Rigetti Computing Soars as Quantum Hopes Ignite
Shares of Rigetti Computing experienced a remarkable surge on Tuesday, driven by mounting excitement within the quantum computing sector. This surge followed a significant announcement from tech giant Google, propelling Rigetti’s stock more than 40% higher, marking its second-largest single-day gain in history.
Google’s Willow Chip Sparks Quantum Leap
Google’s revelation late Monday about its new quantum computing chip, named Willow, ignited the rally. Google declared that Willow represents a breakthrough in the field, capable of exponentially reducing errors as the number of qubits—the quantum equivalent of bits—increases.
“Willow performed a standard benchmark computation in under five minutes that would take one of today’s fastest supercomputers 10 septillion years — a number that vastly exceeds the age of the Universe,” Google claimed.
Hedge Fund Manager Sees Bright Future for Quantum Computing
Despite the fact that quantum computing doesn’t yet have widespread real-world applications, hedge fund manager Eric Jackson, who runs EMJ Capital, expresses strong optimism about the sector’s future. He shared his perspective on social media platform X, stating: “Quantum Computing is the next theme taking off after Crypto and AI. A lot of quantum names have been hot this week and today.”
Jackson revealed his investment in Rigetti, adding, “I am long $RGTI and they have a big opportunity in front of them and only a $1B market cap.”
Rigetti’s Impressive Growth
Rigetti shares have demonstrated extraordinary performance, surging over 570% this year. As of Monday’s closing, the company boasted a market capitalization of $1.6 billion. BlackRock, a prominent institutional investor, holds a 4.5% stake in Rigetti.
