10 Stocks Suffer Heavy Selling Pressure

2. Rigetti Computing, Inc. (NASDAQ:RGTI)

Rigetti Computing extended its losing streak to a 5th straight day on Wednesday, slashing 9.87 percent to close at $28.30 apiece following disappointing earnings results in the third quarter of the year.

In its financial statement, Rigetti Computing, Inc. (NASDAQ:RGTI) said that net loss widened by 1,258 percent to $200.97 million from $14.8 million in the same period last year. Revenues dropped by 20 percent to $1.9 million from $2.38 million year-on-year.

Looking ahead, Rigetti Computing, Inc. (NASDAQ:RGTI) said that it is on track to deliver a 100+ qubit chiplet-based quantum system with an anticipated 99.5 percent median two-qubit gate fidelity by the end of 2025.

By the end of 2026, it targets to deploy a 150+ qubit system with an anticipated 99.7 percent median two-qubit gate fidelity; as well as a 1,000+ qubit system by the end of 2027 with a projected 99.8 percent median two-qubit gate fidelity.

The outlook reflects optimism and strong demand for its quantum computers.

“This past quarter, we saw strong momentum with both the demand for our on-premises quantum computers and the development of collaborations to advance our own R&D and the quantum ecosystem more broadly,” said Rigetti Computing, Inc. (NASDAQ:RGTI) CEO Subodh Kulkarni.

“Rigetti’s open and modular architecture continues to allow us to integrate innovative solutions with our technology stack, including our Air Force Research Laboratory (AFRL)-funded project with QphoX and AFRL to advance superconducting quantum computer networking.”