This Quantum Computing Name Leveraged by Nvidia Faces Some Headwinds
We're checking in on some of the less followed small-cap names.
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We currently have, under development, possible double bottom patterns of reversal in three of our lesser known, less followed "Stocks Under $10" names.
There are not a lot of new headlines surrounding these names, so I did not think they each required a piece all of their own, but seeing three similar patterns across three not very similar companies, save for the fact that two of them are SPACS, I thought was odd.
As we know, double bottoms are usually considered to be bullish patterns going forward. No, I don't have levels for my "yet to merge" SPACS. Let's take a look.
Churchill Capital Corp X/Infleqtion
Infleqtion is a global quantum tech company involved in the design and manufacture of neutral-atom-based quantum computers and quantum software for governments, businesses and research institutions. The firm, formerly known as ColdQuanta, uses a scalable and versatile form of quantum computing that is already being used and experimented with by firms like Nvidia (NVDA) , NASA and the U.S. Department of War.
Back in September, Infleqtion announced that the firm had agreed to go public via the SPAC known as Churchill Capital Corp X (CCIX). This deal is expected to inject Infleqtion with $540 million in cash which will include $125 million in incremental financing via an investment by private equity. This deal would value the firm at about $1.8 billion. Once the deal is done, the firm will operate under the name Infleqtion and is expected to list under the symbol INFQ at one of the two major New York-based stock exchanges. The deal is now expected to close in early 2026.
Churchill Capital Corp IX/PlusAI
This past June, PlusAI announced that the firm had plans to go public via a merger with Churchill Capital Corp IX. PlusAI is an AI-based driver software provider for factory-built autonomous trucks. The firm is headquartered in Silicon Valley and, as mentioned in this column in October, was named by the publication "Fast Company" as one of the world's most innovative companies.
The company is working with a number of companies to create what could ultimately result in autonomous fleets of trucks that would reduce overhead costs for trucking companies but unfortunately result in a loss of jobs for human drivers. The collaborative effort includes Hyundai Motor Company, Iveco Group (IVCGF), Bosch, International Brands and others.
PlusAI's Level 4 autonomous driving system, "SuperDrive" is an AI-native solution developed to be safe and scalable. The SuperDrive virtual driver has already been trained on more than 6 million miles of real-world operation. A commercial launch of the product is scheduled for the year 2027. I do not yet have a date for the planned merge.
Lithium Americas
Earnings for Lithium Americas (LAC) are due in March. Again, no sales are expected. Still, this is the lithium miner with a deal with the Department of Energy and a majority stake in the mine at Thacker Pass, Nevada near the Oregon border. This is believed to be one of the largest lithium deposits in the world. The stock has been a dog for a little while but hasn't run wild either. No sales, but enthusiasm has been kept in check. That's actually a positive.
This one is no SPAC and we do have a target price of $7.75 on these shares. Our panic point remains the 200-day SMA.
At the time of publication, Guilfoyle was long NVDA, CCIX, CCCX and LAC equity.
