Rigetti Computing, Inc.

• WB White Brook Capital Third Quarter 2025 Commentary ↗ White Brook Capital argues that AI infrastructure spending mixes genuine demand with speculative financing and sees narrative-driven valuations obscuring cash-generative businesses. The firm sold Tile Shop after its proposed delisting, retained its small-cap concentration, and expects operational changes at Portillo's and Target to strengthen their investment cases. Third Quarter 2025 PTLO $354MRGTI $3.9BTGT $69B +1
• Alluvial Capital Management Third Quarter 2025 Letter to Limited Partners ↗ Alluvial Fund trimmed Zegona Communications for risk control while retaining conviction in asset sales, deleveraging and operating improvements. The portfolio added to PHI Group and backed FitLife Brands’ Irwin Naturals acquisition, while awaiting property sales, refinancing and earnings growth at several out-of-favor holdings. Third Quarter 2025 ZEG $5.2BCBL $1.5BFTLF $81M +4

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