Rigetti Computing (RGTI) experienced a significant 24-hour plunge of 5.45% on Thursday, following Nvidia's inaugural Quantum Day event. The drop in stock price came as investors used the high-profile event as an opportunity to sell shares of recently high-flying quantum computing stocks.
During the Nvidia GTC conference, executives from Rigetti Computing joined a panel alongside Nvidia CEO Jensen Huang to discuss the future of quantum computing. However, the absence of any significant announcements or clear timelines for deployment led to a sell-off in quantum pure-play stocks. Rigetti's intraday decline was even steeper, with the stock tumbling 9.2% during regular trading hours.
The plunge highlights the volatile nature of quantum computing stocks. While Rigetti has surged an impressive 430% over the past 12 months, it remains down more than 41% this year. The stock's price has ranged between 66 cents and $21.42 over the past 52 weeks, underscoring the speculative nature of investments in this cutting-edge technology sector.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.