Why Rigetti Computing Inc. (RGTI) Went Down On Thursday?

We recently published a list of 10 Firms Mirror Wall Street Slump on Thursday. In this article, we are going to take a look at where Rigetti Computing Inc. (NASDAQ:RGTI) stands against other firms that mirrored Wall Street slump on Thursday.

Wall Street’s shares traded lower anew on Thursday, as investor sentiment continued to be dampened by President Donald Trump’s fresh tariffs on US imports.

The tech-heavy Nasdaq fell the heaviest, down 0.53 percent, followed by the Dow Jones at 0.37 percent, and the S&P 500 at 0.33 percent.

The market decline was mainly weighed down by the performance of car manufacturers after Trump announced a 25-percent tariff on all vehicles imported beginning April 2.

Ten companies mirrored the broader market decline. In this article, we listed Thursday’s 10 worst performers and detailed the reasons behind their drop.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in 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 dropped its share prices for a second consecutive day on Thursday, slashing 7.73 percent to end at $8.47 apiece as investors sold off positions to minimize risks from the generally pessimistic macroeconomic environment.

RGTI traded lower in line with its counterparts in the quantum computing sector, with IonQ Inc. down 7.73 percent, D-Wave Quantum Computing dropping 2.48 percent, and Quantum Computing Inc. dipping 0.87 percent.

Further dampening sentiment are uncertainties in the quantum computing industry, with Nvidia Corp. CEO Jensen Huang walking back earlier comments that the very use of quantum computers could still be between 15 and 30 years from now.

In the recently concluded Quantum Day organized by Nvidia, Huang apologized to quantum computing firms hit heavily by his comments, saying that he may be wrong about quantum computing. The panelists, however, did not buy the idea.

Overall, RGTI ranks 8th on our list of firms that mirrored Wall Street slump on Thursday. While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that some 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 trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.