The stock market made a remarkable comeback on Friday, reversing the week’s losses as investor sentiment turned positive following news that a feared government shutdown is unlikely. The passing of a funding plan drove optimism, leading to a rally across major indices.
The Nasdaq led the way with a 2.61% gain, followed by the S&P 500 at 2.13% and the Dow Jones at 1.65%. AI and quantum computing stocks stood out, with several companies posting double-digit gains. Among them, Rigetti Computing Inc. (NASDAQ: RGTI) emerged as a top performer, soaring 28.23% to close at $11.22 per share.
Rigetti Computing (RGTI) Sees Strong Gains Amid Quantum Momentum
Rigetti Computing, a key player in the quantum computing space, saw its stock surge by 29% at its intraday high before settling at a robust 28.23% gain. This rally was part of a broader surge in quantum stocks, with peers D-Wave Quantum Inc. (QBTS) and IonQ (IONQ) gaining as much as 41% and 13%, respectively, during the session.
The bullish sentiment surrounding RGTI can be attributed to a strategic $35 million investment from Quanta Computer. This investment was part of a larger $100 million partnership aimed at advancing quantum computing technology over the next five years. Under the deal, Quanta purchased RGTI shares at $11.59 per share, further validating the company’s growth potential and technological edge in the industry.
Future Roadmap: Rigetti’s Ambitious Quantum Computing Plans
Investors are optimistic about Rigetti’s upcoming quantum advancements. By mid-2025, the company plans to launch a 36-qubit system powered by four interconnected 9-qubit chips. Additionally, Rigetti aims to release a system with over 100 qubits by the end of the year, targeting a 2x reduction in error rates compared to current levels.
With the quantum computing sector heating up and institutional investments pouring in, RGTI’s recent surge underscores the growing investor confidence in the transformative potential of quantum technology. As the market continues to evolve, Rigetti Computing remains a key player to watch in the rapidly advancing AI and quantum landscape.
