Why Rigetti Computing (RGTI) Skyrocketed?

We recently published a list of 10 Biggest Gainers of Last Week. In this article, we are going to take a look at where Rigetti Computing Inc. (NASDAQ:RGTI) stands against other biggest gainers of last week.

Investors gobbled up shares of predominantly technology companies last week, following announcements of multi-billion dollars of investments, quantum technology backing, and new contracts, among others. Let’s take a look at last week’s Top 10 Gainers and explore the reasons behind their impressive performance.

To come up with the biggest winners of last week, we considered only the stocks that have 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)

Last week, shares of Rigetti Computing grew by 29.69 percent from $7.22 on Monday to end at $9.37 apiece, driven by news surrounding the company’s developments in the quantum computing sector.

The global quantum computing market, currently valued at $1.3 billion, is projected to grow at a remarkable compound annual growth rate (CAGR) of 32.7%, potentially reaching $5.3 billion by 2029 from $1.3 billion at present.

According to analysts, Rigetti stands to largely benefit from the expected growth, as they provide developers with essential resources and recently debuted their innovative Novera quantum processor.

It is also worth noting that Google’s advancements in the Quantum space with its newest Willow chip contributed to the rally on shares of Quantum stocks, including Rigetti.

Overall, RGTI ranks 5th on our list of biggest gainers of last week. 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 more promising than 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.