10 Stocks With Massive Losses; AI Stocks Not Spared

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

Rigetti Computing fell for a third day on Monday, as investors sold off positions in quantum computing stocks to shift to the bigger earners amid the third quarter earnings season.

Rigetti Computing, Inc. (NASDAQ:RGTI) dropped alongside its counterparts, namely Quantum Computing Inc., IonQ Inc., and D-Wave Quantum Inc., suggesting that investor appetite for quantum computing stocks has tapered off and shifted to the country’s largest earners.

The quantum computing industry, on the other hand, remains a pre-profit sector despite rising valuations and government backing, relying mostly on a series of fundraising programs to ramp up business expansion.

In other developments, Rigetti Computing Inc. (NASDAQ:RGTI) recently received $5.7 million worth of new orders for its 9-qubit Novera computing system, ideal for pursuing research to better understand key areas of quantum computing, including how qubits operate, optimizing control systems, testing design, characterizing gates, mitigating decoherence, and developing more efficient quantum algorithms.