Rigetti Computing, Inc. (NASDAQ: RGTI) experienced a significant 7.65% plunge in its stock price during the after-hours trading session on Wednesday. This after-hours decline followed a turbulent trading day for the quantum computing company, in which its shares fell by 10.77% during regular trading hours.

The stock's recent downward trajectory can be attributed to investor concerns over Rigetti's upcoming earnings report, scheduled for release on March 5. Ahead of this crucial earnings announcement, investors appear to be exercising caution and taking profits, leading to the substantial sell-off in the company's shares.

Furthermore, Rigetti Computing faces increasing competition from emerging quantum computing firms, particularly in China. Recent news of a Chinese startup, Origin Quantum Computing, creating a prototype machine with an impressive 72 working qubits has raised concerns about the company's ability to maintain its competitive edge in the rapidly evolving quantum computing landscape.