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We recently published an article titled 10 Firms Post Impressive Gains on Tuesday. In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands against the other firms.
Ten companies posted significant gains on Tuesday, mirroring the upward movement of two key Wall Street indices. The Dow Jones Industrial Average rose by 0.52%, while the S&P 500 edged up by 0.11%.
A combination of positive catalysts—including strategic partnerships, strong earnings reports, and favorable analyst outlooks—helped drive their performance. In this article, we highlight the top 10 gainers and explore the factors behind their impressive gains.
To come up with Tuesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A close up of an engineer typing at a quantum computing station in a modern office space.
Rigetti Computing, Inc. (NASDAQ:RGTI)
Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) soared by 47.93 percent on Tuesday at $8.95 apiece as investors resorted to bargain-hunting following a four-day losing streak.
Despite recent bearish comments from Meta Platforms CEO Mark Zuckerberg and Nvidia Corp. CEO Jensen Huang, who cast doubts on the immediate practical applications of quantum computing, optimism surrounding the sector received a boost.
This came after the state of Maryland announced a partnership with IonQ Inc. (IONQ), a leading quantum computing firm, to establish the state as a hub for quantum technology. The partnership has sparked renewed confidence not just in IonQ, but in the quantum computing sector's long-term growth potential.
Huang also said earlier that the chipmaker, a major player in the artificial intelligence boom, would play a key role in the development of quantum computers, which will be able to quickly solve problems that would take traditional computers thousands of years to complete.
Overall RGTI ranks 2nd on our list of Tuesday's top gainers. While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than RGTI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.