Rigetti Computing's stock (RGTI) soared 6.22% in the 24h trading session on Thursday, propelled by the growing excitement surrounding quantum computing as a transformative technology.

The surge underscores the rising investor appetite for companies operating in the quantum computing space, an emerging field that promises to revolutionize various industries by tackling complex problems beyond the reach of conventional computers.

One of the key catalysts driving the excitement is Google's recent unveiling of its "Willow" quantum computing chip, which can perform calculations in just 5 minutes that would take the world's most powerful supercomputers billions of years. This breakthrough has highlighted the immense potential of quantum computing and fueled optimism for players like Rigetti.

Additionally, initiatives like Amazon Web Services' Quantum Embark Program and NASA awarding a contract to another quantum computing firm have further stoked investor interest in the sector. Speculative trading activity, with a high volume of call options for RGTI stock, also contributed to the surge.

Rigetti's stock rally has also been bolstered by bullish analyst coverage, with firms like Craig-Hallum initiating coverage with a "Buy" rating and a $12 price target. Analysts have cited Rigetti's scarcity value in the public markets and its potential to capitalize on the growing demand for quantum computing solutions.

While Rigetti's prospects appear promising, analysts have cautioned that the company's path to profitability and widespread commercialization may still be years away, and investors should brace for potential risks along the way. Nonetheless, the quantum computing craze shows no signs of abating, and Rigetti Computing's stock surge reflects the increasing belief that the company could be a key player in this rapidly evolving field.