Why Rigetti Computing (RGTI) Is Among Wednesday’s Top Gainers?

We recently published a list of Bitcoin Miners, Quantum Computing Lead Rally: A Look at Wednesday’s Top 10 Gainers. In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands among Wednesday’s top gainers that lead rally.

Wall Street’s main indices closed in the green territory on Wednesday, posting gains of more than 1 percent as investors cheered news of a tamed inflation rate for November.

The Dow Jones jumped by 1.65 percent, while the S&P 500 surged by 1.83 percent. Meanwhile, the Nasdaq Composite index soared 2.45 percent.

Ten companies mirrored the broader market optimism, led by the quantum computing and bitcoin mining sectors. Today, let’s take a look at what buoyed investor sentiment for each of the top gainers.

To come up with Wednesday’s top advancers, 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) shares surged as much as 22.23 percent on Wednesday after the quantum computing industry received a boost from Microsoft.

On Wednesday, Microsoft’s strategic missions and technologies chief Mitra Azizirad highlighted the emergence of a dependable era in quantum computing, urging the sector to get ready because “we are right on the cusp of seeing quantum computers solve meaningful problems and capture new business value.”

The company expressed confidence that quantum computers will soon tackle significant challenges and unlock new business opportunities.

Over the past 52 weeks, Rigetti Computing (NASDAQ:RGTI)’s shares have already soared nearly 900%.

Its CEO, Subodh Kulkani, posted a positive outlook for the company, saying that it is in a position to sustain its ongoing research and development efforts. He also dismissed Nvidia Corp. chief Jensen Huang’s bearish remarks on quantum computing stocks that the practical use of quantum computers are still 15-30 years away.

Overall, RGTI ranks 2nd on our list of Wednesday’s top gainers that lead rally. While we acknowledge the potential of RGTI as a leading 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 that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

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