10 Tech, Energy Stocks Are Wednesday’s Worst Performers

1. Rigetti Computing Inc. (RGTI)

Rigetti Computing (RGTI) suffered a bloodbath on Wednesday, ending the day diving 45.41 percent to finish at $10.04 apiece following statements from Nvidia Corp. chief Jensen Huang that the practical use of quantum computers is still 15 to 30 years away.

RGTI, alongside its quantum computing peers, all posted declines.

In a report, AXS Investments CEO Greg Bassuk was quoted as saying that quantum computing stocks’ valuations have “become a bit lofty” and that he was not surprised by Wednesday’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.

While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that 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 more promising than RGTI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.