10 Firms Post Impressive Gains on Tuesday

2. Rigetti Computing Inc. (RGTI)

Shares of Rigetti Computing (RGTI) soared by 47.93 percent on Tuesday at $8.95 apiece as investors resorted to bargain-hunting following a four-day losing streak.

Despite recent bearish comments from Meta Platforms CEO Mark Zuckerberg and Nvidia Corp. CEO Jensen Huang, who cast doubts on the immediate practical applications of quantum computing, optimism surrounding the sector received a boost.

This came after the state of Maryland announced a partnership with IonQ Inc. (IONQ), a leading quantum computing firm, to establish the state as a hub for quantum technology. The partnership has sparked renewed confidence not just in IonQ, but in the quantum computing sector’s long-term growth potential.

Huang also said earlier that the chipmaker, a major player in the artificial intelligence boom, would play a key role in the development of quantum computers, which will be able to quickly solve problems that would take traditional computers thousands of years to complete.