Rigetti Computing's quantum computing stock outperforms NVIDIA, fueled by growing interest in quantum computing

From Nasdaq: 2024-12-23 11:31:00

Zacks.com highlighted stocks like Rigetti Computing, Inc. (RGTI), NVIDIA Corp. (NVDA), Alphabet Inc.’s (GOOGL), and Amazon.com, Inc.’s (AMZN) in their Analyst Blog. Rigetti Computing’s quantum computing stock has outperformed NVIDIA this year, with a +495.3% growth compared to +164.7%. The growing interest in quantum computing is driving this trend.

Recent breakthroughs in quantum computing by Alphabet Inc. and Amazon.com’s Quantum Embark program have boosted Rigetti Computing’s stock. U.S. lawmakers’ support for quantum computing funding also contributed to the rise. The global quantum computing market is expected to reach $5.3 billion by 2029, with Rigetti Computing well-positioned to benefit from this growth.

Rigetti Computing is expanding its business with new quantum processors and chip fabrication plans. The company expects revenue growth in 2025, signaling a positive outlook for its share price. Investors are advised to hold onto their positions for potential gains in the new year.

Zacks Investment Research named Rigetti Computing as a Hold (Zacks Rank #3) due to the speculative nature of quantum computing. While the company shows promise, there are risks involved in this capital-intensive industry. For now, it’s uncertain if Rigetti Computing will follow in the footsteps of NVIDIA, making it a cautious investment choice.

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Read more at Nasdaq: The Zacks Analyst Blog Highlights Rigetti Computing, NVIDIA, Alphabet and Amazon.com