Why Rigetti Computing (RGTI) Skyrocketed on Friday?

We recently published a list of 10 Firms Buck Market Slump on Impressive Earnings, New Deals. In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands against other firms buck market slump on impressive earnings, new deals.

The stock market ended the trading week in the red territory following President Donald Trump’s announcement that he would begin slapping tariffs against major US trading partners.

The Dow Jones shed 0.75 percent, the S&P 500 lost 0.50 percent, while the Nasdaq Composite dropped by 0.28 percent.

Ten companies bucked a wider market decline amid a flurry of positive catalysts that sparked buying appetite. In this article, we will take a look at which companies posted notable gains and explore the reasons behind their performance.

To come up with Friday’s gainers, we only considered those with $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) saw its share prices on Friday grow by 7.07 percent to end at $13.17 per share as investor sentiment was boosted by reports that President Donald Trump sat down with Nvidia Corp. chief executive officer Jensen Huang to discuss measures for the further development of artificial intelligence in the US.

Rigetti Computing (NASDAQ:RGTI), a quantum computing company, stands to benefit from any move to bolster AI, especially with Huang’s earlier pronouncements that Nvidia would play a significant role in the development of quantum computers and push it toward getting there as fast as possible.

Earlier this month, Trump announced a $500-billion partnership among three companies—OpenAI, SoftBank, and Oracle, to further develop AI in the US.

The companies were said to initially pour in $100 billion to start the project called Stargate, with plans to expand it to $500 billion in the coming years. The project is expected to create 100,000 US jobs, Trump said.

Overall, RGTI ranks 9th on our list of firms buck market slump on impressive earnings, new deals. 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 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.