Morning briefing · Wed, Jun 10
Quantum stocks are collapsing, but the smart money never owned them anyway
Quantum computing stocks just had their worst week in months, down nearly 8% as a group. The funds that actually move markets are nowhere near this trade. That tells you everything.
Quantum computing names got obliterated today. $IONQ dropped 9.73%, $RGTI fell 9.53%, $QUBT lost 9.04%, and $QBTS is down 33.57% over the past week alone. The quantum theme as a whole fell 7.69% in a single day, making it the worst-performing corner of the entire AI and tech trade by a wide margin.
Here is what matters: look at where the serious funds actually put their money. Altimeter Capital, run by Brad Gerstner, has 28.6% of its portfolio in $NVDA. Coatue Management, run by Philippe Laffont, has its biggest single position in $TSM, the company that physically manufactures the world's most advanced chips. Lone Pine Capital holds $VST, a power generator feeding data centers. These funds own the real infrastructure of AI. Not one of them shows a meaningful quantum position in their latest 13F filings, the quarterly disclosures that reveal what big money is actually holding.
Quantum computing may matter in ten years. Right now it is a retail story, not an institutional one. The drawdown is not a buying opportunity. It is the market correcting a valuation that was never grounded in fundamentals to begin with.
If the smart money has not arrived yet, the bottom is not in.
*When the funds that built their careers on getting technology right are unanimously absent from a trade, a dip is not a signal, it is a warning.*