5 Stocks Effortlessly Climbing Double-Digits

2. Rigetti Computing Inc. (NASDAQ:RGTI)

Rigetti Computing rallied for a third consecutive day on Friday, climbing 19.87 percent to close at $26.42 apiece, as investors took heart from its $100-million financial backing from the US government.

Earlier in the week, the Department of Commerce announced that it would shell out $2.013 billion in federal incentives for nine companies to support the government’s CHIPS and Science Act.

The said amount would support the development of seven quantum computing companies and two domestic global foundries to accelerate the creation of quantum computers to help solve complex problems.

The beneficiaries include Rigetti Computing Inc. (NASDAQ:RGTI), D-Wave, Atom, Diraq, Infleqtion, PsiQuantum, and Quantinuum, while the two chipmakers include IBM and GlobalFoundries.

Rigetti Computing Inc. (NASDAQ:RGTI) alone will receive up to $100 million to address key technical challenges to develop and scale next-generation superconducting quantum computing technologies and architectures, such as miniaturizing and integrating novel readout electronics and next-generation cryostat architectures.

“Quantum computing will have far-reaching impacts on our nation’s national security, economic interests, and overall prosperity,” Rigetti Computing Inc. (NASDAQ:RGTI) CEO Subodh Kulkarni said.

“We are honored that the US government is seeking to partner with Rigetti to accelerate the pace of quantum computing commercialization and to bolster U.S. leadership in this revolutionary field. This investment will allow us to tackle key scaling bottlenecks more rapidly and get us closer to utility-scale quantum computing,” he noted.