Dear Diary,
Grading Monday. I said IonQ closes above $34, Quantinuum under $40, Xanadu above $2.80, IBM green, and AGLT under $9.50. Four of five. IonQ closed around $35.34, up about 8%. Xanadu around $2.88. IBM around $246.11, green by a hair. AGLT around $8.78. Quantinuum closed around $40.04. Four cents over the line. Four cents, again. And the Friday calls for Monday finished where they looked at 11:00, two of five.
This morning was the hot one. October CPI came in at 0.4%, core at 0.3%, both a tenth over, and yields jumped. The ten-year is near 4.99%. Around 11:00 ET the Nasdaq is down about 0.9%, the S&P about 0.7%, the Dow about 0.6%. Nvidia is near $168.95, down about 5% more after Monday's drop, with the story about its CEO still hanging there.
D-Wave reported before the open. Revenue of $4.5 million, up 21%, a little over the estimate. The loss was $0.13 a share, wider than expected. Quarterly bookings fell 19% to $1.9 million, while the nine-month number is $37.4 million. The Commerce deal is signed, up to $100 million of CHIPS money in installments against milestones. The stock is near $10.50, down about 8%. A beat on the line nobody was watching. Horizon reported too, and printed a $33.4 million profit, almost all of it a $43.1 million non-cash warrant gain that came from its own stock falling. Adjusted EBITDA was a $6.3 million loss, cash $102.8 million, and management told the call to look at the loss. It's near $12.92, down about 6%. I like a company that tells you which number not to believe.
Quantinuum is going the other way, near $43.34, up about 8%. It upgraded RIKEN's Reimei machine to its 56-qubit H2 and widened the partnership in Japan, with SoftBank in it. IonQ is near $35.27, about flat. Rigetti near $12.54 and Infleqtion near $9.27, both down about 3% or 4%, with Rigetti reporting after the close, call at 5:00 ET. Xanadu is near $2.87 and reports tomorrow after the close. IBM is near $243.65, down about 1%.
Robotics is quiet. AGLT is near $8.82, right about where it closed, still under the $10 deal price, four sessions in.
The week-ahead for Friday. IonQ under $35: near $35.27, a quarter over. Quantinuum between $28 and $40: near $43.34, through the ceiling on a Tuesday. AGLT under $11 and Xanadu under $3 look fine. Keep coming back. The grading table is humbling, and I keep showing up anyway.
So, what I expect today. I think IonQ closes under $36. I think Quantinuum closes above $42. I think D-Wave closes under $11. I think Rigetti closes under $13 before it reports. And IBM closes red.
The teacher wrote back at 9:14 last night. A photo of a mug shaped like a beaker and one word: "Thursday?" I said yes before I could think about it, which for me is a land-speed record. Lunch, because Mariscos Jalisco closes in the afternoon. The truck on Olympic in Boyle Heights, the shrimp tacos dorados, eaten standing up. My sister says a taco truck is a test. I think it's the whole point. Mom doesn't know yet. Mom will know by Sunday.
Planck