the authorization to initiate patient enrollment, which the company expects to begin in the second half of 2025. The news sent Delcath’s stock up to US$12.64 per share.

Shares in Delcath reached their highest yearly peak of US$12.79 on January 13, 2025, after the company shared outstanding preliminary fourth quarter and full-year total revenues of about US$15.1 million and US$37.2 million, respectively.

2. Sensus Healthcare (NASDAQ:SRTS)

Year-over-year gain: 147.76 percent
Market cap: US$108.01 million
Share price: US$6.59

Sensus Healthcare is a medical device company that delivers and develops non-invasive treatments for skin cancer and keloids. The company has developed a patient-centric treatment platform based on its superficial radiotherapy (SRT and IG-SRT) technology.

In early May 2024, Sensus Healthcare posted product sales milestones and robust first quarter financials that gave its share price a nearly 70 percent boost to US$6.42 on May 16. The company announced the sale of the first SRT-100 Vision (IG-SRT) system in Asia, followed by the commercial sale of the SRT-100 to a veterinary specialist in Israel, its first for veterinary use outside the United States. Lastly, Sensus reported Q1 2024 revenues of US$10.7 million, up from US$3.4 million in the prior-year quarter.

Sensus’ share price received its next big bump up in November after the company reported its Q3 financials, including revenues of US$8.8 million compared to US$3.9 million in the prior-year quarter. On November 20, the company’s stock reached its highest point of the past year at US$8.94 per share.

3. Pro-Dex (NASDAQ:PDEX)

Year-over-year gain: 118.55 percent
Market cap: US$146.02 million
Share price: US$44.80

Pro-Dex develops and manufactures battery-powered and electrical surgical instruments used in the orthopedic, spine, maxocranial facial and dental markets. Some of its customers include Smith & Nephew, the Lawrence Livermore National Laboratory, Medtronic (NYSE:MDT) and Arthrex.

Shares of Pro-Dex traded relatively sideways for much of the past year, with its biggest gains coming in the last four months. After the company announced its fiscal 2024 fourth quarter and full-year financial results in early September, its stock climbed nearly 42 percent to US$31.34 by October 1. Net sales for its Q4 ended June 30 increased by 41 percent year-over-year to US$15 million, while net sales for the fiscal year grew by 17 percent to US$53.8 million over the prior year.

Pro-Dex saw its stock price rally yet again in November, surging nearly 60 percent to US$49.55 per share on November 12. This latest upward momentum followed the company’s October 31 release of its fiscal 2025 first quarter financials. Net sales for the quarter ended September 30, 2024, increased 25 percent from the same quarter in the previous year to US$14.9 million.

5. KORU Medical Systems (NASDAQ:KRMD)

Year-over-year gain: 85.84 percent
Market cap: US$186.56 million
Share price: US$4.07

KORU Medical Systems develops and manufactures medical devices and supplies in the United States and internationally, with a focus in mechanical infusion products. Its Freedom Syringe Infusion System first received FDA clearance in 1994. Based on this system, its primary products include the FREEDOM60 and FreedomEdge Syringe Infusion Drivers, Precision Flow Rate Tubing and HIgH-Flo Subcutaneous Safety Needle Sets.

Shares in KORU Medical made their biggest price gains in the last few months of 2024, rising more than 67 percent from the end of October to a yearly peak of US$4.40 per share on December 12.

On October 31, KORU Medical released positive data that it had presented days prior at the Partnership Opportunities in Drug Delivery Conference in Boston, Massachusetts. The data demonstrates nursing preference for use of the KORU FreedomEdge Infusion System over manual syringe administration for subcutaneous oncology infusion.

In mid-November, the company shared its third quarter 2024 financial results, which included net revenues of US$8.2 million, up 17 percent over the prior year period.

Major quantum computing stocks

Some of the biggest names in tech are also the foremost quantum computing stocks, including IBM (NYSE:IBM), Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT), and there are startups in the space as well.

IBM has by far one of the largest and most diverse portfolios of quantum computing services and products. Its Quantum Computing Division offers over 100 qubit devices, and the company has a large quantum data center in New York. In October 2024, IBM brought quantum resources to Europe with the completion of its data center in Ehningen, Germany.

IBM is known for developing the first commercially available quantum computer, IBM Quantum System One, in January 2019. In December 2023, the company announced the development of a newer model, IBM Quantum System Two, which is powered by three Heron chips, each one containing 133 qubits. Quantum System Two is designed to be modular and scalable to accommodate any future advancements made in quantum computing.

Furthermore, IBM offers a software development kit called Qiskit, which is an open-source suite of software products that programmers can use to design their own algorithms and run simulations on classic computers before being executed on quantum computers. Qiskit is based on the Python programming language, making it accessible to anyone interested in learning. The newest version, Qiskit 1.3, was released in December 2024.

In addition to these developments, IBM has several ambitious projects in quantum computing on its roadmap, and the company has an online platform, the Quantum Network, that gives users access to its cloud-based quantum computing services. In April 2023, EY Global Services joined the network to streamline and enhance its research capabilities.

Google is another big name in tech that’s engaged in quantum computing. Its Quantum AI has been working to develop processors and algorithms since 2014, and claims to have been the first to achieve quantum supremacy with its quantum computer in 2019. In December 2024, Google achieved a breakthrough with its Willow quantum processor when it demonstrated significantly improved error correction and scalability in quantum computing. The company’s open-source framework, Cirq, allows users to write, manipulate, optimize and run quantum circuits on quantum computers and simulators.

Microsoft has also made strides in quantum computing. Azure Quantum, a component of the company’s cloud-computing service, Azure, offers resources for users who want to learn more about quantum computing, including a development kit that can be used to custom-build quantum applications. Its chatbot, a quantum-focused version of Copilot, Microsoft’s AI-powered assistant, can explain unfamiliar concepts and help users navigate the world of quantum computing more easily.

On top of that, the company has been heavily researching ways to build a scaled quantum supercomputer. In May 2023, Microsoft researchers achieved a significant milestone when they successfully created a new type of qubit that can make quantum computers more error-resistant and stable. This represents a huge breakthrough in quantum computing and physics, and Microsoft’s journey to this achievement was detailed in the June 2023 issue of Physical Review B.

Quantum computing startups

As eager as the major tech companies are to advance the field of quantum computing, they are not alone. Several smaller startups have emerged throughout Europe, North America and Australia, including Q-Ctrl, Multiverse Computing, Universal Quantum, 1QBit and QC Ware, all of which are striving toward accessible quantum computing solutions.

Quantinuum, one of the leading quantum computing companies, is a spinout of Honeywell International (NASDAQ:HON) formed through a merger of Honeywell Quantum Solutions and Cambridge Quantum in November 2021. The company received significant support in early 2024 when JPMorgan Chase (NYSE:JPM) led a group of investors in a US$300 million funding round.

The investment firm has been a longstanding supporter of the computing business, and has worked with Quantinuum and its predecessor companies since 2020. JPMorgan Chase may be hoping to reap the benefits that quantum computing offers the financial industry. A Bank Underground blog post highlights the “high-level changes” coming to payment systems, including the enabling of more efficient payment systems and smart contracts.

More recently, PsiQuantum, a private startup firm with an estimated valuation of US$3.1 billion, announced a partnership with the state of Illinois to build the largest US facility conducive to quantum computing. The California-based company is seeking to house a quantum computer containing up to 1 million qubits within the next decade. According to MIT, currently the largest quantum computers host around 1,000 qubits. Some of the company’s most notable investors are hedge fund manager Blackrock (NYSE:BLK) and Microsoft. There’s no date yet set for an initial public offering (IPO) for PsiQuantum.

Quantum computing ETFs

Exchange-traded funds (ETFs) offer another avenue for investing in the emerging quantum computer sector.

There is currently just one pure-play quantum computing ETF: Defiance Quantum ETF (NASDAQ:QTUM), which tracks companies developing and commercializing quantum computing applications and other advanced technologies. QTUM’s great performance is indicated in its yearly returns, up 48.26 percent as of January 15, 2025.

QTUM holds 72 companies, and its top holdings by weight are Onto Innovation (NYSE:ONTO) at a weight of 1.7 percent, Teradyne (NASDAQ:TER) at 1.65 percent, KLA (NASDAQ:KLAC) at 1.58 percent and Taiwan Semiconductor (NYSE:TSM) at 1.54 percent.

Investor takeaway

Quantum computing is still in the early stages. However, as quantum computing continues to advance, investors considering getting exposure to this emerging technology will be able to choose between companies that are actively researching and developing quantum computing technology, as well as companies that are positioned to benefit from the adoption of quantum computing in their industries.

Operation Deterrence and other Canada-US efforts

Recent efforts under Operation Deterrence, a provincial framework designed to enhance border security, have already disrupted cross-border criminal activity. This includes the deployment of 200 specialized officers and collaboration with Canadian and American agencies such as the RCMP and the US Drug Enforcement Administration.

Under Operation Deterrence, which was launched earlier this month, Ontario has intensified its efforts to curb illegal activities at the border, including human trafficking and drug smuggling.

These measures complement ongoing joint initiatives, such as the Ontario provincial police’s Border Drug Interdiction Task Force, which involves collaboration with multiple agencies on both sides of the border.

“Ontario has stepped up at a critical time to support the federal government and international interests; but we need the federal government to also step up with stronger measures that will keep our borders and communities secure,” said Solicitor General Michael Kerzner in the government’s Fortress Am-Can release.

Strengthening trade and innovation

The Fortress Am-Can plan also underscores the increased role of economic collaboration in bolstering security.

Ontario has proposed expanding the Am-Can energy and electricity grid, including nuclear energy, to increase Canadian exports to the US. It also highlights Ontario’s advanced artificial intelligence (AI) capabilities, positioning the province as a leader in using AI to develop autonomous surveillance and detection technologies.

As Canada’s largest economy, Ontario plays a crucial role in cross-border trade and security. In 2023, Ontario’s two-way trade with the US totaled C$493 billion, supporting millions of jobs.

The province is the top export destination for 17 US states and ranks second for 11 others.

Ontario’s leadership in marine transportation also ties into its security goals.

The province has outlined plans to expand its shipbuilding and repair workforce as part of its Great Lakes marine transportation strategy, aiming to enhance capacity for both economic and security purposes.

It also discusses the need for continental collaboration to facilitate the energy transition.

‘To help America decouple from China, we recently announced enhancing and building out the integrated Am-Can energy and electricity grid, including nuclear energy, to encourage more exports of Canadian energy and electricity to the US and by establishing a new Am-Can Critical Mineral Security Alliance that invests in and builds out American and Canadian critical mineral supply chains,’ the Ontario government explains in its statement.

Ford reiterated the urgency of federal support, particularly for defense and cross-border crime prevention.

“Building Fortress Am-Can is our government’s plan for a renewed strategic alliance between America and Canada and demonstrates our responsibility as an essential ally dedicated to protecting our land, air and water,” he added.

1. Critical Minerals Research, Development and Demonstration Program

Launched by the Canadian government in 2021, the Critical Minerals Research, Development and Demonstration Programprovides funding to support the development of critical minerals value chains.

As its names suggests, it focuses on research, development and demonstration projects.

It was initiated by Natural Resources Canada “to advance commercial readiness of mineral processing technologies, supporting zero-emission vehicle value chains and critical mineral development.”

Funding is processed through two major streams: federal research and development and contribution funding.

As of September 2024, the program supported 14 approved grants (including three recycling projects).

The federal government also disclosed an investment of C$192.1 million for the program, aiming to “advance technologies and processes that enhance the production and processing of critical minerals.”

The latest round of applications is closed, but details regarding application timelines for 2025 are anticipated.

Information on timelines and funded projects are available here.

2. Energy Innovation Program

Managed by Canada’s Office of Energy Research and Development, the Energy Innovation Program was launched in April 2016 to advance clean energy technologies that assist in achieving Canada’s climate targets.

The program supports the transition to a low-carbon economy, with a focus on funding research, development and demonstration projects, as well as other related scientific activities.

Among its main initiatives is the Mining Decarbonization Demonstration Program, which focuses on demonstration activities within Canadian upstream to midstream operations.

Projects must address de-risking and accelerating the adoption of innovative technologies in Canada’s mining sector and advance the commercialization of clean technology solutions to position Canadian innovators as global leaders in mining sector decarbonization. In addition to that, the program aims to foster collaboration between clean technology mining, milling and/or smelting developers and owners and/or operators in Canada.

Applications come in two phases, with the expression of interest (EOI) phase open to all eligible applicants. The second phase, the full project proposal, is for invited applicants only.

The deadline for applications for the EOI phase is January 27. A guide for applicants is available here.

3. Ontario Junior Exploration Program

Designed for junior mining companies in Ontario, the Ontario Junior Exploration Program (OJEP) offers up to C$200,000 per project. It covers up to 50 percent of eligible expenses for early exploration activities in the province.

The program launched in 2021, focusing on assisting companies that explore and develop critical and precious minerals assets. It was previously known as the Junior Exploration Assistance Program, which was introduced in 2015.

“Ontario is home to significant critical minerals deposits, including lithium, cobalt, copper and nickel. We are well positioned to become a global supplier, producer and manufacturer of these minerals, which are important to daily life,” the Ontario government says in its 2024/2025 guide for the program.

“By supporting early exploration for critical minerals through OJEP, Ontario is helping to unlock the province’s vast mineral exploration potential and paving the way for unprecedented growth in our mining sector.”

The program hosts two streams, one for critical minerals projects and another for exploration projects. The current OJEP guidelines indicate an investment of C$13 million, including C$4 million for critical minerals.

Applications for the 2024/2025 are closed, but the 2025/2026 round is expected to open soon.

4. Mining Incentive Program

The Northwest Territories (NWT) also hosts a funding program of its own, with a total budget of C$1.5 million. All levels of exploration, from grassroots to advanced, are eligible for funding.

Called the Mining Incentive Program (MIP), it provides assistance via two programs, namely the Prospector Mining Incentive Program (PMIP) and the Corporate Mining Incentive Program (CMIP).

PMIP is open to prospectors licensed to operate in the NWT, with a maximum of C$25,000 in assistance available.

Meanwhile, CMIP can cover up to 60 percent of eligible project expenses for mineral exploration companies. Explorers may apply for up to C$240,000 in funding.

Eligible expenses for both programs must be incurred from April 1, 2025, to March 31, 2026.

The application deadline for the 2025 MIP cycle is April 30. Guides are available online for the PMIP and CMIP.

5. Mineral Resources Development Fund

In Nova Scotia, companies are able to apply for funding through the Mineral Resources Development Fund (MRDF).

The program was established in 2018 as a replacement for the Nova Scotia Mineral Incentive Program, which operated from 2012 to 2017. Administered by the geoscience and mines branch of the Nova Scotia Department of Energy and Mines, the MRDF aims to promote and increase mineral exploration and development in Nova Scotia.

It features funding streams for grassroots mineral exploration, shared funding, innovation, education and outreach, marketing, post-secondary research and major projects.

Eligible applicants include prospectors, exploration companies, researchers and projects in the mining sector that attract investment and help grow Nova Scotia’s economy.

Various funding streams, including prospecting grants of up to C$40,000, are available.

Applications for three streams — communities, marketing, and education, outreach and engagement — are open year round, from April 1, 2024, to March 2025.

Specific application periods for other streams, such as geochemical and geophysical grants, are announced annually. The recent cycle is no longer accepting applications, but a new round is expected to open in 2025.