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Quantum computing, of course, is not a thing born of the present. It is a phantom limb of the future, reaching back to grasp at the intractable problems that have long haunted the halls of science. A world where calculations dance beyond the limitations of binary, where the very fabric of reality bends to the will of algorithms. But between the promise and the practicality lies a desert of engineering challenges, a vast expanse of unproven technology. The machines themselves, humming with barely contained energy, remain more akin to elaborate prototypes than to the engines of a new era.

Barrick is due to offer its quarterly accounting next week, a ritual as predictable as the changing seasons. Yet, today offered no particular news specific to the company itself. The downturn, therefore, must be ascribed to the weakening of gold’s price, a nine percent retreat that suggested a temporary loss of faith in its protective qualities. Gold, it is said, serves as a bulwark against the anxieties of inflation and the vagaries of currency. A rather charming conceit, though one that often proves more wishful thinking than demonstrable truth.

Now, let’s talk about Baseten. Yes, it sounds like a villain from a low-budget sci-fi movie, but it’s an AI infrastructure company. They focus on the “inference layer”—that’s the part that connects the brains of the AI to, well, us. Think of it as the AI’s nervous system. And they’re good at it. Apparently, they can cut inference costs by over 40%. Forty percent! That’s enough to make even a seasoned portfolio manager do a little jig.

The hyperscalers – these temple builders of the modern age – crave cheaper power. Nvidia’s offerings, once hailed as miracles, now bear the weight of their own success – a price tag that chafes at the bottom line. So they dream of independence, of crafting their own silicon gods. A noble ambition, perhaps, but one built on the backs of engineers and technicians, toiling in the sterile light of the fabrication plants. They speak of “ASICs” – application-specific integrated circuits – as if they were keys to liberation. But what is liberation when the chains are merely forged from different metals?

The news sent a shiver through the gaming stocks – Unity Software, Take-Two Interactive, and even Roblox felt the draught. One might expect this, given the potential for entirely new realities to… well, distract people from existing games. But AppLovin’s fall? That’s where things get interesting. It’s like a perfectly good gargoyle suddenly fearing the rain.

The chart tells a story. A tough few years. A slow bleed. But the latest earnings report? A flicker of something different. An inflection point, they call it. I call it a chance. A long shot, sure, but this stock has a history. It moves in cycles, like a gambler chasing a losing streak.

But then…reality. Production targets missed with the grace of a toddler attempting ballet. Losses that could fund a small nation. And a valuation that suggested they were selling unicorn tears. Ford, bless their pragmatic hearts, bailed on a joint project and quietly sold off its shares. It’s always a little sad when corporate romances end. Like watching a rom-com where the meet-cute involves quarterly earnings reports.

The possibility of a prolonged ‘crypto winter’ looms, naturally. A period of subdued enthusiasm and, dare one say, actual losses. Though, one must concede, the cyclical nature of these enthusiasms is rather predictable. A few years of giddy ascent, followed by a bracing descent. The pattern, while tiresome, is hardly novel. One wonders if this time, however, the chill might prove… persistent.

Analysts were bracing for a loss of 50 cents a share, on sales of around $423 million. Beazer delivered a loss of $1.13, on sales of $363.5 million. Twice as bad as expected. It’s the kind of number that makes you question all your life choices, like that time I invested in artisanal dog biscuits. A complete disaster.