Why Rigetti Computing (RGTI) Soared?

On December 26, 2024By Littum

We recently published a list of 10 biggest winners last week. In this article, we will take a look at where Rigetti Computing Inc. (NASDAQ:RGTI) faced other top gainers last week.

Investors gobbled up shares of mostly technology companies last week after announcements of multibillion-dollar investments, support for quantum technology and new contracts, among others. Let’s take a look at last week’s top 10 winners and explore the reasons behind their impressive performance.

To come up with the biggest winners last week, we considered only those stocks that have at least $2 billion in market capitalization and $5 million in daily turnover.

Why Rigetti Computing Inc. (RGTI) skyrocketed?

A close-up of an engineer typing at a quantum computing station in a modern office space.

Last week, shares of Rigetti Computing surged 29.69 percent from $7.22 on Monday to end at $9.37 apiece, driven by news surrounding the company’s developments in the quantum computing sector.

The global quantum computing market, currently valued at $1.3 billion, is expected to grow at a remarkable compound annual growth rate (CAGR) of 32.7%, potentially reaching $5.3 billion by 2029 from $1.3 billion currently.

According to analysts, Rigetti will greatly benefit from the expected growth as they provide developers with essential resources and recently launched their innovative Novera quantum processor.

It’s also worth noting that Google’s progress in the Quantum space with its latest Willow chip contributed to the rally in shares of Quantum stock, including Rigetti.

Overall, RGTI ranks 5 on our list of biggest winners last week. While we recognize the potential of RGTI as an investment, our conviction lies in the belief that some AI stocks hold greater promise to deliver higher returns and do so in a shorter time frame. If you’re looking for an AI stock that has more promise than RGTI but is trading at less than 5 times its earnings, check out our report on cheapest AI stock.

Disclosure: None. This article was originally published on Insider monkey.