Shares in the technology sector declined amid a sharp increase in borrowing costs at a time when the biggest names in the industry are issuing debt at record levels to finance AI expansion.

IonQ said it was deploying its Superion 256 quantum computer at the Nvidia Accelerated Quantum Research Center. The quantum computing company said the link-up between the quantum computer and an Nvidia GB200 NVL72 system will allow researchers to develop hybrid software for quantum and classical computers and prototype hybrid systems. The quantum computer is expected to be installed next year.

Investor concerns around CoreWeave's leverage and credit risk are likely peaking, and the company should benefit from a positive inflection in the Street's sentiment around AI, UBS analysts write in a note, initiating coverage with a buy rating. The rating sets UBS apart from consensus, the analysts concede, but they argue that investors are underrating GPU pricing trends, the durability of compute demand, and CoreWeave's positive reputation within the tech industry. "A positive call on CoreWeave shares is a de facto call that investors will soon rotate back into the long-AI trade, a scenario that seems increasingly likely given the muted sentiment, strong demand signals and reported frontier lab growth," the analysts wrote.