Sticky inflation, elevated oil prices and rising global bond yields are shaping the market environment in May 2026. U.S. 10-year Treasury yields recently climbed above 4.6%, their highest level since early 2025, while Brent crude traded around $111 per barrel amid Middle East tensions and supply fears. Although there are signs that tensions may be partially easing through renewed U.S.-Iran diplomatic engagement and limited restoration of tanker traffic through the Strait of Hormuz, markets are not treating the situation as fully resolved.

This macro backdrop matters significantly for quantum computing investments because higher rates generally punish highly speculative, cash-burning companies more aggressively than profitable…