Overview
- The Commerce Department said it is not negotiating equity stakes with quantum firms, tempering a rally sparked by earlier reports of potential ~$10 million government investments per company.
- IonQ and D‑Wave each fell roughly 9% on profit‑taking after the denial, reversing part of 2025’s outsized gains that had left valuations far ahead of current revenues.
- Nvidia unveiled NVQLink to connect QPUs with GPUs and said the Department of Energy will partner with Nvidia on seven AI supercomputers, a reveal that initially lifted then pressured pure‑play quantum stocks.
- Analysts cautioned against reading Nvidia’s news as a threat, noting GPUs and QPUs should be complementary, even as traders showed a new willingness to sell after months of buying on any catalyst.
- Rigetti extended its rally on Wednesday ahead of a Nov. 10 earnings release, while Quantum Computing Inc. highlighted sector capital formation with an oversubscribed $750 million private placement and a higher $40 price target from Ascendiant.