These 10 Firms Took A Hit on Friday

1. Rigetti Computing Inc. (NASDAQ:RGTI)

Rigetti Computing Inc. (RGTI) fell by 12.54 percent on Friday to end at $9.83 each as investors seemingly reallocated their portfolios in favor of sectors offering higher potential returns such as Bitcoin mining stocks which led the rally on the last trading day of the week.

In other news, it can be recalled that quantum computing stocks took a beating over the past few weeks following bearish statements from chief executives Jensen Huang of Nvidia Corp., and Mark Zuckerberg of Meta Platforms that the practical use of quantum computers will only be felt 15 to 30 years away.

However, the Nvidia chief said that he thinks the AI chipmaker will play a significant role in the development of quantum computers, and push it toward getting there as fast as possible.

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 as promising as 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.