Rigetti Computing (RGTI) shares plummeted 11.11% in intraday trading on Monday, following doubts expressed by high-profile tech leaders about the near-term practical applications of quantum computing.
The stock's decline comes ahead of Rigetti's fourth-quarter 2024 earnings report scheduled for March 5th. Despite expectations of revenue growth and advancements in quantum processors, concerns over the industry's challenges and extended timeline for commercialization have weighed heavily on investor sentiment.
Recent comments from Meta CEO Mark Zuckerberg and NVIDIA CEO Jensen Huang suggesting that viable quantum computing applications may still be decades away have further added to the uncertainty surrounding the quantum computing market. These remarks have contributed to a broader market downturn affecting Rigetti and other quantum computing companies.
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