The U.S. government is not in talks with quantum computing companies to take equity stakes in the firms in exchange for federal funding, a Commerce Department official told CNBC.

“The Commerce Department is not currently negotiating equity stakes with quantum computing companies,” the spokesperson said in a statement.

The denial comes after the Wall Street Journal, citing people familiar with the matter, said that the Trump administration was in talks with companies including IonQ, Rigetti Computing, and D-Wave Quantum.

During trading on Thursday, Rigetti was up 7%, IonQ was up 7%, D-Wave was up 13%, and Quantum Computing was up 5%.

The Trump administration has taken recent equity stakes in companies and industries seen as vital to U.S. national security.

In August, it took a 10% stake in Intel, the nation’s leading semiconductor manufacturer. It also took a 15% stake in MP Materials, which mines rare earth elements. China has restricted exports of rare earths.

Experts say that the U.S. government’s growing interest in taking stakes in private companies is unprecedented in recent decades.

Trump administration officials such as Commerce Secretary Howard Lutnick have argued that the government should benefit from a company’s success, especially where federal funds are involved.

Quantum computing has attracted significant attention in recent years, with some of the most powerful institutions in the world spending millions in a race to develop and build the first useful and practical quantum computer, which could be completed in the next five years, according to optimistic predictions.

When there is a useful quantum computer, it would be able to do tasks that would require so much computing time on a traditional computer that it would be infeasible, such as discovering molecules that could be useful medicines or factoring large numbers.

Right now, there isn’t anything useful that quantum computers can do. The machines are purely for research.

But governments keep a close eye on the technology because it has military implications, including the potential to be able to decipher encrypted military communications.

Although the industry is attracting billions in investments, including from the federal government, it has not generated significant revenue yet.

Quantum computing companies generated under $750 million in revenue in 2024, according to a McKinsey report.

On Wednesday, Google claimed a quantum breakthrough in which it conducted research that showed that a quantum computer can run an algorithm over 13,000 times faster than a traditional computer, and that it could be verified by a second quantum computer, an advancement over past research.

Super Micro Computer shares fell 6% on Thursday after the company released weak preliminary results for its fiscal first quarter of 2026.

The server maker said it expects to report $5 billion in revenue for the quarter, down from the $6 billion to $7 billion guidance that the company had previously issued.

Super Micro said “design win upgrades” pushed some expected first-quarter revenue to the second quarter.

“We see customer demand accelerating, and we are gaining AI share, reiterating revenue of at least $33B for FY 2026 with the expectation of delivering more.” Super Micro CEO Charles Liang said in a statement.

Super Micro said it has had “recent design wins” of more than $12 billion, and that delivery has been requested during its fiscal second quarter.

The company will provide further updates on its expected second-quarter deliveries and revenues during its earnings call on Nov. 4, when it will officially report its first-quarter results.

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All eyes were on Tesla yesterday, when the electric vehicle maker became the first Magnificent Seven company to report earnings for the new season. Investors weren’t impressed: Though quarterly revenue was higher than a year ago, snapping two down quarters, earnings per share came in below Wall Street’s expectations amid rising capital expenditures.

Here’s what happened on the earnings call:

• CEO Elon Musk and other executives offered little forward guidance or insight into the auto business. Instead, the focus was on Tesla’s work in Robotaxis and Optimus humanoid robots, CNBC’s Lora Kolodny reports.
• Musk also discussed the company’s expected artificial intelligence chip, but acknowledged that Tesla is “not about to replace Nvidia.”
• Heading into the report, a group of unions and watchdogs launched the “Take Back Tesla” campaign to urge investors to oppose Musk’s new compensation plan. The highly publicized pay package would give the billionaire entrepreneur an opportunity to rake in almost $1 trillion in stock.
• Musk addressed the pay plan at the end of the earnings call, calling proxy advisors who oppose the package “corporate terrorists.”
• “If we build this robot army, do I have at least a strong influence over that robot army?” Musk said on the call. “I don’t feel comfortable building that robot army if I don’t have at least a strong influence.”
• Tesla shares fell more than 3% in premarket trading this morning. Follow live markets updates here.

On the other hand, Southwest Airlines beat expectations on both lines. Of note: The Dallas-based carrier posted a profit for earnings per share, while the Street had penciled in a loss. Still, shares are more than 1% lower before the bell this morning.

American Airlines also reported better earnings than analysts forecasted and gave an upbeat outlook for the remainder of the year. Shares rose nearly 4% following the release.

Next up on airline investors’ agendas: Alaska earnings due after the bell today.

The White House yesterday placed more sanctions on Rosneft and Lukoil — Russia’s two largest crude oil companies. Oil prices surged as a result, with the global benchmark Brent jumping more than 5%.

The Treasury Department cited Russia’s “lack of serious commitment to a peace process to end the war in Ukraine.” Treasury Secretary Scott Bessent warned that the Treasury could take “further action if necessary.”

These sanctions are related to plans for a meeting between President Donald Trump and Russian leader Vladimir Putin falling through, a senior White House official told NBC News.

While many tech companies race to hire AI talent, Meta appeared to take the opposite approach yesterday.

The Facebook parent is cutting around 600 roles from its AI business, which people familiar with the matter described to CNBC as bloated. No one from TBD Labs — the division that includes many of Meta’s major AI hires this summer — is on the chopping block, the people said.

Meanwhile, several big names in technology are calling for a pause on one form of AI development called “Superintelligence.” As CNBC’s Dylan Butts notes, the buzzy term refers to a hypothetical form of AI that would essentially outperform humans on basically everything. Signatories of the statement calling for a pause included Virgin Group founder Richard Branson and Apple cofounder Steve Wozniak.

Breaking news this morning: The Starbucks Workers United union will start voting tomorrow on whether to authorize a strike. The group also said it will also organize rallies and pickets across the country with member baristas and their allies.

The union and Starbucks are not currently in negotiations over a contract after talks broke down late last year, CNBC’s Kate Rogers reports. The union said it wants higher pay, improved hours and resolutions on outstanding labor disputes. A Starbucks spokesperson told CNBC that the union “chose to walk away from the bargaining table. If they’re ready to come back, we’re ready to talk.”

Starbucks is slated to report earnings next week.