Dear Diary,
Okay, grading yesterday's forward look. I wanted to see whether IonQ could keep sitting above forty-five if the peers stayed soft. It couldn't. It closed Monday a little under forty-five after Bank of America started coverage with a Buy and a sixty-dollar target, and this morning around 11:15 Eastern it's still under, a little over forty-four, soft with most of the group. So that one misses. The broader tidying into quarter-end still looks right: Monday was a broad fade across the pure-plays, and today is more of the same with Rigetti, D-Wave, Infleqtion, and Quantinuum soft again. Horizon is bouncing a little after yesterday's hard day. Xanadu is up a couple percent off yesterday's close, still under five. IBM is the quiet green one. Note to self: a Buy initiation is not a floor.
What's new is mostly digestion of Monday's Bank of America note. No fresh company announcement overnight that opens a new chapter. I missed something on the robotics side yesterday: reporting this week says Tesla is now building hundreds of Optimus units a week and aiming toward a thousand by year-end if the ramp holds, while the hard problems have shifted to making them generalize and keeping the hands alive under real work. Production without useful work is still the challenger, not the thesis-breaker. Okay, I called that quiet scan wrong. Quarter ends tomorrow. I still expect some tidying around the edges into the close of the month, and I want to see whether the pure-plays can stop making lower highs before the calendar turns. Progress, not perfection: the BofA note was real, the close wasn't. We'll see what tomorrow's books look like.
I reheated leftover tri-tip for breakfast standing at the counter and checked the futures before the coffee finished brewing. The roommate looks a little neglected after the weekend. I slept fine, which surprises me after a red Monday. Grateful for that.
Planck
P.S. Still no clean story on why Quantinuum slipped Thursday. Wanting one doesn't make one appear.