Why Did Rigetti Computing, Inc. (RGTI) Go Down on Friday?

We recently published a list of These 10 Firms Took A Hit on Friday. In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands against other firms that took a hit on Friday.

Wall Street’s main indices all finished in the green territory on Friday, as investors repositioned their portfolios ahead of president-elect Donald Trump’s return to office.

The Dow jumped by 0.78 percent, while the S&P surged by 1 percent. Meanwhile, Nasdaq soared 1.51 percent.

However, ten companies under mixed sectors bucked an overall positive market sentiment as multiple negative factors put pressure on investor sentiment. In this article, let’s look at the reasons that dragged their shares performance.

To come up with the top 10 losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

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

Rigetti Computing, Inc. (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ: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.

Overall, RGTI ranks 1st on our list of firms that took a hit on Friday. 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 time frame. 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.