Rigetti Computing Inc. (RGTI) saw its shares soar 7.82% in pre-market trading on Wednesday, as renewed optimism emerged around the potential of quantum computing technology. The rally followed a recent selloff in the sector after skeptical comments from tech leaders about the technology being decades away from practical use.

The surge was driven by positive analyst actions and industry voices expressing more optimistic views on quantum computing's prospects. B. Riley Securities raised its price target on RGTI to $8.50 from $4, citing the company's progress and the broader opportunity in the space. Meanwhile, D-Wave Quantum's CEO Alan Baratz refuted the notion that quantum computing's usefulness is far off, stating that customers are already solving important problems much faster using the company's quantum computers.

Additionally, SAP's CEO Christian Klein said the company sees quantum computing having a significant impact on areas like supply chain management within 3-4 years. While Microsoft urged businesses to prepare for the "quantum-ready era" in 2025, leading quantum scientists still have more conservative timelines on when the technology will offer economically useful advantages. Nonetheless, the emerging optimism helped drive renewed investor interest in the sector, propelling stocks like RGTI higher.