TORONTO — Xanadu Quantum Technologies shares rocketed more than 22% midday Wednesday, pushing past $28 as momentum in the nascent quantum computing sector continued to build on artificial intelligence breakthroughs and investor excitement over scalable photonic hardware.

The stock, listed on NASDAQ under the ticker **XNDU**, traded at $28.06, up $5.16 or 22.53% by 12:47 p.m. EDT on April 22. Volume exceeded 4.3 million shares, far above the average, reflecting intense retail and institutional interest in one of the few pure-play quantum companies available to public markets.

The dramatic move caps a volatile but breathtaking run for Xanadu since its public debut. The Canadian company completed a business combination with SPAC Crane Harbor Acquisition Corp. on March 27, 2026, raising approximately $302 million and beginning trading on both Nasdaq and the Toronto Stock Exchange. What started as a modest post-listing pop has turned into a speculative frenzy, with shares surging hundreds of percent in recent weeks amid broader quantum sector tailwinds.

Analysts and traders pointed to Nvidia’s recent release of open-source “Ising” AI models — designed to accelerate error correction in quantum systems — as a key catalyst that reignited buying across quantum names. Xanadu, which specializes in photonic quantum computing, benefited disproportionately as investors bet on its unique approach using light-based qubits that promise greater scalability and room-temperature operation compared with superconducting alternatives.

“Photonic quantum is emerging as one of the most viable paths to fault-tolerant, utility-scale quantum computers,” said one technology analyst who initiated coverage with an Outperform rating on April 20. Several firms have highlighted Xanadu’s PennyLane open-source software platform, which has gained traction for quantum machine learning and hybrid quantum-classical workflows.

Xanadu reported fourth-quarter and full-year 2025 results on April 9, detailing strong progress on its technology roadmap. The company announced 10 new strategic partnerships spanning hardware manufacturing, supply chain, R&D and commercial applications. It also highlighted ongoing negotiations for up to C$390 million in potential funding from the governments of Canada and Ontario to expand manufacturing and accelerate commercialization.

Founded in 2016 by CEO Christian Weedbrook, Xanadu has positioned itself as a leader in photonic quantum hardware and software. Its cloud-accessible systems and proprietary error-resistant photonic qubits aim to deliver practical quantum advantage for industries ranging from pharmaceuticals and materials science to finance and logistics. The company also develops PennyLane, a widely used open-source library for quantum computing and application development.

The recent rally has been nothing short of explosive. Shares hit a 52-week high near $42.44 earlier in April, triggering multiple trading halts on the TSX as circuit breakers activated repeatedly. At one point, the stock soared more than 250% in a single week, briefly minting Weedbrook a paper billionaire before some profit-taking set in. Market capitalization has swung wildly but now hovers near $1 billion to $9 billion depending on intraday peaks, underscoring the speculative nature of early-stage quantum plays.

Unlike many quantum competitors focused on superconducting or trapped-ion qubits, Xanadu’s photonic approach uses silicon-based chips and light particles that can operate at room temperature and integrate more readily with existing semiconductor infrastructure. Executives have emphasized the technology’s potential for massive scalability, a critical requirement for solving problems beyond the reach of today’s noisy intermediate-scale quantum (NISQ) devices.

In February 2026, Xanadu and Mitsubishi Chemical announced a breakthrough in quantum algorithms for simulating extreme ultraviolet lithography processes used in next-generation semiconductor manufacturing. The collaboration demonstrated how photonic quantum techniques could accelerate R&D for advanced chip production, a development that resonates with the AI hardware boom driving demand for ever-more powerful processors.

The company’s public listing marked a milestone as the first pure-play photonic quantum computing firm to trade on major exchanges. The SPAC deal valued the combined entity at roughly $3.1 billion at announcement and provided a robust cash position to fund R&D and fabrication expansion. Xanadu has also secured grants through Canada’s Quantum Champions Program and maintains partnerships with organizations including DARPA.

Despite the hype, quantum computing remains an emerging field with significant technical and commercial hurdles. No company has yet achieved large-scale fault-tolerant quantum computers capable of consistent commercial advantage. Xanadu’s path forward depends on continued progress toward utility-scale systems, successful qualification with enterprise customers and effective execution on its expanded manufacturing plans.

Wall Street has taken notice. Northland Securities initiated coverage with an Outperform rating in recent days, while other firms have highlighted the sector’s long-term potential even as near-term volatility remains elevated. Options activity has shown heightened interest, with traders betting on both continued upside and potential pullbacks after the parabolic moves.

Xanadu’s 52-week range stretches from a low near $6.97 shortly after listing to the recent peak above $42, illustrating both the opportunity and risk inherent in frontier technology stocks. Year-to-date gains have exceeded 100% for many holders who bought near the debut, though sharp reversals have also occurred.

Company leadership expressed optimism in recent commentary. With a strengthened balance sheet and new board and executive additions, Xanadu aims to scale its quantum computers and deepen collaborations across hardware and applications. Gross proceeds from the listing, combined with anticipated government support, provide runway to push toward fault-tolerant architectures.

For investors, Xanadu represents a high-risk, high-reward bet on the quantum revolution. Proponents argue that photonic advantages — including easier networking of qubits and compatibility with fiber-optic infrastructure — could give the company an edge as the industry shifts from laboratory experiments to cloud-based commercial services.

Skeptics caution that memory of past quantum hype cycles and the capital-intensive nature of the technology warrant caution. Valuation multiples remain stretched, with traditional metrics such as price-to-earnings offering limited insight into a pre-revenue or early-commercialization business focused on long-term breakthroughs.

As trading continued Wednesday, some market watchers speculated whether the latest surge reflected fresh sector momentum or simply momentum trading in a thin-float name. Broader technology indices showed mixed performance, but quantum-related stocks again outperformed on selective buying.

Xanadu has no immediate earnings report scheduled in the coming days, but investors will watch closely for any updates on partnership expansions, technical milestones or deployment of additional cloud quantum resources. The company’s PennyLane platform continues to see adoption in academic and industrial research, providing a software moat that complements its hardware ambitions.

From a Toronto startup backed by venture heavyweights including Bessemer Venture Partners, Tiger Global and OMERS to a publicly traded entity with billions in peak market value, Xanadu’s journey encapsulates the excitement surrounding quantum technologies. Its story blends Canadian innovation, government support and the global race to harness quantum mechanics for computing power that could reshape entire industries.

Whether this week’s gains prove sustainable or give way to consolidation, one theme remains clear: investor appetite for quantum computing plays has sharpened as artificial intelligence demands ever-greater computational resources. Photonic approaches like Xanadu’s are gaining attention as a potential bridge to practical, error-corrected quantum systems.

As the broader tech sector grapples with AI infrastructure costs and the search for the “next big thing,” companies at the intersection of quantum and classical computing are drawing fresh capital and scrutiny. Xanadu, once a privately held pioneer, now finds itself at the center of that spotlight — writing a volatile but compelling chapter in the quantum computing narrative.

By Christopher Gannatti, CFA

Nearly nineteen years is a long time in emerging markets. It spans both commodity price supercycles and commodity price collapses, the rise of China, the so-called ‘taper tantrum,’¹ a pandemic

Generac Power Systems is recalling certain portable generators sold at Costco after identifying a defect that could cause gasoline to leak, posing a potential fire and burn hazard, according to a notice sent to customers.

The recall affects Generac GP9200E gas generators purchased between May 2025 and February 2026, Generac Power Systems said to Costco members. The affected serial numbers range from 3016786070 to 3016788388.

The issue stems from the generator’s carburetor, which may leak fuel when the unit is first filled with gasoline, creating a risk of fire or explosion.

MACY’S RECALLS POPULAR KITCHEN ITEM OVER BURN RISK

Customers who have not yet filled the generator with fuel, or who experience any gasoline leakage, are being urged to stop using the product immediately. However, the notice states that generators that have already been used without any fuel leakage may continue to be operated.

MORE THAN 30K WIRELESS POWER BANKS RECALLED AFTER REPORTS OF FIRE, EXPLOSIONS

The recall applies only to units within the specified serial number range, and customers are advised to check their generator to determine whether it is included.

Ticker	Security	Last	Change	Change %
COST	COSTCO WHOLESALE CORP.	1,004.15	-1.66	-0.17%

Owners of affected generators can arrange for a free repair through an authorized dealer or return the product to Costco for a full refund, according to the notice.

Generac is one of the largest U.S. manufacturers of backup power equipment, with its products commonly used during outages caused by severe weather and grid disruptions.

OVER 1.1M POWER BANKS RECALLED AFTER REPORTS OF FIRES, EXPLOSIONS

“The safety and safe use of our products is always our top priority,” told FOX Business in a statement. “We encourage consumers to stop using affected units and determine eligibility for a free repair. Consumers with generators that have previously been filled with enough gasoline to move the gauge off “E,” or have been used without any gasoline leakage, can continue use.”

Generac estimates that about 51,500 of the 149,400 affected generators were sold to consumers.

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FOX Business has reached out to Costco for further comment.

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Moody’s Ratings affirms the ratings of seven Thai financial institutions and revises their outlooks to stable from negative, following the sovereign rating upgrade from negative to stable.

Singapore, April 22, 2026 — Moody’s Ratings (Moody’s) has today affirmed the ratings of seven Thai financial institutions and changed their outlooks to stable from negative. The seven Thai financial institutions are Bangkok Bank Public Company Limited (BBL), Export-Import Bank of Thailand (EXIMT), KASIKORNBANK Public Company Limited (KBank), Krung Thai Bank Public Company Limited (KTB), Siam Commercial Bank Public Company Limited (SCB), SCB X Public Company Limited (SCBX) and TMBThanachart Bank Public Company Limited (TTB).

The rating action follows the affirmation of Government of Thailand’s Baa1 rating and the change in outlook to stable from negative. The other Thai banks are not affected by this sovereign rating action.

Key Actions

• Moody’s affirmed the ratings of seven Thai financial institutions: Bangkok Bank (BBL), Export-Import Bank of Thailand (EXIMT), KASIKORNBANK (KBank), Krung Thai Bank (KTB), Siam Commercial Bank (SCB), SCB X (SCBX), and TMBThanachart Bank (TTB).
• Their outlooks were changed from negative to stable, following the sovereign rating action on Thailand.

Sovereign Context

• Thailand’s Baa1 sovereign rating was affirmed, with outlook revised to stable.
• Rationale: reduced downside risks from US tariffs, manageable risks from Middle East conflict, improving investment momentum, and political stability from a sizeable parliamentary majority.

Bank-Specific Highlights

• BBL: Strong capital and liquidity; ratings aligned with sovereign.
• EXIMT: Government-backed, benefits from rating uplift despite weak asset quality.
• KBank: Solid capital and profitability; risks from household and SME debt.
• KTB: Largest state-owned bank; strong capitalization and buffers.
• SCB/SCBX: Good profitability; SCBX rated slightly lower due to structural subordination.
• TTB: Strong capitalization; risks from household sector exposure.

Entity-Specific Guidelines

BBL

The affirmation of BBL’s Baa1 foreign-currency (FC) deposit rating, (P)Baa1 FC senior unsecured medium-term note (MTN) program rating and baa1 BCA reflects the bank’s solid capital and credit reserves, as well as its strong funding and liquidity. These credit strengths mitigate asset risks arising from Thailand’s slowing economic growth and the bank’s sizable exposure to market risks. BBL’s Baa1 FC deposit and (P)Baa1 FC senior unsecured MTN program ratings incorporate our assumption that the probability of support from the Government of Thailand will be very high in times of need, but they do not benefit from rating uplift because the bank’s baa1 BCA is already at the same level as the sovereign rating.

EXIMT

The affirmation of EXIMT’s Baa1 FC issuer rating, (P)Baa1 FC senior unsecured MTN program rating and ba3 BCA reflects the bank’s adequate capitalization and large credit reserves relative to its problem loans which mitigate the risks from its weak asset quality and modest profitability. The BCA also considers the bank’s good access to funding because of its policy role and strong linkages to the government, balanced by its weak liquidity. EXIMT’s Baa1 ratings also incorporate our classification of the bank as a government-backed institution, based on its policy role and full ownership by the Government of Thailand. As a result, the bank’s Baa1 ratings benefit from five notches of uplift from its ba3 BCA.

KBank

The affirmation of KBank’s Baa1 local-currency (LC) and FC deposit ratings, (P)Baa1 FC senior unsecured MTN program rating and baa2 BCA reflects the bank’s solid capital, strong funding and good profitability, which offset asset risks arising from its exposure to the heavily indebted Thai households and small- and medium-sized enterprises (SMEs). KBank’s Baa1 deposit and (P)Baa1 senior unsecured MTN program ratings are one notch higher than the bank’s baa2 BCA, based on our assumption that the probability of support from the Government of Thailand will be very high in times of need.

KTB

The affirmation of KTB’s Baa1 LC and FC deposit ratings, (P)Baa1 FC senior unsecured MTN program rating and baa3 BCA reflects its strong capitalization and loan loss buffers, which mitigate asset risks arising from Thailand’s slowing economic growth. The BCA also considers the bank’s stable liquidity and strong deposit franchise, underpinned by its status as the largest state-owned commercial bank in Thailand.  KTB’s Baa1 deposit ratings are two notches higher than the bank’s baa3 BCA, reflecting our assumption that the probability of support from the Government of Thailand will be very high in times of need.

SCB and SCBX

The affirmation of SCBX’s Baa2 LC and FC issuer ratings, as well as SCB’s Baa1 LC and FC deposit ratings, (P)Baa1 FC senior unsecured MTN program rating and baa2 BCA, reflects the group’s solid capital, strong funding and good profitability. These credit strengths mitigate asset risks arising from its exposure to the heavily indebted Thai households and SMEs, including the riskier loans at its consumer finance subsidiaries. SCB’s Baa1 deposit ratings and (P)Baa1 FC senior unsecured MTN program rating are one notch higher than the bank’s baa2 BCA, reflecting our assumption of a very high probability of support from the Government of Thailand in times of need. SCBX’s Baa2 issuer ratings are one notch lower than SCB’s Baa1 deposit ratings, reflecting structural subordination risk and a moderate probability of government support for the holding company.

TTB

The affirmation of TTB’s Baa1 FC deposit rating, (P)Baa1 FC senior unsecured MTN program rating and baa3 BCA reflects the bank’s strong capitalization and loan loss buffers, which mitigate asset risks from its large exposure to the highly leveraged household sector in Thailand. The BCA also considers the bank’s good liquidity and stable deposit franchise which largely consists of stickier retail deposits. TTB’s Baa1 deposit rating is two notches higher than the bank’s baa3 BCA, reflecting our assumption that the probability of support from the Government of Thailand will be very high in times of need.

This rating action is based on a baseline scenario of a contained impact of the Middle East conflict on energy markets notwithstanding ongoing disruption to oil supply and limited damage to production or infrastructure.  Nevertheless, we recognize that the credit profiles may be susceptible to a more adverse scenario in the conflict, reflecting their activities in a sector exposed to the macro-financial conditions risk transmission channel, which could lead to a more consequential impact on creditworthiness.

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Investors are flocking to actively managed exchange-traded funds (ETFs) and recently pushed the amount of assets in the investment class above a notable milestone.

Actively managed ETFs surpassed $1 trillion in assets under management in the U.S., as investors look to find investment options that may outperform passive ETFs that track an index.

“Active ETFs are exploding because investors want the best of both worlds, Wall Street strategy with Main Street pricing,” Ted Jenkin, managing partner for Exit Wealth Advisors, told FOX Business. “You’re getting flexibility to navigate volatile markets, potential tax efficiency, and in many cases a real shot at outperforming the index instead of just riding a mutual fund.”

The ETF market has grown across both actively and passively managed ETFs, but the two types have important distinctions.

COULD S&P 500 ETFS ALONE FUND YOUR ENTIRE RETIREMENT?

While passively managed ETFs are designed to track a benchmark such as the S&P 500, actively managed ETFs aim to outperform a given benchmark by having the portfolio manager adjust the investments within the ETF based on research or strategies they’re utilizing.

“Both approaches serve an important role for retail investors – the difference comes down to intent,” Charles La Rosa, vice president and head of ETFs at Gabelli Funds, told FOX Business. 

“Active ETFs seek to provide thoughtful security selection, risk management and potentially differentiated outcomes, particularly during periods of volatility or in less efficient areas of the market,” La Rosa said.

US ETF ASSETS UNDER MANAGEMENT TO MORE THAN DOUBLE TO $25T BY 2030, CITIGROUP SAYS

Fidelity Investments said that there are two types of actively managed ETFs that differ in how they disclose their holdings. 

Traditional actively managed ETFs, as well as passive ETFs, disclose their holdings on a daily basis, whereas semi-transparent active ETFs disclose their holdings on a quarterly basis.

GOLDMAN SACHS COMPLETES INNOVATOR CAPITAL ACQUISITION, LIFTING ETF ASSETS TO $90B

Research from the Securities and Exchange Commission’s (SEC) Division of Economic and Risk Analysis noted that last year, as active ETFs surpassed the $900 billion level, passive ETFs had over $8 trillion in total net assets.

The SEC’s research also notes that active ETFs had higher expense ratios than their passive peers, with asset-weighted passive ETF having operating expenses at 0.12% of net assets versus 0.49% for active ETFs as of 2024. 

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Equal weighted ETFs in both categories had higher expenses, with passive ETFs at 0.45% and active ETFs at 0.70%.

Tata Communications reported a sharp decline in its March quarter profit, with net profit falling 75% year-on-year (YoY) to Rs 259 crore, compared with Rs 1,040 crore in the same period last year. Revenue from operations, however, showed steady growth, rising 9% YoY to Rs 6,554 crore from Rs 5,990 crore earlier.

The steep decline in profit was largely due to a high base in the year-ago quarter, which had benefited from exceptional gains, including a one-time gain related to a subsidiary transaction. In contrast, the current quarter saw no such gains, leading to a normalization of earnings.

On a sequential basis, profit declined 29% from Rs 364 crore in the December quarter, indicating some pressure on operational performance as well. Profit before tax stood at Rs 434 crore, down from Rs 914 crore a year earlier.

Despite the profit decline, revenue growth remained healthy, driven by higher demand for network and transmission services. Total income for the quarter rose to Rs 6,597 crore, compared with Rs 6,059 crore in the year-ago period.

Network and transmission expenses increased to Rs 3,081 crore, reflecting scale-up in operations, while employee benefit costs rose to Rs 1,240 crore. Other expenses declined on a YoY basis, helping partially offset cost pressures.

Operating profitability remained under pressure, with profit before exceptional items at Rs 414 crore compared to Rs 336 crore a year earlier, but lower than the December quarter. Higher operating costs, along with the absence of one-off gains, weighed on overall margins during the quarter.
For the full year FY26, Tata Communications reported revenue from operations of Rs 24,803 crore, up 7% YoY, while profit stood at Rs 997 crore compared with Rs 1,837 crore in FY25, again impacted by exceptional items in the previous year.The board has also recommended a final dividend of Rs 17.5 per share (175%) for FY26. The dividend will be paid after shareholder approval at the upcoming annual general meeting.