Shares of Rigetti Computing Inc (RGTI) rallied 5.2% in pre-market trading on Friday, continuing a remarkable surge as investor enthusiasm around the long-term potential of quantum computing technology remains high.
The quantum computing pioneer's stock has skyrocketed over 1400% since asset management giant BlackRock significantly increased its stake in the company during the third quarter of 2024. BlackRock's vote of confidence as a major institutional investor appears to have fueled optimism in Rigetti's gate-based quantum computing approach.
Rigetti's technology, which utilizes superconducting qubits, offers potential for broader applications across industries like cryptography and molecular simulation, though it is still at an earlier stage of development compared to more mature quantum annealing systems from rivals like D-Wave Quantum (QBTS).
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