5 Stocks With Stunning Double-Digit Gains

1. Rigetti Computing Inc. (NASDAQ:RGTI)

Rigetti Computing soared by 48 percent week-on-week, after earning a $100-million financial backing from the government to support US leadership in the quantum space and develop computers capable of solving complex problems.

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 amount would support the development of seven quantum computing companies, including Rigetti Computing Inc. (NASDAQ:RGTI), D-Wave, Atom, Diraq, Infleqtion, PsiQuantum, and Quantinuum, as well as 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.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge fund investor letters by entering your email below.