Rigetti Computing (RGTI) saw its shares surge 5.15% on Tuesday, as the quantum computing company rode a wave of investor enthusiasm sweeping the sector. The stock's intraday soar was part of a broader rally that saw other quantum computing names like D-Wave Quantum, IonQ, and Quantum Computing Inc. post significant gains.
The rally in quantum computing stocks appears to be fueled by growing optimism around the potential of this nascent technology, as it moves from theoretical concepts to real-world applications. President Trump's recent executive order easing artificial intelligence regulation is seen as a positive for the sector, given the synergies between AI and quantum computing's vast computational power.
Rigetti Computing, in particular, has also benefited from analyst price target upgrades, reflecting the company's progress in scaling its quantum systems to tackle complex problems that traditional computers cannot handle. Additionally, government interest and potential contracts for quantum projects have bolstered investor confidence in the company's prospects.
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