Dzhanibekov- or Tennis racket effect is what happens when an object with three diferent moments of inertia doesnt spin around the axis with highest or lowest moment of inertia. The object starts to wobble and flips around, stabilizes for a moment, flips back and repeats. If it doesnt sound exciting then watch the linked video on wiki. Or see this Phys.SE post & links therein.
Now, atoms aren't exactly rotating ellipsoids, but they do have a spin and I remember calculating some precessions on the Bloch Sphere, which got me thinking that maybe the same effect occurs in quantum mechanics, probably under a different name.
Does it exist, at least in theory?
If so - can it be actually observed?
And if yes - are there applications of it?