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We recently published a list of 10 Tech, Energy Stocks Are Wednesday’s Worst Performers. In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands against other tech, energy stocks are Wednesday's worst performers.
Ten technology and energy companies suffered a bloodbath on Wednesday, primarily due to profit-taking following the previous day’s gains and bearish comments surrounding the progress of quantum computing development.
In this article, we will look at the performance of some of the worst-performing companies and explore the factors behind their decline.
We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top losers.
A close up of an engineer typing at a quantum computing station in a modern office space.
Rigetti Computing, Inc. (NASDAQ:RGTI)
Rigetti Computing, Inc. (NASDAQ:RGTI) suffered a bloodbath on Wednesday, ending the day diving 45.41 percent to finish at $10.04 apiece following statements from Nvidia Corp. chief Jensen Huang that the practical use of quantum computers is still 15 to 30 years away.
Rigetti (NASDAQ:RGTI), alongside its quantum computing peers, all posted declines.
In a report, AXS Investments CEO Greg Bassuk was quoted as saying that quantum computing stocks’ valuations have “become a bit lofty” and that he was not surprised by Wednesday’s correction.
“Broad consensus has long been that quantum computing’s mass appeal is years away so there is no real news underpinning today’s negative news,” he added.
Overall, RGTI ranks 1st on our list of tech, energy stocks are Wednesday's worst performers. 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 time frame. 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.