RR2Capital

Consensus: Tesla Optimus wins the humanoid race. Reality check: ▫️Figure 03 has logged 1,250+ operating hours on a live BMW line. ▫️Agility's Digit moves totes at Amazon and GXO. ▫️Tesla? Still gearing up Fremont for Gen 3. The narrative leader and the deployment leader aren't the same company.

Deeply saddened by the passing of Nathan Allman, founder of Ondo. A visionary who believed finance should be open to everyone. Ian De Bode steps up as CEO to carry the mission forward. Rest easy, Nate 🙏

GM Guys - 24 Hour Market Recap⏰ 🔸 $BTC trading at $77k, $ETH at $2.1k 🔸 $BTC ETFs see 6th straight day of outflows #Bitcoin 🔸 $HYPE ETFs pull record $25.5M inflows in one day 🔸 #SEC indefinitely delays tokenized stock exemption framework.

⚡️The OCC just confirmed: US national banks can now buy and sell crypto on behalf of customers. No inventory risk, instant execution. Traditional finance is plugging directly into Bitcoin and crypto markets 👀

A 4.9B net loss and the largest IPO valuation in US history both true at the same time The narrative is no longer about earnings It is about Starlink penetration, Starship cadence and a monopoly on orbital infrastructure Elon kept burning while everyone else exited the runway

@richardseiler @SpaceX @randgroup The man can grind for sure!

💥JUST IN: Iran is walking back the hype. Some progress in talks with the US, but no deal is close. "We agreed on some points" is very different from signing anything. Still a long road ahead...

4 of the top 7 companies on Earth are chipmakers. ▪️NVIDIA: $5.4T ▪️TSMC: $2.0T ▪️Broadcom: $1.9T Combined: $9.3T in silicon. That's 5x Saudi Aramco. The world doesn't run on oil anymore. It runs on transistors.

@randgroup $NAORIS is building the infrastructure that makes decentralization actually trustworthy

The Quantum Sector Map: Every Public Company You Need to Know I've been mapping this space quietly for months and I think quantum is where AI was in early 2023. Most people can't name more than two or three tickers. By the time they figure out the landscape, the early positioning window is gone. 2026 is the year quantum became a real investable sector. Three new IPOs already landed. Quantinuum filed its S1 targeting a $20B valuation. The $QTUM ETF ripped 73% in a year. And McKinsey projects the total market hitting $100B within a decade. People see $IONQ pump 72% in seven sessions and think that's the whole story. It's not even close. Here's the full map, broken down by sector. Bookmark this one. 🔬 PURE PLAY QUANTUM HARDWARE These companies are building actual quantum computers. Different architectures, different bets on which physics wins. All racing toward fault tolerant systems. $IONQ : Trapped ion tech. First public quantum company to cross $100M in revenue ($130M in 2025). Guiding $225M to $245M for 2026. ~$19B market cap. Cloud distribution through AWS, Azure, and government contracts. Also acquiring SkyWater Technology to vertically integrate manufacturing. This is the closest thing to a "blue chip" in quantum right now, if that term even applies to a sector this early. $RGTI : Rigetti. Superconducting qubits. Modular chip architecture built for scalability. Down ~10% YTD after missing Q4 revenue by 22%. Still one of the OG pure plays. I think the architecture has merit but execution has been inconsistent. $QBTS : D-Wave. The original quantum company. Uses quantum annealing, which is a specialized technique for optimization problems. 83% gross margin. Not gate based like the others. Completely different bet. Interesting if annealing finds its niche before gate based catches up. $QUBT : Quantum Computing Inc. Photonic approach. Room temperature, low power. Acquired Luminar Semiconductor in Feb 2026 for photonic manufacturing, then NuCrypt in March to add quantum communications. Building a vertically integrated photonics platform. The acquisition pace tells you management sees a window closing. $INFQ : Infleqtion. First neutral atom quantum company to go public (Feb 2026, raised $550M). Uses cold atom arrays. Atoms as found in nature rather than manufactured qubits. The tech is efficient and reliable but slower. Trading around $11. This one is interesting to me because neutral atom is the approach that could surprise everyone. $XNDU : Xanadu. IPO'd March 2026. First pure play photonic quantum computing company on public markets. Photons transmit quantum data over long distances, which is critical for networking quantum machines together. If quantum networking becomes the bottleneck (and I think it will), photonic architectures have a natural advantage. $HQ : Horizon Quantum. IPO'd March 2026. Raised ~$120M. Pre revenue. Very early. Quantinuum (not yet public) : Honeywell's quantum subsidiary. Filed S1 targeting ~$20B. Trapped ion architecture like $IONQ but claims higher quantum volume and lower error rates. H2 processor hit a quantum volume of 2^25. Only $31M revenue in 2025 with $192M net loss. The biggest quantum IPO in history if it prices. My honest take: the $20B valuation feels aggressive when $IONQ just crossed $20B with 4x the revenue. But the tech credentials are elite. Watch this one very closely. ⚡ POST QUANTUM SECURITY This is the part of quantum most investors completely miss. And personally I think it might be the smartest near term play. While quantum computers are still being built, the security world is already racing to defend against them. The "harvest now, decrypt later" threat means adversaries are collecting encrypted data TODAY to crack it once quantum machines are powerful enough. That makes post quantum cryptography (PQC) an immediate spending priority, not a future one. The PQC market is projected to grow from $420M to $2.84B by 2030 at a 46% CAGR. Unlike quantum hardware, this revenue is compliance driven and happening now. $SEALSQ : Quantum resistant semiconductors with post quantum algorithms embedded at the chip level. Targeting IoT, automotive, identity management. ~$220M cash. One of the best capitalized names in this subsector. $ARQQ : Arqit Quantum. UK based. Software only quantum safe encryption. Products include NetworkSecure and Encryption Intelligence. Intel partnership. Revenue growing from $67K in H1 2025 to $623K in H1 2026. Tiny numbers but the contract pipeline is accelerating across telecom and defense. The kind of company that either 50x or goes to zero. No middle ground. $QNC : Quantum eMotion. Listed on NYSE American in Feb 2026. Patented Quantum Random Number Generator. Just acquired SKV Technology for its SecureKey platform. Targeting financial services, healthcare, blockchain, and government. The crypto/blockchain angle here makes this particularly relevant for our space. $BTQ : BTQ Technologies. Building blockchain infrastructure hardened with PQC. Early stage, low revenue. But the PQC x blockchain intersection is a narrative I expect to hear a lot more about as quantum threats to cryptographic standards become mainstream talking points. 🏭 TECH GIANTS WITH QUANTUM DIVISIONS The biggest quantum budgets on the planet don't belong to the pure plays. They belong to the usual suspects. And honestly, for risk adjusted exposure, these might be the smartest entries. $GOOG : Google Quantum AI. The Willow chip (105 qubits) achieved "below threshold" quantum error correction. This is the single most important quantum milestone in recent history. Adding more qubits now reduces errors instead of amplifying them. That changes the entire scaling equation. $IBM : Most mature quantum program in the industry. Superconducting qubits, open source tools, cloud access. They've shipped more quantum systems than anyone. Also deeply involved in post quantum cryptography standardization with NIST. $MSFT : Microsoft's topological qubit approach is the ultimate moonshot. Completely different physics from everyone else. Also partnered with Quantinuum to achieve "Level 2 Resilient" logical qubits. If topological works, it leapfrogs the field. Big if. $AMZN : AWS Braket provides cloud access to multiple quantum hardware platforms. The marketplace play. Whoever wins hardware, Amazon collects the toll. Classic Bezos energy. $HON : Honeywell. Majority owner (~54%) of Quantinuum. If the IPO lands at $20B, Honeywell's stake alone is worth over $10B. They're also splitting into three companies in 2026. The quantum spinoff optionality here is underpriced in my opinion. $NVDA : Not a quantum company per se, but quantum simulations run on GPUs. As quantum/classical hybrid workflows scale, NVIDIA sits right at the intersection. You get stability, earnings growth, and quantum optionality all in one. 🔧 COMPONENTS, MATERIALS & EQUIPMENT The picks and shovels layer. Companies making what goes inside quantum systems or enabling the PQC hardware refresh. $LSCC : Lattice Semiconductor. First to ship post quantum compliant FPGAs (CNSA 2.0). Their MachXO5 NX family integrates NIST standardized algorithms. Revenue estimate $631M for 2026 (+21%). The compliance driven PQC hardware refresh cycle is their tailwind. This one doesn't get enough attention. $MCHP : Microchip Technology. Crypto agile MCUs and FPGAs for the post quantum transition. Embedded security solutions. Not pure play but deep in the quantum security supply chain. $NXPI : NXP Semiconductors. Quantum safe hardware at chip level. Secure key storage, encryption accelerators, cryptographic modules across automotive, financial services, and IoT. 📡 QUANTUM NETWORKING The earliest and potentially most important subsector. Networking quantum machines together is what unlocks the real compute power. QUBT is expanding here via its NuCrypt acquisition. $XNDU's photonic approach has natural networking advantages. Several security names ( ARQQ, $SEALSQ) also overlap into this space. This category barely exists as a tradable theme yet. But I think two years from now people will look back and wish they'd paid attention to quantum networking the way they wish they'd mapped the AI inference buildout earlier. 📊 THE ETF PLAY $QTUM : Defiance Quantum ETF. ~84 companies. Modified equal weight. Up 73% in one year, 176% over five. ~$3.7B AUM. 5 star Morningstar rating. If you want broad exposure without single stock blowup risk, this is the cleanest vehicle available. 🧠 FINAL THOUGHTS The global quantum computing market goes from $3.5B (2025) to an estimated $20B by 2030. McKinsey sees $850B by 2040. Quantum equity funding in the first nine months of 2025 hit $3.77B. Nearly 3x all of 2024. We went from 6 pure play public quantum companies to potentially 12 by year end 2026. That's the kind of expansion that creates the early mover setups most people only recognize in hindsight. I'm not saying buy everything on this list. I'm saying map it. Understand the layers. Know where the architectures differ. Know where the revenue is real versus aspirational. This sector is where AI stocks were before ChatGPT made everyone a believer. The difference is the quantum crowd hasn't had its "ChatGPT moment" yet. When it comes, the people who already mapped the landscape will move first.

Russia's central bank spent a decade hoarding gold. Now they're selling it. Gold reserves just hit 73.9M oz, the lowest since February 2022.

GM Guys - 24 Hour Market Recap ⏰ 🔸 $BTC trading at $76k, $ETH at $2.1k 🔸 SpaceX revealed $1.29B $BTC stash in IPO filing. 🔸 $BTC ETFs hit $2.44B May inflows, highest of 2026. 🔸 SEC delayed tokenized stock framework, markets dipped.

@randgroup That’s $SOL

name the project

The most expensive meal in human history was two Papa John's pizzas, $772 million.

Turkey's US Treasury holdings: ▪️Jan: $16.9B ▪️Feb: $15.7B ▪️Mar: $1.8B 89% gone in 30 days.

⚡️JUST IN: Iran launched a digital insurance platform for Strait of Hormuz cargo settled in Bitcoin targeting $10B in revenue. US Treasury froze nearly $500M in regime-linked digital assets under Operation Economic Fury. Both sides of a geopolitical conflict are using crypto as infrastructure now. Bullish af long term. Chaotic short term. nfa dyor.

GM Guys - 24 Hour Market Recap ⏰ 🔸 $BTC trading at $77k, $ETH at $2.1k 🔸 Mark Cuban dumps most of his #BTC, calls it a failed hedge. 🔸 $HYPE surges 16%+ to all-time high on ETF and USDC catalysts. 🔸 Blockchain.com files draft S-1 for U.S. IPO.

@randgroup Well, share some stocks with the audience bro, some top picks

The S&P 500 has been doing the same thing since 1920 and almost nobody frames it correctly. A new technology arrives. Markets expand for roughly 25 years while that technology reshapes the economy. Then a short consolidation. Then the next technology arrives and does it again. 🔸Electronics: 24 years of expansion. 🔸PCs and internet: 25 years of expansion. 🔸AI and smartphones: we're in year 15. Every single consolidation phase felt like the end of the world. Every single expansion phase felt "too extended" by year 10. We've been in "too extended" territory for about 5 years now. The last two cycles ran for another decade after reaching this exact point.

The "conservative" scenario for RWA tokenization is a 10x from here. Are you positioned accordingly?

@randgroup Keeping a close eye on $ONDO 🔥