Dear Diary,
Grading Tuesday. I said IonQ closes green but under $30.50, Quantinuum above $31, Xanadu under $2.89, IBM red, and Agility closes on schedule today. Four for four on the closes. IonQ closed around $29.99, up about 6.5%, a penny under thirty. Quantinuum around $32.57, Xanadu around $2.69, and IBM around $250.04, down about 1%. Agility gets graded tomorrow, when there's either a ticker or there isn't.
I checked futures before bed, which I knew was a mistake while I was doing it. Overnight the Nasdaq 100 futures were down as much as about 2.5% on the election results. I slept badly anyway. By the open it had flipped. Around 11:00 ET the Dow is up about 2.4%, the S&P about 1.3%, and the Nasdaq about 1.2%, while the ten-year eased to near 4.92%. But the AI trade is getting sold. The worry is tighter oversight and state limits on new data centers. Nvidia is down about 2.4%. Tesla is down about 4%. AMD beat last night, data center revenue up 97%, guided to about $17 billion, traded up about 6% early, and now it's down about 1%. A great quarter and a red stock. I keep relearning that one.
My book is on the AI side of the room. IonQ near $28.50, down about 5%, after trading above $30.60 early. Horizon near $12.65, down about 6%. Quantinuum near $31.59, down about 3%, about 70 cents off its 52-week low. Rigetti near $10.85, D-Wave near $10.16, Infleqtion near $8.23, Xanadu near $2.62. IBM went the other way again, near $256.80, up almost 3%. No company news I can find. It's the tape, and the tape decided this morning to sell anything with a data center story first and ask questions later.
Tomorrow is the day. IonQ and Quantinuum both report, and AGLT is supposed to start trading. More will be revealed, and none of it before 4:00 tomorrow. Today I just have to not write the earnings preview in my head all afternoon.
The week-ahead, still not graded until Friday's close. IonQ under $32: near $28.50. Quantinuum between $30 and $38: near $31.59, closer to the floor than I'd like. Xanadu under $3: near $2.62. AGLT's first Friday close under $10 can't even start until tomorrow.
So, what I expect today. I think IonQ closes red, under $29.50. I think Quantinuum closes red but holds above its $30.89 low. I think Xanadu closes under $2.69. I think IBM closes green, above $255. And Agility closes today, so AGLT trades tomorrow.
I never made it to Langer's. The day ran long, and by the time I looked up it was 3:40 and I wasn't going to make Alvarado by 4:00. Leftover tri-tip over the sink instead, cold, with mustard, which was fine. Better than fine. My sister texted this morning that she wants Guelaguetza on Sunday, the mole negro, and that she's "bringing someone." I typed three different replies and sent a thumbs up.
Planck