Rigetti Computing Inc. (RGTI) saw its shares soar 5.03% on Tuesday, rebounding from a recent sell-off as optimism emerged around the potential of quantum computing technology.

The surge was fueled in part by positive analyst actions, with B. Riley Securities raising its price target on RGTI to $8.50 from $4 while maintaining a "Buy" rating. The firm cited the company's progress and the broader opportunity in quantum computing.

RGTI's rally was also supported by a broader rebound in quantum computing stocks, which had sold off on Monday following skeptical comments from tech leaders like Nvidia CEO Jensen Huang about the technology being decades away from practical use. However, some industry voices expressed more optimistic views on Tuesday.

D-Wave Quantum's CEO Alan Baratz refuted the notion that quantum computing's usefulness is far off, stating that customers are already using the company's quantum computers to solve important problems much faster than classical methods. Meanwhile, 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 on quantum computing's potential helped drive renewed investor interest in the sector, propelling stocks like RGTI higher.