10 Companies Mirror Wall Street Downturn

3. Rigetti Computing Inc. (NASDAQ:RGTI)

Shares of Rigetti Computing (RGTI) tumbled by 11.06 percent on Friday, ending the week at $8.93 each as investor sentiment was still weighed by Nvidia Corp. CEO Jensen Huang’s recent statement that the practical use of quantum computers is still 15 to 30 years away.

Rigetti, which for months, has been riding the booming AI sector, suffered the setback as investors recalibrated their expectations for the timeline of quantum computing advancements.

Separately, AXS Investments CEO Greg Bassuk was quoted as saying in a report that quantum computing stocks’ valuations have “become a bit lofty” and that he was not surprised by the stock price’s correction.

“Broad consensus has long been that quantum computing’s mass appeal is years away so there is no real news underpinning today’s negative news,” he added.