AI Stocks Dominate Friday’s Top 10 Performers

3. Rigetti Computing Inc. (NASDAQ:RGTI)

Rigetti Computing soared by 29 percent on Friday before finishing the day just up by 28.23 percent at $11.22 apiece as investor funds flocked to AI stocks to minimize risks from the ongoing market uncertainties.

RGTI traded higher in line with its quantum computing peers, namely D-Wave Quantum Inc. (QBTS) and IONQ, which rose as high as 41 percent and 13 percent, respectively, at intraday trading.

Just recently, RGTI secured a $35 million investment from Quanta Computer and partnered with the company for the development of quantum computing for $100 million in the next five years.

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.