Alternative Investing Report - November 3, 2025

*as of 11/2, Sources: S&P, BTC, FTSE, DJRE, GOLD

Recently, two separate quantum computing milestones were reached - first, Google announced that its Willow chip is now 13,000 times more powerful than a conventional supercomputer thanks to using a “quantum echo.” Second, the company IonQ achieved 99.99% gate fidelity, essentially a .01% error rate, a first in quantum computing. The technical specifics of both are quite complicated, but the bottom line is that quantum computing is continuing to take significant steps forward.

➨ TAKEAWAY: While AI is the current hot sector, quantum computing is among those staking a claim to be the next big thing. There’s a reason that Nvidia is investing in the sector, and that the Trump administration is trying to get stakes in a number of publicly traded quantum computing companies, including IonQ. Investors can get exposure through those public companies, or companies such as Google and Nvidia, or in startups via private market exchanges.

In the latest episode of Smart Humans, Slava Rubin talks with Heron Finance's CEO and Founder Mike Sall about the world of private credit, how it compares to public markets and Heron’s unique approach to investing.

🚀 100 most valuable startups: A look at the most valuable VC-backed companies in the world, led by OpenAI, SpaceX, and ByteDance, shows average valuations at a 14.1% discount to the last funding round, according to data from Notice.co.

🏡 Luxury market: While home price growth is slowing across the country, homes in the 95th percentile of price are performing better, rising in value 4.8% year-over-year, well above the 1.8% rate for non-luxury homes.

🎨 $10 million gold toilet: Artist Maurizio Cattelan, famous for “Comedian,” the $6 million banana from last year, is back with “America,” a fully functional toilet made out of 223 pounds of solid gold worth $10 million. It will be auctioned on November 18 at Sotheby’s.

🤖 Poolside funding round: The AI startup is raising $2 billion at a $12 billion valuation, four times its previous valuation, with Nvidia investing $1 billion in the round.

⚾ Ohtani card sales: Fresh off the Los Angeles Dodgers’ consecutive World Series wins, multiple Shohei Ohtani cards sold for six figures over the weekend, including a 1/1 2018 Topps SuperFractor that sold for $542,900.

💵 Millennium Management fund: The traditional hedge fund is raising $5 billion to invest in a new fund for private market opportunities, in another sign of the merging of public and private market investing.

This week: Earnings from nearly a quarter of the S&P 500 companies will be released; big names include McDonald’s, AMD, and Palantir.

Tuesday: Election Day, with the New York City mayoral race, and Virginia and New Jersey’s gubernatorial races among the most consequential; if the government shutdown continues through Tuesday, it will become the longest in U.S. history.

Wednesday: The Supreme Court will hear arguments in the Trump tariff case.

Friday: U.S. October jobs report released (pending government shutdown); Grammy nominations will be announced.