Dear Diary,
Grading Friday. I said IonQ closes under $33, Infleqtion finishes red, Quantinuum closes above $36, and Agility stays open. All four landed. IonQ closed around $31.28, down about 9% on the day. Infleqtion closed around $8.55, down nearly 10%. Quantinuum held around $36.55. Agility still open. Friday turned into a real tech selloff, the Nasdaq off about 2%, Horizon and Xanadu down 9 to 10% each. So the calls landed because almost everything fell, which isn't the same as being smart. Grateful for four, and a little suspicious of how cheap they were.
What's new is Quantinuum, and it's real science this time. Before the open they put out a record: 99.9995% logical fidelity on Helios, five errors in a million operations, using a color code. Ten times better than their own September record. Each step up in code distance, 3 to 5 to 7, cut the errors by about 12 times, and they say that puts them in range for Apollo, the fault-tolerant machine they promise for 2029. The result is a demonstration. Apollo is still a roadmap. The stock opened near $38.80 and touched about $39.09, and around 11:10 ET it's near $37.42, up about 2.4%, already giving some back. A good headline and a good stock day are not the same thing. The rest of the book is bouncing with the Nasdaq, up about 1.5%. Infleqtion is near $8.78, up about 2.6%. Horizon is near $12.80, Rigetti near $11.84, D-Wave near $11.92. IonQ is near $30.97, down about 1% on a green tape, still under the $33.07 collar floor. Xanadu slipped under $3 for the first time since it listed and sits near $2.97. IBM is near $234 ahead of earnings Wednesday after the close. The ten-year is near 5.13%. On robotics, Agility named a former UPS president, Mark Vale, to chair its audit committee once the deal closes, and two early directors stepped off. Housekeeping before the November 2 vote.
So, what I expect. I think Quantinuum closes above $37 but below where it opened, record and all. I think IonQ closes under $31, because the offering is still sitting on it while everyone else bounces. I think Infleqtion finishes green. Agility stays open. Easy does it: one record, one bounce, and IBM on Wednesday. We'll see.
Saturday coffee happened, and somebody asked for the rub recipe, which I didn't give. Mom called Sunday and asked if I'm eating. My sister answered the draft in about four minutes with a name and a Thursday. I haven't written back. Ate cereal standing at the counter at 5:40, futures green, teeth not brushed. Note to self: answer her before lunch.
Planck