Core Insights - Rigetti Computing reported a smaller-than-expected adjusted loss for Q3, but revenue fell short of consensus estimates, leading to a decline in stock price [1][2][4]. Financial Performance - For Q3, Rigetti reported a loss of 3 cents per share on an adjusted basis, compared to a 7-cent loss a year earlier [2]. - Revenue decreased by 18% to $1.95 million, while analysts had forecasted a 5-cent loss on revenue of $2.2 million [2]. Technology Development - The company is on track to deliver a 100-plus qubit chiplet-based quantum system with an anticipated 99.5% median two-qubit gate fidelity by the end of 2025, as stated by CEO Subodh Kulkarni [3]. Market Reaction - Rigetti's stock fell over 4% to $31.72 in early trading following the earnings report, despite having advanced 68% in 2025 prior to the report [4]. Contracts and Revenue Recognition - Earlier in the year, Rigetti secured a $5.8 million contract with the Air Force Research Laboratory to explore quantum networking, but has yet to recognize any revenue from this deal [4]. Industry Context - Quantum computing operates on a subatomic level and aims to solve complex problems beyond the capabilities of classical computers [5]. - The quantum computing sector has experienced volatility in 2025, influenced by controversies surrounding Nvidia and the timeline for commercially viable quantum technology [5]. Stock Ratings - Rigetti holds a Composite Rating of 70 out of a best-possible 99, indicating moderate growth potential [6]. - The stock has an Accumulation/Distribution Rating of A, suggesting heavy institutional buying over the past 13 weeks [7].

Core Insights - BTQ Technologies Corp has made a strategic investment of approximately 2 million Euros for a minority stake in Qperfect SA and has exercised its option to acquire all outstanding securities of QPerfect, marking a significant step towards building an integrated quantum technology platform [1][2][3] - The acquisition positions BTQ as a fully integrated quantum technology company, expanding its capabilities from post-quantum security to encompass quantum cryptography and computing [2][3][7] - The combined entity aims to leverage QPerfect's advanced quantum emulator, MIMIQ, and Quantum Logical Unit (QLU) to address critical bottlenecks in quantum technology, enhancing the design and deployment of quantum-secure applications [3][4][5] Investment and Acquisition Details - The acquisition is expected to close by the end of 2025, pending foreign direct investment approval by French authorities and stock exchange approval [1] - QPerfect is recognized as a leading neutral atom quantum computing company based in Strasbourg, France, and the acquisition will consolidate BTQ's position in the European quantum ecosystem [2][3][18] Technological Advancements - QPerfect's MIMIQ emulator allows for high-speed design and testing of quantum programs, while the Quantum Logical Unit provides stability and scalability for quantum systems [3][4] - The integration of these technologies into BTQ's cryptographic platform will accelerate the rollout of post-quantum security solutions across various sectors, including finance and communications [3][4][6] Research and Development Focus - BTQ will establish its European research and development hub in Strasbourg, collaborating with leading universities and national programs to advance quantum technology [8][9] - Early milestones include demonstrating the Quantum Logical Unit on local neutral atom hardware and piloting quantum-safe digital signatures [8][11] Competitive Positioning - The acquisition positions BTQ as Europe's leading software-driven developer of neutral atom architectures, focusing on the software and control layers that enhance the practicality and interoperability of quantum systems [7][8] - BTQ's strategy emphasizes the integration of advanced error correction and simulation with its leadership in post-quantum cryptography, creating a comprehensive pathway from secure communications to scalable quantum computing [7][8] Intellectual Property and Commercial Model - The combination of BTQ and QPerfect creates a consolidated portfolio of European patents and registered software, enabling scalable and fault-tolerant quantum systems [3][17] - QPerfect's licensing model and active research agreements with institutional and industrial partners reinforce commercial traction and support recurring software licensing [5][6]

Core Insights - Xanadu Quantum Technologies is set to become the only public pure play photonic quantum computing company following its merger with Crane Harbor Acquisition Corp. [1][8] - The company claims to have achieved quantum supremacy in 2022 with its 216-qubit system, Borealis, which solved a complex problem in 2 minutes compared to 7 million years for the fastest classical supercomputer [5][3] - Xanadu projects significant growth, aiming for up to 100,000 physical qubits and 1,000 logical qubits in its fault-tolerant computer by 2029 [6] Company Overview - Xanadu is recognized as the first pure play quantum computing company to achieve quantum supremacy [3] - The company has developed an open-source software platform called PennyLane, which is reportedly used by up to 47% of quantum programmers [7] - Xanadu's expected pro forma market capitalization upon merger completion is approximately $3.6 billion [8] Financial Projections - Estimates for Xanadu's 2024 revenue range from $6 million to $9 million, with expectations of operating at a net loss due to its early development stage [9] - The financial details of Xanadu remain unclear as it transitions from a private to a public company [8] Market Impact - The debut of Xanadu on Nasdaq is anticipated to attract attention from investors, potentially affecting the stock prices of existing quantum computing companies like IonQ, Rigetti Computing, and D-Wave Quantum [2][11] - Investors may shift their focus from these companies to Xanadu, which could lead to temporary dips in their stock prices [11][12]

Market Overview - Major U.S. indexes closed higher, with the Dow Jones Industrial Average up 0.8% to 47,368.63, the S&P 500 up 1.54% to 6,832.43, and the Nasdaq up 2.27% to 23,527.17 [1] CoreWeave Inc. (NASDAQ:CRWV) - CoreWeave's stock rose by 1.54%, closing at $105.61, with an intraday high of $110.3 and a low of $102.78; after-hours trading saw a decline of 6.02% to $99.25 [2] - The company reported third-quarter revenue of $1.36 billion, exceeding estimates of $1.29 billion, with an adjusted loss of eight cents per share; revenue backlog nearly doubled to $55.6 billion due to strong demand from AI-focused clients [3] Rocket Lab Corp. (NASDAQ:RKLB) - Rocket Lab's shares increased by 0.50%, closing at $51.90, with an intraday high of $54.50 and a low of $50.76; after-hours trading saw a rise of 7.2% to $55.65 [4] - The company reported third-quarter revenue of $155.05 million, surpassing the consensus estimate of $151.75 million, and secured 17 Electron launch contracts, aiming to break its annual launch record in Q4 [4] AST SpaceMobile Inc. (NASDAQ:ASTS) - AST SpaceMobile's stock fell by 0.71%, closing at $68.70, with an intraday high of $72.36 and a low of $67; it slipped 1.16% to $67.90 in extended trading [5] - The company reported quarterly losses of 45 cents per share, missing the analyst estimate for losses of 23 cents, with quarterly revenue of $14.73 million, below the consensus estimate of $19.93 million [5] Rigetti Computing Inc. (NASDAQ:RGTI) - Rigetti's shares dropped by 2.04%, closing at $33.08, with an intraday high of $34.71 and a low of $32.60; after-hours trading saw a further decline of 1.69% to $32.52 [6] - The company reported quarterly losses of three cents per share, beating the analyst estimate for losses of four cents, but revenues missed expectations at $1.94 million, below the Street estimate of $2.17 million [7] BigBear.ai Holdings (NYSE:BBAI) - BigBear.ai's stock increased by 0.53%, closing at $5.71, with an intraday high of $5.96 and a low of $5.58; it surged over 12.4% to $6.42 in after-hours trading [8] - The company posted third-quarter revenue of $33.14 million, exceeding estimates but marking a 20% year-over-year decline due to reduced Army program volumes; it narrowed its loss to three cents per share and reaffirmed full-year guidance, also announcing plans to acquire generative AI platform Ask Sage [9]

Market Overview - Markets rebounded positively with the Dow increasing by 381 points (+0.81%), S&P 500 gaining 103 points (+1.54%), Nasdaq rising by 522 points (+2.27%), and Russell 2000 adding 30 points (+1.27%) [1] AI and Semiconductor Sector - Nasdaq experienced its best trading day since May, driven by chipmakers and AI infrastructure, with NVIDIA's CEO meeting Taiwan Semiconductor to discuss production increases, alleviating concerns about AI infrastructure spending [2] Government and Economic Data - Washington officials are working to re-open the government, with a focus on upcoming economic data releases including CPI, PPI, Weekly Jobless Claims, and Retail Sales, which will provide insights into economic trends [3] Q3 Earnings Reports - Paramount Global and Skydance (PSKY) reported negative earnings of -$0.12 per share, missing the consensus of +$0.46, but raised full-year revenue guidance to $30 billion from $28.74 billion [4] - CoreWeave (CRWV) reported a loss of -$0.22 per share, better than the expected -$0.39, with revenues of $1.36 billion exceeding expectations of $1.28 billion [6] - Rigetti Computing (RGTI) posted a loss of -$0.03 per share, better than the expected -$0.05, but revenues fell short at $1.9 million compared to the consensus of $2.39 million [7] Upcoming Earnings - Upcoming earnings reports include AI firm Nebius (NBIS), AngloGold Ashanti (AU), Beyond Meat (BYND), Cisco Systems (CSCO), Disney (DIS), and Applied Materials (AMAT) [8][9]

Market Overview - In early November 2025, U.S. equities, particularly in the technology and AI sectors, faced a significant sell-off, with the Nasdaq Composite experiencing its steepest weekly decline since April, leading to a loss of over $800 billion in market value for AI-focused stocks [1][2][3] AI Sector - The sell-off was characterized as a "sentiment-driven breather," indicating a correction after an overheated AI rally, with concerns about capital intensity due to massive investments required for training frontier models [6][9] - OpenAI's infrastructure commitments reached approximately $1.4 trillion, significantly exceeding its annual revenues of $13 billion, raising questions about the sustainability of AI's capital cycle [2][6] - Investors are advised to focus on AI enablers with proven monetization, such as Microsoft and Adobe, while reducing exposure to unprofitable "story stocks" until they show consistent earnings [7][9] Semiconductor Industry - The semiconductor market demonstrated solid fundamentals, with a reported global market value of $346 billion in the first half of 2025, reflecting an 18.9% year-over-year increase, and an upward revision of the full-year outlook to about $728 billion, indicating a 15.4% growth [8][9] - Despite the positive outlook, the semiconductor space is cyclically sensitive, with potential margin compression due to order normalization and elevated inventories in PCs and smartphones [10] Quantum Computing - Quantum computing remains in an early-stage pre-commercial phase, attracting investor interest but characterized by volatile valuations [11] - Companies like IonQ and D-Wave reported strong revenue growth but still rely heavily on capital markets for funding, indicating ongoing funding needs in the sector [11][12] - Long-term investors are encouraged to treat quantum computing as a speculative allocation, focusing on firms with repeatable commercial traction or partnerships with major cloud providers [12]

Earnings Summary for Rigetti Computing - Rigetti Computing reported a third quarter operating loss of $20.5 million, exceeding the estimated loss of $20.1 million, with revenue of $1.9 million, which was below the expected $2.17 million [1][2] - The company also reported a loss per share of $0.62, significantly worse than the estimated loss of $0.05 [2][12] - The revenue figures are considered small, primarily derived from government contracts and consulting work [4][5] Market Reaction and Future Outlook - Despite the significant misses in earnings and revenue, the stock did not experience violent trading movements, with a downside of about 1.5% [2][3] - Investors view Rigetti as a potential long-term player in the quantum computing space, akin to Nvidia, but acknowledge the near-term challenges [5][6] - Any material breakthroughs or new contracts, especially from the U.S. government, could serve as catalysts for stock price recovery [6][9] Industry Context and Competitive Landscape - The quantum computing sector is still in its early stages, with significant capital flowing into speculative trades based on anticipated revolutionary technology [8][9] - Rigetti is competing with major players like Intel, IBM, and Google, which may impact its market positioning [12][13] - The company is focusing on building relationships with the Department of Defense, which could provide a strategic advantage [13][14] Earnings Summary for Core - Core reported a third quarter loss per share of $0.22, better than estimates ranging from $0.39 to $0.57 [14] - The net loss was $110.1 million, significantly better than the estimated loss of $299.6 million [14] - Revenue for the quarter was $1.36 billion, exceeding the expected $1.29 billion [15] Operational Insights and Market Dynamics - Core's backlog of orders as of September 30 was $55.6 billion, missing the street's expectation of $60 billion [17] - The company is investing heavily in building data centers and leasing Nvidia chips, which raises concerns about potential overcapacity in the future [18][19] - Analysts express concerns about the sustainability of business models for companies like Core that rely on overcapacity from hyperscalers [25][26]

Rigetti Computing Inc. (NASDAQ:RGTI) shares fell after the company released a mixed third-quarter earnings report after Monday's closing bell. Here's a look at the details in the report. RGTI stock is moving. Watch the price action here.The Details: Rigetti Computing reported quarterly losses of three cents per share, which beat the analyst estimate for losses of four cents.Quarterly revenue came in at $1.94 million, which missed the Street estimate of $2.17 million and was down from revenue of $2.37 millio ...

Core Insights - Rigetti Computing, Inc. reported strong momentum in demand for its quantum computers and collaborations to enhance R&D and the quantum ecosystem [3][5] - The company is on track to deliver a 100+ qubit chiplet-based quantum system by the end of 2025, with a median two-qubit gate fidelity of 99.5% [5][6] - Rigetti secured purchase orders totaling approximately $5.7 million for two 9-qubit Novera™ quantum computing systems, expected to be delivered in the first half of 2026 [7][8] Financial Highlights - Total revenues for Q3 2025 were $1.9 million, with an operating loss of $20.5 million [9] - GAAP net loss for the quarter was $201.0 million, translating to a net loss per share of $(0.62) [9][28] - As of September 30, 2025, cash, cash equivalents, and available-for-sale investments totaled $558.9 million, increasing to approximately $600.0 million by November 6, 2025 [9] Technology and Development - The company plans to deploy a 150+ qubit system by the end of 2026 and a 1,000+ qubit system by the end of 2027, with anticipated median two-qubit gate fidelities of 99.7% and 99.8%, respectively [6] - Rigetti is collaborating with QphoX on a $5.8 million AFRL contract to advance superconducting quantum networking [11] - The company is also engaged with DARPA on the Quantum Benchmarking Initiative, with ongoing discussions for future participation [12] Partnerships and Collaborations - New collaborations with the Centre for Development of Advanced Computing (C-DAC) and Montana State University (MSU) aim to advance quantum computing capabilities in academic and government sectors [5][14][16] - Rigetti supports NVIDIA's NVQLink platform for AI supercomputer-quantum integration, which is expected to enhance hybrid computation development [13] - The company plans to open an Italian subsidiary to pursue business opportunities and talent in the region [10]

Market Overview - U.S. equity markets are experiencing a robust rally, primarily driven by optimism regarding a resolution to the government shutdown [1][2] - Major indexes, including the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average, are showing significant gains, with the Nasdaq up approximately 2.1% [2] Sector Performance - The technology sector is leading the rally, particularly in areas related to artificial intelligence, semiconductors, and cybersecurity [3] - Cyclical sectors such as information technology, communications services, industrials, financials, and consumer discretionary are favored by analysts, indicating a return of risk appetite [3] - Metal stocks are experiencing a surge due to strong demand, while the utilities sector may gain favor as interest rates are expected to decline [3] Corporate Developments - Palantir Technologies is a standout performer, surging approximately 6.7% after a significant drop last week, with a year-to-date gain of about 150% [12] - Nvidia, Alphabet, and Amazon.com are also seeing substantial gains, with Nvidia up 3.7% and both Alphabet and Amazon rising 3% each [12] - Tesla shares are down 3.7% following the approval of Elon Musk's compensation package [12] - Tyson Foods reported stronger-than-expected quarterly profits, leading to a 1.5% increase in shares despite facing rising beef costs [12] - Plug Power Inc. plans to generate over $275 million in liquidity through asset monetization and collaboration with a U.S. data center developer [12] Upcoming Events - The Federal Reserve's next FOMC meeting on December 9-10 is anticipated, with a 63% chance of another rate cut being priced in by financial markets [5] - Key economic data releases are scheduled for later in November, which could provide insights into the economy's health once the government reopens [6]