Squawk on the Street SOTS 2nd Hour: Goldman’s Chief U.S. Economist, Potential Powell Picks, & The Quantum Computing Breakdown 8/13/25
Aug 13, 2025
Subodh Kulkarni, CEO of Rigetti Computing, shares insights on the future of quantum computing, highlighting a groundbreaking chiplet-based system with 36 qubits that could transform classical computing. The discussion also touches on the interplay between quantum technology and financial markets, emphasizing its potential impact on cryptocurrency and blockchain. Kulkarni's thoughts illuminate the rapidly evolving tech landscape while reflecting on Rigetti's remarkable 1,700% stock surge over the past year.
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Broad Market Rally Is A Rotation
- Market breadth is widening with healthcare, consumer discretionary, materials, financials and tech all contributing to record highs.
- The rally reflects rotation rather than a single-sector surge, signaling broader risk appetite.
Fed Succession Fuels Rate-Cut Expectations
- The Trump administration is considering many candidates to replace Fed Chair Powell, suggesting uncertainty and a deliberative selection process.
- Markets price in a high probability of September rate cuts, reducing near-term policy stakes.
Positioning Is Driving The Rally
- The market has rotated into risk-on trades (small caps, cyclicals, banks) as investors price in rate cuts and dismiss inflation risks.
- That positioning makes the market somewhat self-referential: positioning drives performance while expecting policy easing.