Rigetti Computing's stock soared nearly 10% in pre-market trading on Thursday, riding the wave of optimism surrounding Microsoft's unveiling of its first quantum computing chip, Majorana 1.

Microsoft announced a major milestone in its efforts to produce practical quantum computing devices with the development of Majorana 1, an 8-qubit chip that the company believes could pave the way for future quantum machines capable of solving problems beyond the reach of modern computers.

The news fueled a rally in quantum computing stocks, with Rigetti Computing, a leader in the field, benefiting from the broader investor enthusiasm for the emerging technology. Microsoft's breakthrough highlights the progress being made in quantum computing and underscores the potential for companies like Rigetti Computing to capitalize on the advancements in this rapidly evolving sector.