Rigetti Computing (RGTI) stock plummeted 5.02% during Tuesday's intraday trading session, underperforming the broader market amid concerns over the company's competitive position and potential impacts from global trade tensions.
The quantum computing firm faced scrutiny as it was accused of providing misleading information to investors, raising doubts about its ability to keep pace in the rapidly evolving quantum computing race against rivals like IBM, Google, and IonQ.
Additionally, worries over escalating trade tensions between the U.S. and its trading partners weighed on the broader technology sector, including Rigetti's industry partner Nvidia. Any potential tariffs on Nvidia's chip suppliers could indirectly impact the growth of the quantum computing ecosystem, adding further uncertainty to Rigetti's outlook.
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