The price of the Toronto-based firm’s shares on the Nasdaq fell 3.5 per cent on Tuesday, after closing Monday down 61 per cent from where it ended the previous trading session. That followed a run-up in the stock from the US$10 at which it listed at the end of March to as much as US$42.44 in mid-April. (The Logic)

Talking point: Xanadu doesn’t make significant revenue yet, so what investors have to trade on is the promise of the firm’s technology and business model, and that of quantum computing generally. Its stock, like those of publicly-traded rivals, jumped last month after Nvidia announced new AI models designed to accelerate the adoption of the superfast machines. But most of Xanadu’s major shareholders—which include Canadian funds Georgian, OMERS, Real Ventures, Radical Ventures and BDC Capital—are subject to a lockup preventing them from cashing out any of their holdings yet. In a securities filing on Monday, some backers registered some of their stock for sale.