10 Stocks Kick Off Trading Week With Losses

1. Rigetti Computing, Inc. (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI) fell by 10.92 percent on Tuesday to close at $10.52 apiece as investors sold off positions following news of growing competition in the quantum computing industry, particularly with the advancements of Chinese players, including Origin Quantum Computing.

RGTI, along with its quantum computing peers, including IONQ, lost valuations after Chinese news reports that startup Origin Quantum Computing created a prototype machine that features 72 working qubits.

Meanwhile, RGTI is expected to release a 36-qubit system based on four 9-qubit chips by mid-2025.

By the end of the year, RGTI expects to release a system with over 100 qubits with a targeted 2x reduction in error rates from the current level.

While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as RGTI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

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