Microsoft’s quantum computing claims face new scrutiny from Nature critique
A University of St. Andrews researcher argues Microsoft's key quantum data may show random noise, not the breakthrough the company reported
Microsoft Corporation (MSFT) price
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- Last close
- $531
- Close-to-close change
- −0.2%
- Market cap
- $3.9T (shares as of 2026-10-22)
- P/E (trailing)
- 27.7 (EPS to 2026-09-30)
- Annual revenue
- $331.8B USD (FY ended 2026-06-30) 10-K
- Annual revenue growth
- +17.8% (FY ended 2026-06-30 vs FY ended 2025-06-30) 10-K
- Annual net income
- 133,749,000,000 USD (FY ended 2026-06-30, attributable to the company) 10-K
- Annual operating margin
- 46.8% (FY ended 2026-06-30)
- Forward P/E
- Unavailable: no dated forecast source
Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.
Microsoft Corporation and its peers
| Company | Price | Market cap | P/E (trailing) | Forward P/E | Annual revenue (USD) | Annual revenue growth | Annual net income (USD) | Operating margin |
|---|---|---|---|---|---|---|---|---|
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$531 | $3.9T | 27.7 | Unavailable | $331.8BFY ended 2026-06-30 · 10-K | +17.8%FY ended 2026-06-30 vs 2025-06-30 · 10-K | 133,749,000,000FY ended 2026-06-30, attributable to the company · 10-K | 46.8%FY ended 2026-06-30 |
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$199 | $477.5B | 169.9 | Unavailable | $4.5BFY ended 2025-12-31 · 10-K | +56.2%FY ended 2025-12-31 vs 2024-12-31 · 10-K | 1,625,033,000FY ended 2025-12-31, attributable to the company · 10-K | 31.6%FY ended 2025-12-31 |
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$131 | $394.7B | 20.5 | Unavailable | $67.4BFY ended 2026-05-31 · 10-K | +17.3%FY ended 2026-05-31 vs 2025-05-31 · 10-K | 17,087,000,000FY ended 2026-05-31, attributable to the company · 10-K | 30.6%FY ended 2026-05-31 |
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$268 | $274.4B | Not meaningfulLoss, diluted EPS −0.45 to 2026-07-31 · SEC filing | Unavailable | $4.8BFY ended 2026-01-31 · 10-K | +21.7%FY ended 2026-01-31 vs 2025-01-31 · 10-K | −162,502,000FY ended 2026-01-31, attributable to the company · 10-K | −6.1%FY ended 2026-01-31 |
Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.
Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 28, 2026, 5:41 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.
Token vs underlying stock
Current comparison for MSFT. Historical observations may postdate this article.
MSFTx token unit vs MSFT share · USD
+6.9% over displayed period
● MSFTx token┄ MSFT stock: $531.33
Source: CoinGecko + Gloria · Retrieved Oct 28, 21:51 UTC · Delayed
Methodology and data
Split-adjusted regular-session stock closes from the existing Gloria shared history, paired only with an observed token price within 45 minutes of 16:00 New York time. Up to 60 matched sessions. No interpolation or missing-date fill. Weekends and known early closes are omitted. Token units are not adjusted for issuer multipliers or dividend treatment. This compares quoted prices, not fair value, executable premiums or arbitrage returns. Solid line: token. Dashed line: stock. Exact quote times and values appear below. Historical observations. Retrieval refers to the token source. Token quote times use UTC. The fixed cohort shows its oldest member fetch.
| Date (UTC) | Token (USD) | Stock close (USD) | Token quote (UTC) |
|---|---|---|---|
| 2026-08-04 | 499.08 | 492.81 | 2026-08-04 20:00 |
| 2026-08-05 | 484.73 | 487.46 | 2026-08-05 20:00 |
| 2026-08-06 | 498.48 | 499.86 | 2026-08-06 20:00 |
| 2026-08-07 | 501.35 | 499.99 | 2026-08-07 20:00 |
| 2026-08-10 | 507.81 | 506.06 | 2026-08-10 20:00 |
| 2026-08-11 | 503.83 | 503.81 | 2026-08-11 20:00 |
| 2026-08-12 | 493.50 | 492.43 | 2026-08-12 20:00 |
| 2026-08-13 | 494.66 | 496.88 | 2026-08-13 20:00 |
| 2026-08-14 | 496.96 | 495.40 | 2026-08-14 20:00 |
| 2026-08-17 | 481.91 | 480.35 | 2026-08-17 20:00 |
| 2026-08-18 | 482.93 | 481.63 | 2026-08-18 20:00 |
| 2026-08-19 | 484.48 | 484.31 | 2026-08-19 20:00 |
| 2026-08-20 | 482.95 | 481.15 | 2026-08-20 20:00 |
| 2026-08-21 | 485.28 | 483.24 | 2026-08-21 20:00 |
| 2026-08-24 | 489.80 | 487.31 | 2026-08-24 20:00 |
| 2026-08-25 | 491.36 | 491.71 | 2026-08-25 20:00 |
| 2026-08-26 | 498.86 | 496.37 | 2026-08-26 20:00 |
| 2026-08-27 | 506.15 | 505.06 | 2026-08-27 20:00 |
| 2026-08-28 | 514.87 | 513.53 | 2026-08-28 20:00 |
| 2026-08-31 | 510.07 | 507.29 | 2026-08-31 20:00 |
| 2026-09-01 | 503.61 | 501.02 | 2026-09-01 20:00 |
| 2026-09-02 | 497.76 | 496.82 | 2026-09-02 20:00 |
| 2026-09-03 | 512.63 | 510.12 | 2026-09-03 20:00 |
| 2026-09-04 | 500.58 | 499.70 | 2026-09-04 20:00 |
| 2026-09-08 | 493.27 | 493.95 | 2026-09-08 20:00 |
| 2026-09-09 | 491.69 | 491.65 | 2026-09-09 20:00 |
| 2026-09-10 | 493.07 | 492.44 | 2026-09-10 20:00 |
| 2026-09-11 | 498.52 | 495.63 | 2026-09-11 20:00 |
| 2026-09-14 | 508.54 | 505.41 | 2026-09-14 20:00 |
| 2026-09-15 | 498.86 | 497.12 | 2026-09-15 20:00 |
| 2026-09-16 | 494.48 | 490.30 | 2026-09-16 20:00 |
| 2026-09-17 | 500.28 | 497.75 | 2026-09-17 20:00 |
| 2026-09-18 | 496.33 | 493.78 | 2026-09-18 20:00 |
| 2026-09-21 | 503.22 | 501.61 | 2026-09-21 20:00 |
| 2026-09-22 | 501.25 | 498.00 | 2026-09-22 20:00 |
| 2026-09-23 | 503.06 | 500.59 | 2026-09-23 20:00 |
| 2026-09-24 | 501.07 | 497.93 | 2026-09-24 20:00 |
| 2026-09-25 | 518.98 | 516.17 | 2026-09-25 20:00 |
| 2026-09-28 | 511.70 | 509.22 | 2026-09-28 20:00 |
| 2026-09-29 | 512.06 | 508.96 | 2026-09-29 20:00 |
| 2026-09-30 | 515.27 | 512.90 | 2026-09-30 20:00 |
| 2026-10-01 | 516.84 | 512.80 | 2026-10-01 20:00 |
| 2026-10-02 | 519.95 | 517.53 | 2026-10-02 20:00 |
| 2026-10-05 | 527.35 | 525.18 | 2026-10-05 20:00 |
| 2026-10-06 | 532.35 | 529.30 | 2026-10-06 20:00 |
| 2026-10-07 | 532.01 | 529.76 | 2026-10-07 20:00 |
| 2026-10-08 | 525.93 | 522.61 | 2026-10-08 20:00 |
| 2026-10-09 | 537.45 | 535.07 | 2026-10-09 20:00 |
| 2026-10-12 | 543.48 | 541.15 | 2026-10-12 20:00 |
| 2026-10-13 | 546.06 | 543.45 | 2026-10-13 20:00 |
| 2026-10-14 | 535.70 | 533.69 | 2026-10-14 20:00 |
| 2026-10-15 | 542.43 | 539.44 | 2026-10-15 20:00 |
| 2026-10-16 | 531.87 | 529.05 | 2026-10-16 20:00 |
| 2026-10-19 | 535.69 | 533.52 | 2026-10-19 20:00 |
| 2026-10-20 | 535.30 | 531.87 | 2026-10-20 20:00 |
| 2026-10-21 | 535.87 | 532.95 | 2026-10-21 20:00 |
| 2026-10-22 | 524.11 | 521.08 | 2026-10-22 20:00 |
| 2026-10-23 | 525.75 | 524.51 | 2026-10-23 20:00 |
| 2026-10-26 | 534.07 | 532.60 | 2026-10-26 20:00 |
| 2026-10-27 | 533.36 | 531.33 | 2026-10-27 20:00 |
Stock history: Gloria · Retrieved Oct 28, 00:31 UTC. Token history: CoinGecko MSFTx.
Quoted token and share units can have different rights, multipliers and dividend treatment. This is not an executable premium or arbitrage signal.
Microsoft has spent years betting that a particular flavor of quantum computing, one built on exotic particles called Majorana zero modes, will be the path that actually works at scale. A new critique published in Nature suggests the company’s evidence for that bet might be less solid than advertised.
Henry Legg, a researcher at the University of St. Andrews, published the critique on June 24, raising pointed questions about a Microsoft paper that appeared in the same journal back in February 2025. His core argument: the software Microsoft used to detect minute energy gaps in hybrid semiconductor-superconductor nanowires produced inconsistent results, and a fuller dataset released later looked more like random noise than proof of the energy gap Microsoft claimed to have found.
The ‘Jesus in toast’ problem
Legg’s analysis suggests the software essentially found patterns that weren’t really there. He likened the misleading outcomes to “finding an image of Jesus in toast,” a comparison that depends entirely on how you set your analysis parameters. Adjust the knobs one way and you see a breakthrough. Adjust them another way and you see noise.
This isn’t the first time Microsoft’s quantum research has faced this kind of challenge. The company has previously dealt with two retractions from Nature and alerts about papers published in both Nature and Science.
The March 2025 paper was characterized not as a claim of discovering Majorana particles outright but rather as a specific methodological innovation.
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Microsoft pushes forward anyway
Microsoft isn’t backing down. The company has defended the disputed research, describing the software in question as an effective practical tuning tool that’s already been implemented in operational quantum chips.
On June 2, Microsoft announced the Majorana 2 chip. The company has also set a target of developing a useful quantum system by 2029.
DARPA’s Quantum Benchmarking Initiative is among the bodies evaluating quantum computing claims from various companies, adding another layer of accountability to a field where hype has historically outpaced results.
The competitive landscape is shifting
A paper published in June 2026 by Microsoft and Quantinuum reported an 11x to 800x reduction in logical error rates using error-correction codes.
The history of two prior Nature retractions is particularly relevant here. One retraction can be an honest mistake. Two start to look like a systemic issue with how results are being validated internally before publication. A third round of serious questions, even without a formal retraction, creates a credibility gap that engineering announcements alone can’t close.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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