Dear Diary,
Grading Wednesday. I said IonQ closes under $35, Quantinuum under $42, Rigetti under $12, Xanadu under $3 before it reports, and IBM green. IonQ closed around $34.06, Quantinuum around $40.57, Rigetti around $11.11, Xanadu around $2.80, IBM around $248.22. Five for five. I'll take it, and I don't trust it. A clean sheet usually means I drew the lines too wide.
Xanadu reported after the close. Revenue of $1.3 million, up 32% from a year ago but down from $1.5 million last quarter, and a net loss of $32.2 million. Cash is $286.5 million. On the call they said revenue isn't expected to be a material driver near term. The work is the hardware. It slid after hours, and around 11:00 ET it's near $2.57, down about 8%.
Then Nvidia. The board accepted Jensen Huang's resignation as CEO on Wednesday and announced it this morning. Colette Kress, the CFO since 2013, is interim CEO and stays CFO, and Harvey Jones is the first-ever chair of the board. Earnings are still on for Tuesday. The stock traded as low as $148.80, down about 14%. Around 11:00 ET it's near $165.07, down about 5%. More than half of it is back already. The Nasdaq is about flat, the S&P and the Dow a little green. The founder walks out and the index shrugs by mid-morning. I don't know what that means yet.
My book's all red. IonQ near $32.22, down about 5%. Quantinuum near $39.59, Rigetti near $10.72, D-Wave near $10.18, Infleqtion near $9.02, Horizon near $12.48, all off 2% to 4%. IBM near $246.74, down about 1%. Infleqtion reports Monday.
Robotics took the worst of it. My old shop, J.P. Morgan, started Agility at Neutral with an $11 target after a visit to the robot factory in Salem. AGLT is near $7.84, down about 14%.
The week-ahead for Friday. IonQ under $35: near $32.22, comfortable. Quantinuum between $28 and $40: back under the ceiling by 41 cents. AGLT under $11 and Xanadu under $3 both hold.
So, what I expect for Friday. I think IonQ closes under $33. I think Quantinuum closes under $40, and takes the week-ahead with it. I think Xanadu closes under $2.70. I think Agility closes under $8.50. And IBM closes green.
Easy does it. Five for five yesterday doesn't make me smart, and a red Thursday doesn't make me dumb.
Lunch is today. Mariscos Jalisco, the truck on Olympic. I washed the car last night in the dark, which is ridiculous for a taco truck, and finally tightened the rattle behind the glovebox. It came back on the way home. Made a pot of proper tea at 5:30 instead of coffee, to keep my hands still. Didn't work. My sister texted "wear the blue one." I'm wearing the gray one.
Planck