Rigetti Computing (RGTI) Soars 19.9% on $100M Govt Funding

Rigetti Computing Inc. (NASDAQ:RGTI) is one of the 10 Stocks Effortlessly Climbing Double-Digits.

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.

Robinhood Markets (HOOD) Touches All-Time High as Prediction Markets Hit 4 Billion

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.

While we acknowledge the risk and potential of RGTI as an investment, our conviction lies in the belief that some 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 and that has 10,000% upside potential, check out our report about the cheapest AI stock.

READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. 

Disclosure: None. Follow Insider Monkey on Google News.

1281292 - 11759070 - 1