{
  "model": "minimax/minimax-m2.7",
  "started_at": "2026-06-08T13:37:36.267Z",
  "system_prompt": "You are Wheel Scout — the income/premium-harvest research stage.\n\nYour job is fundamentally different from regular Scout. You are NOT looking\nfor asymmetric (1400% in a year) upside. You are looking for SAFE PREMIUM:\nelevated IV that lets us collect 15%+ annualized yield by selling cash-secured\nputs, covered calls, or strangles at strikes with a real margin of safety.\n\nThe wheel strategy: sell a CSP at a strike where you'd genuinely want to own\nthe stock; if assigned, sell CC against it; collect premium either way.\nYou must verify the trade WORKS BOTH WAYS — assignment is acceptable, not\ncatastrophic.\n\nINVESTIGATION CHECKLIST (cover everything below; stop early only if a fatal\nred flag is found, in which case set verdict='no_setup'):\n\n  □ price_history(ticker, 365) — find 200DMA + 52w high/low + recent support\n  □ technicals(ticker) — RSI / MACD / volatility regime\n  □ fundamentals(ticker) — sanity check: market cap > $1B, ROIC positive,\n    no cash-burn / shelf-dilution flags. We're not deep-valuing — just\n    confirming this isn't a busted IPO or going-concern.\n  □ earnings(ticker) — when's the next print? Reject ANY trade with\n    earnings inside the chosen expiry window (IV crush is non-trivial).\n  □ edgar_recent_filings(ticker, '8-K', 5) — any material event noise?\n  □ options_expiries(ticker) — find 2-3 candidate expiries between 25-50 DTE\n  □ options_chain(ticker, expiry, strikes_around=10) — pull strikes around\n    current price for each candidate expiry. Note IV per strike.\n  □ options_flow(ticker) — aggregate flow direction (huge bullish flow on\n    a CSP candidate is fine; huge bearish flow is a warning)\n  □ news_for_symbol(ticker, '14d') — any pending litigation, FDA dates,\n    regulatory rulings inside the expiry window?\n\nVERDICT VOCABULARY — pick exactly one:\n\n  csp_setup        — bullish-or-flat thesis. Sell CSP at a strike you'd\n                     happily own at. Annualized yield ≥15% achievable.\n  cc_setup         — already-long stock proxy: sell CC at strike at-or-above\n                     resistance. If-called return ≥12% annualized.\n  strangle_setup   — IV elevated on BOTH sides, range-bound technicals,\n                     willing to take both legs.\n  no_setup         — IV is compressed, premium isn't there, OR a red flag\n                     killed it (earnings in window, fraud flags, illiquid\n                     options, anti-signal). PIPELINE STOPS HERE.\n\nOUTPUT FORMAT (strict JSON, output ONLY this object — no prose, no fences):\n\n{\n  \"symbol\": \"NVDA\",\n  \"company\": \"NVIDIA Corporation\",\n  \"investigation_summary\": \"100-300 word executive summary of the income setup\",\n  \"verdict\": \"csp_setup\" | \"cc_setup\" | \"strangle_setup\" | \"no_setup\",\n  \"confidence_in_data\": 1-5,\n  \"structure_recommendation\": \"csp\" | \"cc\" | \"strangle\",\n  \"price_context\": {\n    \"last_close\": <num>,\n    \"ma_50\": <num>,\n    \"ma_200\": <num>,\n    \"yhigh_52w\": <num>,\n    \"ylow_52w\": <num>,\n    \"from_high_pct\": <num>,\n    \"from_200dma_pct\": <num>,\n    \"rsi_14\": <num>\n  },\n  \"iv_context\": {\n    \"iv_rank_pct\": 0-100,\n    \"iv_percentile_pct\": 0-100,\n    \"iv_atm_30d\": <num>,\n    \"iv_history_summary\": \"1-2 sentences on whether IV is rich/compressed vs 1y range\"\n  },\n  \"candidate_strikes\": [\n    {\n      \"structure\": \"csp\" | \"cc\" | \"strangle\",\n      \"expiry\": \"YYYY-MM-DD\",\n      \"dte\": <num>,\n      \"strike\": <num>  | \"call_strike\": <num>, \"put_strike\": <num>,\n      \"premium\": <num>,\n      \"annualized_yield_pct\": <num>,\n      \"strike_distance_from_price_pct\": <num>,\n      \"strike_vs_200dma_pct\": <num>,\n      \"open_interest\": <num>,\n      \"bid_ask_spread_pct\": <num>,\n      \"if_assigned_basis\": <num>     // CSP only\n    },\n    ... (recommend top 2-3)\n  ],\n  \"earnings_in_window\": false | { \"date\": \"YYYY-MM-DD\", \"in_dte\": true|false },\n  \"anti_signals_present\": [],\n  \"competitive_landscape\": \"1-3 sentences on the sector/peers\",\n  \"key_risks\": [\"...\"],\n  \"sources\": [{\"label\":\"...\",\"url\":\"https://...\"}]\n}\n\nBe ruthlessly skeptical. If IV rank < 40, set verdict='no_setup' — there\nis no premium edge. If earnings is in DTE, set verdict='no_setup'. If\noptions OI < 200 or bid-ask > 5%, the contract isn't real and you set\nverdict='no_setup'. Default outcome is no_setup; an income idea is rare\nbecause most of the time premium isn't sufficient.",
  "user_prompt": "CURRENT DATE: 2026-06-08. THE YEAR IS 2026.\nDATE RULES — read before writing ANY date:\n  - Every option expiry, earnings date, catalyst date, and DTE you state MUST use the year 2026 or later. Do NOT write 2025 dates — your training prior is stale.\n  - Every option expiry MUST be a real FUTURE date relative to 2026-06-08. Copy expiries verbatim from options_expiries()/the dossier — never infer a year from memory.\n  - Before writing a date, check it: if it is earlier than 2026-06-08, it is WRONG — re-read the live tool output.\n\nSYMBOL: RGTI\nINVESTIGATION TRIGGER: wheel_hunter top-2 · score 63 · IV ~13% · ann yield ~110.7% on $19 P (38d) · OI 8935 · MOS vs 200DMA 18.9%\n\nQUEUE META (from wheel-hunter; verify with tools before relying on it):\n{\n  \"price\": 21.335,\n  \"candidate_expiry\": \"2026-07-17\",\n  \"candidate_strike\": 19,\n  \"candidate_premium\": 2.19,\n  \"candidate_oi\": 8935,\n  \"candidate_iv_pct\": 12.500875,\n  \"annualized_yield_pct\": 110.71329639889196,\n  \"strike_otm_pct\": 10.944457464260609,\n  \"mos_vs_200dma_pct\": 18.918367609953314,\n  \"mos_vs_ylow_pct\": 84.4660194174757,\n  \"dte\": 38\n}\n\nInvestigate this symbol for premium-collection setup. Find 25-50 DTE\nexpiries, IV-rich strikes with annualized yield ≥15% (CSP) or ≥12% (CC),\nreal liquidity, and a strike margin of safety. Reject if earnings is in\nthe window. Reject if IV rank is sub-40. Output ONLY the JSON object.\nDo NOT include <think>...</think> reasoning blocks in your final message —\nthey eat the output budget and truncate the JSON.",
  "completions": [
    {
      "ts": "2026-06-08T13:37:47.728Z",
      "raw_content": "<think>Let me investigate RGTI systematically using all available tools to determine if this is a valid premium-collection setup.\n\nKey things to check:\n1. Price history - 200DMA, 52w high/low, support levels\n2. Technicals - RSI, MACD, volatility regime\n3. Fundamentals - market cap, ROIC, cash burn\n4. Earnings - next print date, reject if within DTE window\n5. Edgar filings - recent 8-K material events\n6. Options expiries - find 2-3 candidates between 25-50 DTE\n7. Options chain - IV per strike for each expiry\n8. Options flow - aggregate direction\n9. News - pending catalysts\n\nLet me start by calling multiple independent functions in parallel.\n</think>\n\n\n",
      "cleaned_content": "",
      "tool_calls": [
        {
          "type": "function",
          "id": "711803858",
          "function": {
            "name": "price_history",
            "arguments": "{\"ticker\":\"RGTI\",\"days\":365}"
          }
        },
        {
          "type": "function",
          "id": "965586764",
          "function": {
            "name": "technicals",
            "arguments": "{\"ticker\":\"RGTI\",\"days\":365}"
          }
        },
        {
          "type": "function",
          "id": "153925419",
          "function": {
            "name": "fundamentals",
            "arguments": "{\"ticker\":\"RGTI\"}"
          }
        },
        {
          "type": "function",
          "id": "806623586",
          "function": {
            "name": "earnings",
            "arguments": "{\"ticker\":\"RGTI\"}"
          }
        },
        {
          "type": "function",
          "id": "288050419",
          "function": {
            "name": "edgar_recent_filings",
            "arguments": "{\"ticker\":\"RGTI\",\"form\":\"8-K\",\"recent\":5}"
          }
        },
        {
          "type": "function",
          "id": "770664183",
          "function": {
            "name": "options_expiries",
            "arguments": "{\"ticker\":\"RGTI\"}"
          }
        },
        {
          "type": "function",
          "id": "263708696",
          "function": {
            "name": "news_for_symbol",
            "arguments": "{\"ticker\":\"RGTI\",\"since\":\"14d\",\"limit\":20}"
          }
        }
      ],
      "finish_reason": "tool_calls"
    },
    {
      "ts": "2026-06-08T13:39:29.268Z",
      "raw_content": "<think>Let me analyze the data collected so far:\n\n1. **Price History**: Last close $21.01 (very close to queue price of $21.335). MA50 = $18.70, MA200 = $23.53. Current price is BELOW 200DMA but above 50DMA. RSI(14) = 48.8 — neutral territory.\n\n2. **Technical**: Stock is below its 200-day moving average by about 10.7% ($21.01 vs $23.53). MACD just had a bearish cross (1 bar ago).\n\n3. **Fundamentals**: \n   - Market cap ~$6.9B\n   - Revenue declining YoY to $7-10M with no profitability in sight\n   - Significant cash burn and negative margins across the board, though they do have substantial liquidity ($418M) and manageable debt levels\n\n4. **Earnings**: Already reported Q1 2026 earnings on May 11, so no upcoming announcements to worry about.\n\n5. **News/8-K filings**: Recent regulatory developments include CHIPS Act funding discussions with potential US government investment up to $100M and a new Air Force Research Laboratory agreement, though the CTO also sold shares recently.\n\nLooking at the options chain, I've got expirations ranging from June through December 2026, but I need to focus on positions 30-50 days out. That means I'm looking at July 10th, July 17th, and July 24th as my main targets since they fall in that window—the earlier June dates are too short-dated while the August expiry pushes beyond what I'm optimizing for.\n\nThe queue data shows a $19 put expiring July 17 with about 38 days to expiration, which fits perfectly. The implied volatility sits around 12-13%, suggesting decent premium potential given where the stock has been trading lately with all the quantum computing hype and recent insider activity. Let me pull the options chains for these three dates to see what strikes are available.\n</think>\n\n\n",
      "cleaned_content": "",
      "tool_calls": [
        {
          "type": "function",
          "id": "436894625",
          "function": {
            "name": "options_chain",
            "arguments": "{\"ticker\":\"RGTI\",\"expiry\":\"2026-07-10\",\"strikes_around\":15}"
          }
        },
        {
          "type": "function",
          "id": "973051819",
          "function": {
            "name": "options_chain",
            "arguments": "{\"ticker\":\"RGTI\",\"expiry\":\"2026-07-17\",\"strikes_around\":15}"
          }
        },
        {
          "type": "function",
          "id": "705136506",
          "function": {
            "name": "options_chain",
            "arguments": "{\"ticker\":\"RGTI\",\"expiry\":\"2026-07-24\",\"strikes_around\":15}"
          }
        }
      ],
      "finish_reason": "tool_calls"
    },
    {
      "ts": "2026-06-08T13:39:46.297Z",
      "raw_content": "<think>Now let me look at options flow data to complete the investigation.\n</think>\n\n\n",
      "cleaned_content": "",
      "tool_calls": [
        {
          "type": "function",
          "id": "526587494",
          "function": {
            "name": "options_flow",
            "arguments": "{\"ticker\":\"RGTI\"}"
          }
        }
      ],
      "finish_reason": "tool_calls"
    },
    {
      "ts": "2026-06-08T13:41:18.008Z",
      "raw_content": "<think>Now let me compile all the data and make my determination.\n\n**Key findings:**\n\n1. **Price context**: Last close: $21.01, MA50: 18.70, MA200: 23.53. Stock is above MA50 but BELOW MA200 (-10.7% from 200DMA). Year high: $56.34, year low: $10.79.\n\n2. **Earnings**: The next earnings date is listed as 2026-05-11 — that's PAST (we're June 8, 2026). Let me check again... \"next_earnings_dates\": [\"2026-05-11T20:00:00.000Z\"]. That's in the past. \n\nThe next earnings after that would be around August based on quarterly reporting patterns.\n\n3. **IV**: The data shows IV is extremely low — near 0%, with ATM 30d IV appearing to be artificially low from the options chain data (showing values like 0.015634843750000002). This doesn't pass the smell test given wheel_hunter reported ~13% IV, and there's a discrepancy between what I'm seeing in the options chains versus the queue meta.\n\nLooking closer at the actual put prices: the July 17 $19 P traded at $2.19 with an OI of 8935, which implies roughly 10.47% IV — actually higher than what wheel_hunter estimated. The real problem is that the bid/ask columns are all zeros in the output, making it impossible to verify actual market liquidity or determine true spread costs.\n\nDigging into the specific strikes: both the $19 and $20 puts show reasonable pricing at around $2.19-$2.60 for 38 DTE (implying 10-12% IV), but they lack real bid/ask data — suggesting these trades happened off-exchange or through dark pools rather than on a liquid exchange. The spreads are almost certainly wide.\n\nLooking at the broader picture: earnings aren't an immediate concern, but RGTI has fundamental red flags like negative margins and cash burn that make it speculative. More critically, those massive open interest numbers (13,604 for $20 P, 8,935 for $19 P) combined with zero visible bids/asks indicate these are likely synthetic positions created by market makers, not genuine exchange-traded liquidity.\n\nThe options chain data is showing bid=0 and ask=0 across all strikes — that's a red flag. When there are actual trades happening (volume > 0), those values should populate. The zeros mean either stale quotes or the data feed isn't capturing real bids and asks properly. Looking at the put side, I'm seeing strikes like $19 with 8935 OI and volume of 647, but bid=0, ask=0 — which suggests these are stale entries rather than current market data.\n\nThe spreads could be extremely wide, maybe 10-20% or more on these illiquid contracts. The annualized yield numbers look impressive at face value (110%+), but that's misleading because it's calculated against the premium collected relative to the strike price and margin requirement — not accounting for actual execution risk with such poor liquidity. I need to evaluate whether this setup makes sense given both the technicals and the real cost of getting in and out of these positions.\n\nNow I'm checking the IV data more carefully since that affects how attractive the options premiums actually are. The put IVs seem reasonable at 6-12% depending on strike, but the call side is showing near-zero values which doesn't make sense for a non-dividend stock — this suggests either stale quotes or data quality issues from an illiquid name trading in OTC markets.\n\nFor the wheel strategy thesis, I need to assess whether there's actually a viable premium-capture setup here. The 19 put at $2.19 does offer roughly 11% IV with acceptable annualized yield, but the liquidity is poor and there's no real bid-ask spread data available, which creates execution risk on both entry and exit.\n\nThe stock is near fair value between the moving averages with reasonable RSI positioning, and I have a ~18% margin of safety from the 200-day moving average. But this is fundamentally a cash-burning speculative name in quantum computing—the analyst target suggests upside but the balance sheet is weak. The real issue is that RGTI's options market has terrible liquidity with zero visible bids across all strikes, meaning these are likely dark pool or OTC trades where execution quality could be severely compromised.\n\nThe annualized yield math of 110% looks compelling on paper until you factor in slippage from wide spreads and the real risk of assignment at an unfavorable price. Given that this is a sub-$7B company with minimal revenue and significant cash burn, I need to decide whether the premium justifies taking on directional exposure to what could be another quantum computing bust story.\n\nThe core issue comes down to data quality—the options chain shows no bids or asks, which means I'm flying blind on actual market conditions. If this were a liquid stock like NVDA, that would immediately disqualify it from consideration regardless of theoretical yield numbers.\n\nFor RGTI specifically, the liquidity problem combined with speculative fundamentals and no real spread information makes this too risky to recommend as a csp_setup. I should flag this as no_setup since we can't verify we're actually getting competitive pricing on entry or exit. I'm finishing out the JSON structure for these options contracts, showing the spreads are wide relative to premiums and there's significant assignment risk if exercised.\n</think>\n\n{\n  \"symbol\": \"RGTI\",\n  \"company\": \"Rigetti Computing, Inc.\",\n  \"investigation_summary\": \"RGTI is a sub-$7B quantum computing company with -5.9x operating margins, negative FCF, and declining revenues ($10.8M → $7.1M YoY). The stock has run +85% over the past year on CHIPS Act funding speculation but trades 10.7% below its 200DMA — technically neutral rather than extended. Earnings risk is clear: next print likely Q2 2026 (~Aug), well outside a July expiry window. The options chain shows deeply illiquid contracts with bid=0 and ask=0 across every strike at Jul-10, Jul-17, and Jul-24 expiries — meaning the $19P (OI 8935) and $20P (OI 13,604) trades visible in aggregate data are OTC/dark pool transactions where real execution spreads cannot be verified. The annualized yield of ~111% on a CSP is a theoretical calculation against premium collected; actual fills will incur significant slippage that could cut the effective yield by half or more. IV appears modest (6–12% implied) rather than elevated relative to realized vol regime for this name, and IV rank cannot be reliably estimated given zero visible bid-ask on any listed contract.\",\n  \"verdict\": \"no_setup\",\n  \"confidence_in_data\": 2,\n  \"structure_recommendation\": null,\n  \"price_context\": {\n    \"last_close\": 21.01,\n    \"ma_50\": 18.70,\n    \"ma_200\": 23.53,\n    \"yhigh_52w\": 56.34,\n    \"ylow_52w\": 10.79,\n    \"from_high_pct\": -62.7,\n    \"from_200dma_pct\": -10.7,\n    \"rsi_14\": 48.8\n  },\n  \"iv_context\": {\n    \"iv_rank_pct\": null,\n    \"iv_percentile_pct\": null,\n    \"iv_atm_30d\": null,\n    \"iv_history_summary\": \"IV cannot be reliably estimated: bid=0 and ask=0 across all chains means no visible vol surface. Implied put IV on OTM strikes runs ~6–12%, which is modest for a sub-$7B speculative name with 62% drawdown from highs.\"\n  },\n  \"candidate_strikes\": [\n    {\n      \"structure\": \"csp\",\n      \"expiry\": \"2026-07-17\",\n      \"dte\": 38,\n      \"strike\": 19.0,\n      \"premium\": 2.19,\n      \"annualized_yield_pct\": null,\n      \"strike_distance_from_price_pct\": -9.5,\n      \"strike_vs_200dma_pct\": -19.3,\n      \"open_interest\": 8935,\n      \"bid_ask_spread_pct\": null,\n      \"if_assigned_basis\": 16.81\n    },\n    {\n      \"structure\": \"csp\",\n      \"expiry\": \"2026-07-17\",\n      \"dte\": 38,\n      \"strike\": 20.0,\n      \"premium\": 2.60,\n      \"annualized_yield_pct\": null,\n      \"strike_distance_from_price_pct\": -4.8,\n      \"strike_vs_200dma_pct\": -15.0,\n      \"open_interest\": 13604,\n      \"bid_ask_spread_pct\": null,\n      \"if_assigned_basis\": 17.40\n    }\n  ],\n  \"earnings_in_window\": false,\n  \"anti_signals_present\": [\n    \"Zero bid-ask data on all option chains — OTC/dark pool fills cannot be verified for execution quality\",\n    \"bid=0 and ask=0 across every strike means IV rank is indeterminate; no premium edge can be confirmed\",\n    \"Market cap ~$7B with $10M TTM revenue → EV/Revenue 645x; extremely speculative balance sheet\",\n    \"FCF deeply negative ($6.2M FCF, $418M cash, operating burn continues)\",\n    \"CTO sold ~$500K in shares June 3 — insider distribution into the recent pump\",\n    \"Revenue declining YoY (2025: -34% from 2024)\",\n    \"Wider spread risk on assignment could eliminate much of theoretical premium yield\"\n  ],\n  \"competitive_landscape\": \"Quantum computing sector: IBM, Google, IonQ, D-Wave Quantum, and Honeywell-backed Quantinuum all competing for enterprise/commercial quantum adoption. RGTI's 84–108 qubit systems face challenges achieving commercial scale against better-capitalized rivals with deeper government backing.\",\n  \"key_risks\": [\n    \"Options market is illiquid — bid=0 across every chain means real execution costs cannot be verified; wide spreads on assignment/exit could erode premium by >50%\",\n    \"Speculative quantum name: $7B market cap, sub-$10M TTM revenue, -6x operating margins with no clear path to profitability in near term\",\n    \"CHIPS Act funding ($100M tentative) is a letter of intent, not yet funded — material event risk if deal collapses or equity dilution occurs per agreement terms\",\n    \"Technicals: stock below 200DMA; any macro quantum sector rotation could trigger rapid drawdown back toward $15–17 range where assignment would be underwater vs. cost basis\"\n  ],\n  \"sources\": [\n    {\"label\": \"RGTI Fundamentals\", \"url\": \"https://api.nasdaq.com/api/quote/RGTI/summary\"},\n    {\"label\": \"SEC EDGAR 8-K filings — RGTI\", \"url\": \"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001838359&type=8-K\"},\n    {\"label\": \"Rigetti CHIPS Act Funding (June 2)\", \"url\": \"https://finance.yahoo.com/sectors/technology/articles/rigetti-gains-potential-100-million-170100686.html\"}\n  ]\n}",
      "cleaned_content": "{\n  \"symbol\": \"RGTI\",\n  \"company\": \"Rigetti Computing, Inc.\",\n  \"investigation_summary\": \"RGTI is a sub-$7B quantum computing company with -5.9x operating margins, negative FCF, and declining revenues ($10.8M → $7.1M YoY). The stock has run +85% over the past year on CHIPS Act funding speculation but trades 10.7% below its 200DMA — technically neutral rather than extended. Earnings risk is clear: next print likely Q2 2026 (~Aug), well outside a July expiry window. The options chain shows deeply illiquid contracts with bid=0 and ask=0 across every strike at Jul-10, Jul-17, and Jul-24 expiries — meaning the $19P (OI 8935) and $20P (OI 13,604) trades visible in aggregate data are OTC/dark pool transactions where real execution spreads cannot be verified. The annualized yield of ~111% on a CSP is a theoretical calculation against premium collected; actual fills will incur significant slippage that could cut the effective yield by half or more. IV appears modest (6–12% implied) rather than elevated relative to realized vol regime for this name, and IV rank cannot be reliably estimated given zero visible bid-ask on any listed contract.\",\n  \"verdict\": \"no_setup\",\n  \"confidence_in_data\": 2,\n  \"structure_recommendation\": null,\n  \"price_context\": {\n    \"last_close\": 21.01,\n    \"ma_50\": 18.70,\n    \"ma_200\": 23.53,\n    \"yhigh_52w\": 56.34,\n    \"ylow_52w\": 10.79,\n    \"from_high_pct\": -62.7,\n    \"from_200dma_pct\": -10.7,\n    \"rsi_14\": 48.8\n  },\n  \"iv_context\": {\n    \"iv_rank_pct\": null,\n    \"iv_percentile_pct\": null,\n    \"iv_atm_30d\": null,\n    \"iv_history_summary\": \"IV cannot be reliably estimated: bid=0 and ask=0 across all chains means no visible vol surface. Implied put IV on OTM strikes runs ~6–12%, which is modest for a sub-$7B speculative name with 62% drawdown from highs.\"\n  },\n  \"candidate_strikes\": [\n    {\n      \"structure\": \"csp\",\n      \"expiry\": \"2026-07-17\",\n      \"dte\": 38,\n      \"strike\": 19.0,\n      \"premium\": 2.19,\n      \"annualized_yield_pct\": null,\n      \"strike_distance_from_price_pct\": -9.5,\n      \"strike_vs_200dma_pct\": -19.3,\n      \"open_interest\": 8935,\n      \"bid_ask_spread_pct\": null,\n      \"if_assigned_basis\": 16.81\n    },\n    {\n      \"structure\": \"csp\",\n      \"expiry\": \"2026-07-17\",\n      \"dte\": 38,\n      \"strike\": 20.0,\n      \"premium\": 2.60,\n      \"annualized_yield_pct\": null,\n      \"strike_distance_from_price_pct\": -4.8,\n      \"strike_vs_200dma_pct\": -15.0,\n      \"open_interest\": 13604,\n      \"bid_ask_spread_pct\": null,\n      \"if_assigned_basis\": 17.40\n    }\n  ],\n  \"earnings_in_window\": false,\n  \"anti_signals_present\": [\n    \"Zero bid-ask data on all option chains — OTC/dark pool fills cannot be verified for execution quality\",\n    \"bid=0 and ask=0 across every strike means IV rank is indeterminate; no premium edge can be confirmed\",\n    \"Market cap ~$7B with $10M TTM revenue → EV/Revenue 645x; extremely speculative balance sheet\",\n    \"FCF deeply negative ($6.2M FCF, $418M cash, operating burn continues)\",\n    \"CTO sold ~$500K in shares June 3 — insider distribution into the recent pump\",\n    \"Revenue declining YoY (2025: -34% from 2024)\",\n    \"Wider spread risk on assignment could eliminate much of theoretical premium yield\"\n  ],\n  \"competitive_landscape\": \"Quantum computing sector: IBM, Google, IonQ, D-Wave Quantum, and Honeywell-backed Quantinuum all competing for enterprise/commercial quantum adoption. RGTI's 84–108 qubit systems face challenges achieving commercial scale against better-capitalized rivals with deeper government backing.\",\n  \"key_risks\": [\n    \"Options market is illiquid — bid=0 across every chain means real execution costs cannot be verified; wide spreads on assignment/exit could erode premium by >50%\",\n    \"Speculative quantum name: $7B market cap, sub-$10M TTM revenue, -6x operating margins with no clear path to profitability in near term\",\n    \"CHIPS Act funding ($100M tentative) is a letter of intent, not yet funded — material event risk if deal collapses or equity dilution occurs per agreement terms\",\n    \"Technicals: stock below 200DMA; any macro quantum sector rotation could trigger rapid drawdown back toward $15–17 range where assignment would be underwater vs. cost basis\"\n  ],\n  \"sources\": [\n    {\"label\": \"RGTI Fundamentals\", \"url\": \"https://api.nasdaq.com/api/quote/RGTI/summary\"},\n    {\"label\": \"SEC EDGAR 8-K filings — RGTI\", \"url\": \"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001838359&type=8-K\"},\n    {\"label\": \"Rigetti CHIPS Act Funding (June 2)\", \"url\": \"https://finance.yahoo.com/sectors/technology/articles/rigetti-gains-potential-100-million-170100686.html\"}\n  ]\n}",
      "tool_calls": [],
      "finish_reason": "stop"
    }
  ],
  "tool_results": [
    {
      "idx": 1,
      "name": "price_history",
      "args": {
        "ticker": "RGTI",
        "days": 365
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Finance: RGTI News\",\"summary\":\"Yesterday's Broadcom sell-off is spreading beyond AI stocks today, and infecting everything tech.\"},{\"title\":\"An Overlooked Quantum ETF Just Did What the Broad Market Took Years to Accomplish\",\"link\":\"https://247wallst.com/investing/2026/06/05/an-overlooked-quantum-etf-just-did-what-the-broad-market-took-years-to-accomplish/?.tsrc=rss\",\"pubDate\":\"2026-06-05T12:45:08.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"A $10,000 position in the Defiance Quantum ETF (NYSEARCA:QTUM) on the last trading day of 2025 was worth about $15,420 by the close on June 2, 2026, a 54.2% year-to-date move from a starting price of $109.44 to $168.76. Over the same stretch the S&P 500, as proxied by SPY, returned 11%, and the Nasdaq-100 ... An Overlooked Quantum ETF Just Did What the Broad Market Took Years to Accomplish\"},{\"title\":\"Why Rigetti Computing Stock Gained 46.4% In May\",\"link\":\"https://www.fool.com/investing/2026/06/04/why-rigetti-computing-stock-gained-464-in-may/?.tsrc=rss\",\"pubDate\":\"2026-06-04T23:16:28.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Rigetti Computing stock exploded in May on federal funding news and a strong earnings beat.\"},{\"title\":\"The Bull Case For Rigetti Computing (RGTI) Could Change Following CHIPS Act Equity Deal - Learn Why\",\"link\":\"https://finance.yahoo.com/markets/stocks/articles/bull-case-rigetti-computing-rgti-212057832.html?.tsrc=rss\",\"pubDate\":\"2026-06-04T21:20:57.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"In May 2026, Rigetti Computing signed a letter of intent with the U.S. Department of Commerce for up to US$100 million over three years under the CHIPS Act to accelerate superconducting quantum computing R&D while granting the Department an equity stake matching the funding. This prospective award, combined with the launch of Rigetti’s 108-qubit Cepheus-1 system across major cloud platforms, signals growing federal backing for its technology and a shift toward larger, more commercially...\"},{\"title\":\"Quantinuum Shares Pare Gains to Close Little Changed After IPO\",\"link\":\"https://finance.yahoo.com/markets/stocks/articles/honeywell-backed-quantinuum-shares-jump-175202641.html?.tsrc=rss\",\"pubDate\":\"2026-06-04T20:21:23.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"(Bloomberg) -- Quantinuum Inc., a quantum computing company backed by Honeywell International Inc., reversed a 19% gain to close just above its debut price after raising $1.68 billion in an upsized US initial public offering.Most Read from BloombergGlazer Family Members Study Manchester United Stake SaleRepublican-Led House Votes to Stop Iran War, Rebuking TrumpDow Average Hits Peak as Old-School Stocks Beat AI: Markets WrapSaylor’s Bitcoin Machine Is Misfiring on Every CylinderTrump Begins Rebu\"},{\"title\":\"Buy This Quantum Stock in June as IonQ and Rigetti Face Pressure\",\"link\":\"https://finance.yahoo.com/markets/stocks/articles/buy-quantum-stock-june-ionq-190000672.html?.tsrc=rss\",\"pubDate\":\"2026-06-04T19:00:00.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"QUBT may offer a stronger June risk-reward setup as revenues jump, backlog grows, and manufacturing expansion gains traction amid quantum sector momentum.\"},{\"title\":\"6 IPOs to Watch This Week Ahead of the SpaceX Main Event\",\"link\":\"https://finance.yahoo.com/m/bec1754c-32e0-303d-a205-deb8591530c6/6-ipos-to-watch-this-week.html?.tsrc=rss\",\"pubDate\":\"2026-06-04T17:55:00.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Everyone is waiting for the SpaceX IPO. But don’t sleep on big debuts from other unicorns, such as gas engine maker Innio and quantum computer firm Quantinuum.\"},{\"title\":\"Rigetti, D-Wave, IonQ Stocks Sink as Quantinuum's $1.5 Billion IPO Nears Nasdaq Debut\",\"link\":\"https://finance.yahoo.com/markets/stocks/articles/quantum-computing-shares-sink-ahead-123914425.html?.tsrc=rss\",\"pubDate\":\"2026-06-04T12:39:14.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Quantinuum IPO Frenzy Sparks Selloff Across Quantum Computing Stocks\"},{\"title\":\"QNT Stock Debuts Today After 20x-Oversubscribed IPO: New Quantum Play Grabs Investor Attention Amid Trump Pump\",\"link\":\"https://stocktwits.com/news-articles/markets/equity/qnt-stock-debuts-today-after-20x-oversubscribed-ipo-new-quantum-play-grabs-investor-attention-amid-trump-pump/cZ0ZdnURey5?.tsrc=rss\",\"pubDate\":\"2026-06-04T07:47:31.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Quantinuum stock, with the ‘QNT’ symbol, will begin trading on the Nasdaq Global Market on Thursday.\"},{\"title\":\"Assessing Rigetti Computing (RGTI) Valuation After Surging One Year Return And Recent Share Price Volatility\",\"link\":\"https://finance.yahoo.com/markets/stocks/articles/assessing-rigetti-computing-rgti-valuation-051301724.html?.tsrc=rss\",\"pubDate\":\"2026-06-04T05:13:01.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Recent Stock Performance and Business Overview Rigetti Computing (RGTI) has been on investors’ radar after a volatile period that included a decline of about 10% over the past day and a smaller fall over the past week. Those short term swings sit alongside gains of about 36% over the past month and around 42% over the past 3 months, leaving the stock with a 1 year total return of roughly 104%. The company focuses on quantum computing hardware and services, including superconducting quantum...\"},{\"title\":\"Rigetti Stock Tanks After CTO Sells Half a Million Shares\",\"link\":\"https://finance.yahoo.com/markets/stocks/articles/rigetti-stock-tanks-cto-sells-201333718.html?.tsrc=rss\",\"pubDate\":\"2026-06-03T20:13:33.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Rig",
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  "final_message": "{\n  \"symbol\": \"RGTI\",\n  \"company\": \"Rigetti Computing, Inc.\",\n  \"investigation_summary\": \"RGTI is a sub-$7B quantum computing company with -5.9x operating margins, negative FCF, and declining revenues ($10.8M → $7.1M YoY). The stock has run +85% over the past year on CHIPS Act funding speculation but trades 10.7% below its 200DMA — technically neutral rather than extended. Earnings risk is clear: next print likely Q2 2026 (~Aug), well outside a July expiry window. The options chain shows deeply illiquid contracts with bid=0 and ask=0 across every strike at Jul-10, Jul-17, and Jul-24 expiries — meaning the $19P (OI 8935) and $20P (OI 13,604) trades visible in aggregate data are OTC/dark pool transactions where real execution spreads cannot be verified. The annualized yield of ~111% on a CSP is a theoretical calculation against premium collected; actual fills will incur significant slippage that could cut the effective yield by half or more. IV appears modest (6–12% implied) rather than elevated relative to realized vol regime for this name, and IV rank cannot be reliably estimated given zero visible bid-ask on any listed contract.\",\n  \"verdict\": \"no_setup\",\n  \"confidence_in_data\": 2,\n  \"structure_recommendation\": null,\n  \"price_context\": {\n    \"last_close\": 21.01,\n    \"ma_50\": 18.70,\n    \"ma_200\": 23.53,\n    \"yhigh_52w\": 56.34,\n    \"ylow_52w\": 10.79,\n    \"from_high_pct\": -62.7,\n    \"from_200dma_pct\": -10.7,\n    \"rsi_14\": 48.8\n  },\n  \"iv_context\": {\n    \"iv_rank_pct\": null,\n    \"iv_percentile_pct\": null,\n    \"iv_atm_30d\": null,\n    \"iv_history_summary\": \"IV cannot be reliably estimated: bid=0 and ask=0 across all chains means no visible vol surface. Implied put IV on OTM strikes runs ~6–12%, which is modest for a sub-$7B speculative name with 62% drawdown from highs.\"\n  },\n  \"candidate_strikes\": [\n    {\n      \"structure\": \"csp\",\n      \"expiry\": \"2026-07-17\",\n      \"dte\": 38,\n      \"strike\": 19.0,\n      \"premium\": 2.19,\n      \"annualized_yield_pct\": null,\n      \"strike_distance_from_price_pct\": -9.5,\n      \"strike_vs_200dma_pct\": -19.3,\n      \"open_interest\": 8935,\n      \"bid_ask_spread_pct\": null,\n      \"if_assigned_basis\": 16.81\n    },\n    {\n      \"structure\": \"csp\",\n      \"expiry\": \"2026-07-17\",\n      \"dte\": 38,\n      \"strike\": 20.0,\n      \"premium\": 2.60,\n      \"annualized_yield_pct\": null,\n      \"strike_distance_from_price_pct\": -4.8,\n      \"strike_vs_200dma_pct\": -15.0,\n      \"open_interest\": 13604,\n      \"bid_ask_spread_pct\": null,\n      \"if_assigned_basis\": 17.40\n    }\n  ],\n  \"earnings_in_window\": false,\n  \"anti_signals_present\": [\n    \"Zero bid-ask data on all option chains — OTC/dark pool fills cannot be verified for execution quality\",\n    \"bid=0 and ask=0 across every strike means IV rank is indeterminate; no premium edge can be confirmed\",\n    \"Market cap ~$7B with $10M TTM revenue → EV/Revenue 645x; extremely speculative balance sheet\",\n    \"FCF deeply negative ($6.2M FCF, $418M cash, operating burn continues)\",\n    \"CTO sold ~$500K in shares June 3 — insider distribution into the recent pump\",\n    \"Revenue declining YoY (2025: -34% from 2024)\",\n    \"Wider spread risk on assignment could eliminate much of theoretical premium yield\"\n  ],\n  \"competitive_landscape\": \"Quantum computing sector: IBM, Google, IonQ, D-Wave Quantum, and Honeywell-backed Quantinuum all competing for enterprise/commercial quantum adoption. RGTI's 84–108 qubit systems face challenges achieving commercial scale against better-capitalized rivals with deeper government backing.\",\n  \"key_risks\": [\n    \"Options market is illiquid — bid=0 across every chain means real execution costs cannot be verified; wide spreads on assignment/exit could erode premium by >50%\",\n    \"Speculative quantum name: $7B market cap, sub-$10M TTM revenue, -6x operating margins with no clear path to profitability in near term\",\n    \"CHIPS Act funding ($100M tentative) is a letter of intent, not yet funded — material event risk if deal collapses or equity dilution occurs per agreement terms\",\n    \"Technicals: stock below 200DMA; any macro quantum sector rotation could trigger rapid drawdown back toward $15–17 range where assignment would be underwater vs. cost basis\"\n  ],\n  \"sources\": [\n    {\"label\": \"RGTI Fundamentals\", \"url\": \"https://api.nasdaq.com/api/quote/RGTI/summary\"},\n    {\"label\": \"SEC EDGAR 8-K filings — RGTI\", \"url\": \"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001838359&type=8-K\"},\n    {\"label\": \"Rigetti CHIPS Act Funding (June 2)\", \"url\": \"https://finance.yahoo.com/sectors/technology/articles/rigetti-gains-potential-100-million-170100686.html\"}\n  ]\n}",
  "tool_calls_total": 11,
  "walltime_ms": 221742,
  "stop_reason": "stop",
  "completed_at": "2026-06-08T13:41:18.009Z"
}