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Wall Street Brunch: Shrodinger’s IPO (undefined:QNT)
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Quantinuum attracts strong demand ahead of debut. (0:17) Broadcom earnings focus shifts to accelerating AI chip demand. (1:09) May jobs report tests outlook for a cooling labor market. (1:58)
The following is an abridged transcript:
Quantum computing firm Quantinuum (QNT) is set to go public this week, with reports that the offering is already oversubscribed by a double-digit multiple of the shares available.
The company, which is owned by Honeywell (HON), plans to offer 21.05 million shares at between $45 and $50 each. At the top end of that range, Quantinuum would raise about $1.05 billion and be valued at roughly $13 billion.
The stock is expected to trade on the Nasdaq under the ticker symbol QNT.
Quantinuum generated 2025 revenue of $30.9 million, up from $23 million in 2024, while its net loss widened to $192.6 million as the company continued investing in growth and commercialization.
The company recently signed an agreement with the U.S. government to receive research and development funding aimed at addressing technology bottlenecks in fault-tolerant trapped-ion quantum computers.
On the earnings front, Broadcom (AVGO) highlights the week when it reports Wednesday after the close.
Wall Street expects EPS of $2.40 on revenue of about $22 billion.
Analysts have turned increasingly bullish ahead of the report.
Oppenheimer expects a beat-and-raise quarter driven by AI demand and says Broadcom remains the number-two AI accelerator player behind Nvidia (NVDA).
Susquehanna also raised its price target ahead of results, citing continued momentum in Broadcom’s custom AI chips and networking business.
Analysts said AI revenue could exceed $100 billion in fiscal 2027 as customer demand continues to broaden.
Also on the earnings calendar, Hewlett Packard (HPE) and Credo Technology (CRDO) report Monday.
Earnings spotlight: Tuesday: Palo Alto Networks (PANW) and Ulta Beauty (ULTA) are up Tuesday.
CrowdStrike (CRWD) and Medtronic (MDT) joing Broadcom on Wednesday.
Ciena (CIEN), Lululemon (LULU) and DocuSign (DOCU) weigh in on Thursday.
On the economic calendar, Friday’s jobs report is the main event.
Economists expect 96,000 jobs to have been added in May, down from 115,000 in April, while the unemployment rate is expected to hold at 4.3%.
Average hourly earnings are forecast to rise 0.3% for the month.
Wells Fargo says the labor market remains stuck in a low-fire, low-hire environment that is no longer deteriorating, but isn’t showing meaningful improvement either.
In the news this weekend, Waymo unveiled its new Ojai robotaxi minivan, an all-electric vehicle designed specifically for autonomous ride-hailing rather than retail sales.
The company says the vehicle is roomier, cheaper to operate and built around its sixth-generation self-driving system. Analysts say the lower operating costs could eventually help Waymo undercut human-driven ride-hailing services in some markets.
And Microsoft (MSFT) and Nvidia (NVDA) are expected to unveil the first Windows PCs powered by Nvidia chips as the primary processor at Computex and Microsoft’s Build conference this week.
The launch could mark a significant expansion of Nvidia’s push beyond AI servers and into the PC market.
And for income investors, McDonald’s (MCD) goes ex-dividend on Tuesday and pays out on June 16.
Halliburton (HAL) goes ex-dividend on Wednesday with a June 24 payout date.
Cigna (CI) goes ex-dividend on Thursday and pays out on June 18.
And Western Digital (WDC) goes ex-dividend on Friday with a payout date of June 17.
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