We recently compiled a list of the 10 Hottest Stocks: What's Fueling Their Rise. In this article, we are going to take a look at where Rigetti Computing Inc. (NASDAQ:RGTI) stands against the other stocks that skyrocketed yesterday.

Ten companies—predominantly involved in the quantum computing sector—have taken the spotlight on Thursday, booking significant gains despite a lackluster performance from Wall Street’s main indices.

To come up with Thursday’s top gainers, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

A close up of an engineer typing at a quantum computing station in a modern office space.

Rigetti Computing Inc. (NASDAQ:RGTI)

Rigetti Computing was Thursday’s top performer, with its share price jumping 36.04 percent to close at $15.44. Among the day’s biggest gainers, it also posted the highest year-to-date growth, soaring 1,578 percent.

Similar to other quantum computing stocks, Rigetti is benefiting from the rapid expansion of the global quantum computing market, currently valued at $1.3 billion. The market is projected to grow at an impressive compound annual growth rate (CAGR) of 32.7 percent, potentially reaching $5.3 billion by 2029.

According to analysts, Rigetti stands to largely benefit from the expected growth, as they provide developers with essential resources and recently debuted their innovative Novera quantum processor.

It is also worth noting that Google’s advancements in the Quantum space with its newest Willow chip contributed to the rally on shares of Quantum stocks, including Rigetti.

Overall RGTI ranks 1st on our list of the stocks that skyrocketed yesterday. While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than RGTI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

Disclosure: None. This article is originally published at Insider Monkey.