Rigetti Computing (RGTI) Faces Volatility Amid Market Selloff: What’s Next for Quantum Leader?
Market Downturn Triggers Selloff
Monday’s trading session was a bloodbath across Wall Street, with major indices plummeting amid investor uncertainty. The tech-heavy Nasdaq led the decline, falling 4%, while the S&P 500 dropped 2.7%, and the Dow Jones slid 2.08%. Among the hardest-hit stocks, Rigetti Computing (NASDAQ:RGTI) saw its shares tumble 15.4% to close at $7.91.
Profit-Taking After Friday’s Surge
The selloff in Rigetti Computing shares follows a strong rally on Friday, when the stock jumped 9.87% after news of a significant strategic investment. Rigetti recently announced a share purchase agreement with Quanta Computer, in which Quanta invested $35 million at $11.59 per share. As part of the deal, both companies committed to investing $100 million over the next five years to accelerate quantum computing development.
Bullish Outlook Amid Short-Term Weakness
Despite Monday’s decline, Wall Street analysts remain bullish on Rigetti’s long-term prospects. Alliance Global Partners reaffirmed a “Buy” rating on RGTI and raised its price target from $15 to $16, reflecting confidence in the company’s roadmap.
Rigetti plans to launch a 36-qubit system—comprising four interconnected 9-qubit chips—by mid-2025. Furthermore, by the end of the year, the company aims to introduce a quantum system with over 100 qubits while simultaneously halving its current error rates.
Quantum Computing’s Growth Potential
As one of the leading quantum computing firms, Rigetti Computing is at the forefront of developing cutting-edge superconducting quantum processors. The firm offers quantum computing as a service (QCaaS) and has secured strategic partnerships to advance its technology.
Despite near-term market turbulence, the company’s long-term growth trajectory remains strong. Investors will be watching closely to see if Rigetti can capitalize on its recent investment and execute its ambitious plans for next-generation quantum computing advancements.
