Tesla Tanks as Trump Bets on Quantum and Wall Street Awaits

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•  23 Oct 2025
 

•   AAL  
   
  +13.07%
•   F  
   
  +11.99%
•   HON  
   
  +5.15%
•   IBM  
   
  +6.84%
•   INTC  
   
  +4.17%

Yesterday hurt. The Nasdaq down nearly 1%, the Dow off 0.7%, the S&P 500 shedding 0.5%. You watched your portfolio bleed red while the fear index jumped 4%. Bitcoin dropped almost 4%, Ethereum more than 5%. If you're sitting there wondering whether the rally just ran out of gas, you're not alone.

This morning isn't giving you any clarity. The futures are flat-hovering around zero like the market itself doesn't know what it wants. And while you're trying to figure out your next move, Trump just threw a curveball that has quantum computing stocks absolutely losing their minds.

Reports say the White House is considering taking actual equity stakes in select quantum computing companies. $QBTS is up 16% in pre-market. $IONQ and $RGTI are posting similar double-digit gains. The Commerce Department is already backtracking, but the damage is done. When Trump floats an idea, traders pile in first and sort out details later.

Here's what's eating at you. You know quantum computing isn't ready. $IONQ lost $170 million last year on $50 million in revenue. $RGTI burned $200 million on $11 million in sales. $QBTS torched $167 million generating just $22 million. These companies aren't making products they're making promises. But you've also seen what happens when you sit out the early innings of a hype cycle. So what do you do? Chase the momentum or protect what you've made?

Then there's $TSLA, down over 3% in pre-market. Net income down 37%. Earnings of 50 cents per share when everyone expected 56 cents. That's a miss. But revenue crushed expectations at $28.1 billion, and free cash flow just hit an all-time high of nearly $4 billion.

Which number matters? The one that says Tesla can't meet profit targets or the one that says it's printing cash faster than ever? You're waiting for Musk to spin this on the earnings call, to tell you why the cash flow story is what matters. Part of you wants to believe him because you've made good money believing him before. Another part is tired of being asked to look past the quarterly noise.

$IBM is down 7% despite beating on revenue, earnings, and guidance. Revenue of $16.33 billion, earnings of $2.65 per share, both above estimates. Why is it selling off? Because after the massive run earlier this year, anything less than a blowout feels like disappointment. You met expectations? The bar just moved higher.

$SAP is down 3% even though it beat revenue. Cloud revenue came in slightly light. That's it. $MBLY grew revenue 4%, hit earnings estimates, highlighted strong demand, and it's down 5% because margins compressed in China. You're watching companies post solid results and get punished for it.

Meanwhile, $HON is up 4.2% on a clean beat. $LVS jumped 5.7% after crushing estimates. $LUV posted a surprise profit and rallied nearly 2%. The market is rewarding some stocks and punishing others for reasons that feel arbitrary. You're trying to find the pattern, the logic, the signal in all this noise.

Tonight you're getting earnings from $TMUS, $INTC, $F, and $AAL. Intel matters. If Pat Gelsinger's turnaround is working, it could signal that old tech isn't dead. If it's not, you're watching another legacy giant fade. Tomorrow the CPI number drops. That's the one that could actually move the needle on Fed policy and whether this soft landing is real or wishful thinking.

The futures are telling you nothing. Flat is somehow worse than down because at least a direction would be a decision. You're holding positions wondering if you should take profits, add to winners, cut losers, or just sit tight and wait for clarity that might never come.

The warning signs are there. Breadth narrowing. Leadership rotating. Sentiment stretched. The fear index doesn't jump 4% because everything's fine. But you also know that every correction starts like this with doubt, with mixed signals, with traders second-guessing themselves. And the best opportunities come when everyone else is too scared to act.

Trump might actually back quantum computing with federal money, or this could be another tweet-driven pump that fades by next week. Musk might spin Tesla's cash flow into a narrative that reignites the stock, or investors might finally demand consistent profitability. IBM might prove that beating estimates isn't enough anymore, or the selloff might be a gift for anyone willing to buy quality at a discount.

You won't know until you know. The difference between winning and losing isn't having perfect clarity. It's having the discipline to manage risk when clarity doesn't exist. Tonight's earnings and tomorrow's CPI will move markets. What matters is whether you're positioned for what comes next.

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