Rigetti Computing surged as the Federal Reserve cut interest rates. The company also secured a $5.8 million contract with the Air Force Research Lab. The Trump administration is reportedly considering actions to support quantum computing. Stock prices soared compared to the previous week.

The Federal Reserve reduced the U.S. benchmark interest rate by 25 basis points, hinting at more cuts. Rigetti Computing stock experienced bullish momentum due to this news and the quantum computing industry development. The shifting rate environment could further boost speculative stocks and Rigetti’s growth potential.

Rigetti Computing landed a $5.8 million contract with the Air Force Research Lab. The partnership aims to advance quantum-computing technologies with QphoX. Reports of the Trump administration considering executive orders to support quantum technology also boosted the company’s stock and the industry’s potential investment.

Before investing in Rigetti Computing, note the Motley Fool didn’t include it in their top 10 stock picks. The stock soared this week but may not be in their list for potential high returns. The Motley Fool’s Stock Advisor has historically outperformed the S&P 500 with its stock picks.

Read more at Yahoo Finance: Why Rigetti Computing Is Skyrocketing This Week