10 Stocks Skyrocketing Today

5. Rigetti Computing Inc. (NASDAQ:RGTI)

Rigetti Computing extended its winning streak for a second day on Wednesday, adding 11.18 percent to finish at $8.95 apiece as the company continued to benefit from the more cautious economic environment, pushing investors to flock to safer assets like AI.

RGTI, one of the companies riding the AI wave, recently announced securing a $35-million investment and $100-million partnership agreement with Quanta for the development of quantum computers.

Under the transaction, Quanta purchased RGTI shares at $11.59 apiece for a total of $35 million. Following the investment, the two parties would jointly invest $100 million over the next five years for the development of quantum computers.

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, it expects to release a system with over 100 qubits with a targeted 2x reduction in error rates from the current level.