Why Rigetti Computing Inc. (RGTI) Went Up On Wednesday?

We recently published a list of The Top 10 Performing Stocks on Wednesday. In this article, we are going to take a look at where Rigetti Computing Inc. (NASDAQ:RGTI) stands against other top performing stocks on Wednesday.

Wall Street’s three major indices finished in the green territory on Wednesday as investors continued to digest news of President Donald Trump’s tariff rollout on imports.

The tech-heavy Nasdaq finished the day strongest, adding 0.87 percent. The S&P 500 grew 0.67 percent, while the Dow Jones was up 0.56 percent.

Ten individual stocks mirrored a broader market optimism, closing the day in the green amid a series of corporate developments that sparked buying appetite.

In this article, we named Wednesday’s top performers and detailed the reasons behind their gains.

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 Computing snapped a five-day losing streak on Wednesday, rallying 8.71 percent to end at $8.49 apiece as investors bought up on bargains to take advantage of its recent drop.

The rally followed the launch of the RGTX, the Defiance Daily Target 2X Long RGTI ETF, a single-stock ETF designed to provide amplified exposure to RGTI. The ETF offers traders a way to seek enhanced returns on RGTI without requiring a margin account.

According to Defiance ETFs, RGTX seeks daily investment results that correspond to 200 percent of RGTI’s daily percentage change.

“RGTX offers investors a way to seek leveraged exposure to RGTI, a known leader in quantum computing technology,” said Sylvia Jablonski, CEO of Defiance ETFs. “As Rigetti continues to develop its proprietary quantum processors and expand its Quantum Computing as a Service (QCaaS) platform, this ETF provides a trading tool for those looking to engage with the company’s market performance.”

Overall, RGTI ranks 6th on our list of top performing stocks on Wednesday. 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.