15 Stocks That Took a Nosedive in January

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

30-day Decline as of February 3, 2025: 35.7%

Rigetti Computing, Inc. (NASDAQ:RGTI), a quantum computing stock, declined by nearly 36% over the past 30 days, going from $19.02 to $12.25 on February 3, 2025. Over the past 30 days, the company saw a steep decline in its share price on January 8, going from $18.39 to $10.04 in just one day.

The reason behind this steep decline was the bearish comments on the quantum computing industry from NVIDIA’s CEO, Jensen Huang, accompanied by certain macroeconomic risks. Huang suggested that quantum computers were not the ideal solution for computing issues, bringing down stocks like RGTI in the quantum space. He also suggested that quantum computing technology will not be available for commercial use any time soon, maintaining a less optimistic outlook on the industry.

However, despite that, the stock boasts a market capitalization of $3.15 billion, as of February 3, and is a favorite among analysts. For instance, on January 27, analyst firm Needham, raised its price target on RGTI from $2 to $17, keeping a buy rating on the stock. The analyst firm maintained a bullish stance on the quantum computing sector, appreciating the technical milestones achieved by RGTI and its likes.

While we acknowledge the potential of RGTI to grow, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. 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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