Rigetti Computing Inc. (RGTI) Ends Trading Week Defying Market Bloodbath

We recently compiled a list of the 10 Firms End Trading Week Defying Market Bloodbath. In this article, we are going to take a look at where Rigetti Computing Inc. (NASDAQ:RGTI) stands against the other stocks.

A wave of selling gripped Wall Street this Friday, pushing major indices lower as investors shifted capital towards more attractive investment opportunities.

Ten companies bucked an overall bearish market sentiment, booking significant gains during the last trading day of the week. Let’s explore how they managed to buck the trend and what factors contributed to their remarkable performance amidst widespread market uncertainty.

A close up of an engineer typing at a quantum computing station in a modern office space.

Rigetti Computing Inc. (NASDAQ:RGTI)

Rigetti Computing (RGTI) continued to draw investor attention, ending this week’s trading up by 10.52 percent to close at $17.06 each.

Similar to other quantum computing stocks, Rigetti continued to rally amid the rapid expansion of the global quantum computing market, currently valued at $1.3 billion. The market is projected to grow at an impressive compound annual growth rate (CAGR) of 32.7 percent, potentially reaching $5.3 billion by 2029.

According to analysts, Rigetti (RGTI) stands to largely benefit from the expected growth, as they provide developers with essential resources and recently debuted their innovative Novera quantum processor.

It is also worth noting that Google’s advancements in the Quantum space with its newest Willow chip contributed to the rally on shares of Quantum stocks, including Rigetti.

Overall RGTI ranks 2nd on our list of the firms that ended the trading week defying market bloodbath. 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.