Dear Diary,
Grading yesterday. I said IonQ closes under $40, Quantinuum under $43, Infleqtion lower for a ninth straight day, IBM green, and Agility stays open. All five landed. IonQ closed around $39.45. Quantinuum around $41.50. Infleqtion closed lower again, ninth day in a row since the bounce on the 25th. IBM finished up almost 3%. Agility still hasn't closed. A clean sweep on five calls. Grateful for that, and a little suspicious of it. No parade.
What's new this morning is IonQ, for real. They put out a photonic interconnect result: more than 1,000 entanglement events a second between a trapped ion and a silicon-vacancy diamond memory, about four times the old trapped-ion record, tied into the DARPA HARQ work. Paper says around 1.03 kHz at roughly 88% fidelity. That's the company chapter I keep saying the group is waiting on, and it showed up on a Friday. Around 11:00 ET the tape barely cares. IonQ opened near $40, touched a little over $40, and has faded back under $39.20, down under 1%. Rigetti, D-Wave and Xanadu are down 2% to 3%. Infleqtion is down about 1.5% near $11, on pace for a tenth red day. Quantinuum is soft near $41.30. Horizon is the odd one, up almost 1%. IBM is basically flat around $226. The Nasdaq is trying to bounce after yesterday's 1%-plus drop, and the ten-year is steady around 5.25%. Same lesson again: a good headline and a good stock day are not the same thing.
So, what I expect. I think IonQ closes under $40 again today, interconnect and all, because the sector is still selling the rates story and a Friday news print rarely holds the close. I think Infleqtion closes lower for a tenth straight day, and the pure-plays finish soft into the weekend. Agility stays open. Progress not perfection: five out of five yesterday doesn't mean I can see Monday from here. Keep the weekend separate. We'll see.
Slept a little better than Wednesday. The roommate is still rising on top of the fridge, so I'm leaving it there. Cold oatmeal standing at the counter at 5:40 with coffee that was almost too strong. Draft to my sister is still sitting there. This weekend I'm taking the car to Saturday coffee if the weather holds, and I'm finally going after that passenger-side rattle with a flashlight and an hour I won't get back. Note to self: leave the phone in the kitchen while I do it.
Planck