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We recently published a list of 10 Stocks Skyrocketing Today. In this article, we are going to take a look at where Rigetti Computing Inc. (NASDAQ:RGTI) stands against other stocks that are skyrocketing today.
The stock market ended mixed on Wednesday, with the Dow Jones emerging as the sole decliner, as investors digested more news of tariff threats from President Donald Trump.
The Dow dropped by 0.20 percent, while the S&P 500 and Nasdaq clocked in gains of 0.49 percent and 1.22 percent, respectively.
Meanwhile, 10 companies, predominantly those riding the AI wave, were touted as investors’ haven, clocking in gains during a cautious trading session.
In this article, we have identified the 10 strongest firms on Wednesday and detailed the reasons behind their performance.
To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in trading volume.
A close up of an engineer typing at a quantum computing station in a modern office space.
Rigetti Computing Inc. (NASDAQ:RGTI)
Rigetti Computing extended its winning streak for a second day on Wednesday, adding 11.18 percent to finish at $8.95 apiece as the company continued to benefit from the more cautious economic environment, pushing investors to flock to safer assets like AI.
RGTI, one of the companies riding the AI wave, recently announced securing a $35-million investment and $100-million partnership agreement with Quanta for the development of quantum computers.
Under the transaction, Quanta purchased RGTI shares at $11.59 apiece for a total of $35 million. Following the investment, the two parties would jointly invest $100 million over the next five years for the development of quantum computers.
Meanwhile, RGTI is expected to release a 36-qubit system based on four 9-qubit chips by mid-2025.
By the end of the year, it expects to release a system with over 100 qubits with a targeted 2x reduction in error rates from the current level.
Overall, RGTI ranks 5th on our list of stocks that are skyrocketing today. While we acknowledge the 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 but 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.