格隆汇10月23日｜量子计算公司D-Wave Quantum在夜盘交易中涨超17%，Rigetti Computing涨18%。消 息面上，美国总统特朗普政府正商谈入股量子计算公司，这表明特朗普政府正在扩大对其认为至关重要 的经济领域的干预。量子计算公司正讨论向美国政府提供股权以换取芯片研发资金，参与美国政府入股 谈判的量子公司包括IonQ，Rigetti Computing，D-Wave Quantum等。 | RGTI Rigetti Computing | | | | --- | --- | --- | | 36.060 4 -3.940 -9.85% | | 收盘价 10/22 16:00 美东 | | 42.580 + 6.520 +18.08% | | 夜盘 10/22 21:43 美东 | | ■ 72 24 4 ～ ～ 日 ◎ 品 ◎ 品 ◎ 品 ◎ 品 ◎ 品 ◎ 品 ◎ 品 ◎ 品 ◎ 品 。 | | ● 快捷交易 | | 最高价 39.720 | 开盘价 38.520 | 成交量 1.15亿 | | 最低价 34.140 | 昨收价 40.000 | 成交额 42.01亿 | | 平均价 ...

Core Insights - The U.S. administration is engaging with multiple quantum-computing companies to acquire equity stakes in return for federal funding [1] Group 1 - The discussions involve several quantum-computing firms, indicating a strategic interest from the government in advancing this technology sector [1] - The initiative suggests a potential increase in federal investment in quantum computing, which could enhance innovation and competitiveness in the industry [1]

Core Insights - Washington's involvement is deemed critical for various sectors of the economy [1] Group 1 - The discussions indicate a significant role for Washington in shaping economic policies [1]

Core Viewpoint - Former hedge fund manager Jim Cramer warns investors to sell into the "snapback" momentum in speculative markets, particularly in quantum computing, data centers, nuclear energy, and precious metals [2][3]. Speculative Market Trends - Cramer highlights that speculators in quantum computing, data centers, and nuclear energy will resist declines, indicating a potential for a recovery or "snapback" in these sectors [2]. - Investors are advised to be cautious of rallies that may not be supported by fundamentals and to consider selling during these moments [2]. Performance of Specific Stocks - Significant declines were noted in speculative stocks, with quantum computing stocks like Rigetti Computing Inc. down 7.64%, Quantum Computing Inc. down 7.41%, and D-Wave Quantum Inc. down 6.42% [4]. - Nuclear energy company Oklo Inc. experienced a drop of 12.33%, while data center stocks IREN Ltd. and CoreWeave Inc. fell by 6.80% and 1.57%, respectively [4]. Precious Metals Decline - Gold and silver saw their largest single-day drops in years, with gold decreasing by 5.2% and silver by 6.7% [3]. Market Indices Overview - Despite the declines in speculative stocks, major indices remained relatively flat, with the S&P 500 up 0.003%, Nasdaq Composite down 0.16%, and Dow Jones Industrial Average up 0.47% [5].

Market Overview - US stock futures remained flat as oil prices surged due to sanctions on Russia, with the Dow Jones Industrial Average and S&P 500 wavering near the flat line, while Nasdaq 100 contracts showed little change [1] Oil Market - Oil futures increased by over 5% following US sanctions on major Russian producers, with Brent crude nearing $66 per barrel and West Texas Intermediate approaching $62 [2] Company Earnings - Tesla shares declined over 3% in premarket trading after mixed third-quarter results, marking the beginning of the "Magnificent Seven" earnings cycle. IBM's stock fell around 7% despite stronger-than-expected profits, as software revenue met expectations but disappointed investors [3] Trade Relations - China announced upcoming talks with US officials, and President Trump confirmed a scheduled meeting with Chinese President Xi, providing some reassurance to markets amid rising tensions [4] Quantum Computing Sector - The Trump administration is reportedly in discussions for the US to acquire stakes in several quantum computing companies, with shares of IonQ and Rigetti Computing rising over 10% following this news [5]

Market Overview - US stocks experienced gains with the Nasdaq Composite leading at a rise of 0.5%, followed by the S&P 500 at 0.4%, and the Dow Jones Industrial Average increasing by 0.15% [1] Oil Market - Oil futures surged approximately 5% due to US sanctions on major Russian producers, with Brent crude nearing $66 per barrel and West Texas Intermediate trading above $61 [2] Company Earnings - Tesla shares fell nearly 4% after reporting mixed third-quarter results, while IBM stock also dropped around 4% despite stronger-than-expected profits, as software revenue met expectations but disappointed investors [3] - American Airlines stock rose after the company provided fourth-quarter earnings guidance that exceeded expectations, while T-Mobile shares dipped despite a larger-than-expected growth in customer base [4] Trade Relations - China announced upcoming talks with US officials, and President Trump indicated a scheduled meeting with Chinese President Xi, which may provide reassurance to markets amid rising tensions [5] Quantum Computing Sector - The Trump administration is reportedly in discussions to acquire stakes in several quantum computing companies, leading to a surge in shares of targeted firms such as IonQ and Rigetti Computing [6]

Market Overview - US stocks traded flat with the S&P 500 rising fractionally, while the Dow Jones Industrial Average and Nasdaq Composite hovered above the flat line amid mixed earnings reports from Tesla and IBM [1] Oil Market - Oil futures surged over 5% following US sanctions on Russia's major producers, with Brent crude nearing $66 per barrel and West Texas Intermediate approaching $62 [2] Company Earnings - Tesla shares fell nearly 5% after mixed third-quarter results, while IBM stock dropped around 6% due to stronger-than-expected profits being offset by disappointing software revenue [3] - American Airlines shares increased as its fourth-quarter earnings guidance exceeded expectations, while T-Mobile's shares dipped despite a larger-than-expected customer base growth [4] Trade Relations - China announced upcoming talks with US officials, with President Trump indicating a scheduled meeting with Chinese President Xi, providing some market reassurance amid rising tensions [5] Quantum Computing Sector - The Trump administration is reportedly in discussions to acquire stakes in several quantum computing companies, leading to a surge in shares of targeted firms like IonQ and Rigetti Computing [6]

US stocks climbed on Thursday as oil prices surged amid Russia sanctions and as Wall Street parsed through a fresh batch of quarterly results after Tesla (TSLA) and IBM (IBM) earnings fell short. The tech-heavy Nasdaq Composite (^IXIC) led the gains, rising 0.7%, while the S&P 500 (^GSPC) added 0.4%. The Dow Jones Industrial Average (^DJI) drifted 0.1% higher. Oil futures spiked around 6% after the US placed sanctions on Russia's giant producers, piling pressure on President Putin to end the war in Ukra ...

Performance Overview - Alluvial Fund achieved a return of 15.5% in Q3 2025, with a total return of 33.6% year-to-date, outperforming benchmark indexes [3][8] - This performance marks the third-best quarterly result in the fund's nine-year history [3] Portfolio Highlights - The largest position in the portfolio is Zegona Communications, which is undergoing significant asset sales that will enhance cash flow and reduce leverage [11][12] - FitLife Brands acquired Irwin Naturals out of bankruptcy for $42.5 million, funded by cash and bank debt, and is expected to perform well due to strong leadership [15][16] - PHI Group, a helicopter operator, is noted for its profitability and potential for a sale or public listing, trading at half the value of peers [29] Market Insights - Concerns are raised about the sustainability of the current market rally, particularly regarding speculative companies like Rigetti Computing, which has a market value of $18 billion despite minimal revenue [9][10] - The fund maintains a cautious approach, focusing on companies with durable cash flows and valuable assets [10] Sector and Geographic Allocation - The fund's geographic allocation is primarily in the United States (59.1%), followed by the United Kingdom (23.2%) and Eurozone (10.1%) [23] - Sector allocation includes Communications (21.0%), Consumer Staples (20.7%), and Real Estate (12.9%) [24] Notable Developments - NewPrinces Group plans to list a minority stake in UK food producer Princes, potentially realizing significant value from its investment [19] - Unidata SpA, an Italian broadband provider, has seen cash flow grow by 67% since 2022, yet its shares are down nearly 40%, indicating a potential undervaluation [25] Risk Management - The fund is trimming its position in Zegona for risk control, emphasizing the importance of managing exposure to unforeseen negative events [14] - The fund's allocation to Expert Markets securities is limited to 10% to manage liquidity risk [28]

Core Viewpoint - Speculative stocks are currently facing significant risks, and investors are advised to be cautious and consider selling to avoid potential losses. Speculation can be beneficial, especially for younger investors, but it must be approached wisely by focusing on companies with clear profit potential rather than those with a history of losses [1][2][3]. Group 1: Speculative Stocks Overview - AS Space Mobile has seen a 200% increase this year but is down over 30 points from its recent high, and it recently offered $1 billion in convertible notes while having a negative free cash flow of $677 million over the last year [5][6]. - Trilogy Metals has increased by approximately 345% this year but has no sales and has been losing money consistently for five years [7]. - Grail, a cancer detection company, has seen its stock rise 347% this year despite losing hundreds of millions over the last five years, and it recently conducted a $325 million private placement [8]. - Techcoen, a co-generation company, has increased nearly 475% but has never turned a profit, and its stock has dropped from 12 to 8 recently [9]. - Aurora Innovation, a self-driving technology company, trades under five and has lost hundreds of millions over the last five years, with a recommendation to consider Tesla instead [10]. - Regetti Computing, a quantum computing company, is up 136% this year but has declining revenues and significant insider selling, raising concerns about its future profitability [11]. Group 2: Market Sentiment and Recommendations - The current market sentiment indicates that the speculative mania may be coming to an end, with many of the mentioned stocks viewed as overheated and likely to revisit lower levels [11][12]. - There are better alternatives to the speculative stocks discussed, and investors are encouraged to sell during any potential bounce to avoid further declines [12].