Rigetti Computing Stock

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Rigetti Computing Stock

Should You Buy Rigetti Computing Stock?

Rigetti Computing is one of the many quantum computing stocks in the US market. However, something interesting happened with Rigetti Computing as it gained more than 15% on a single trading day.

This comes at a time when the Nasdaq Composite and the S&P 500 are barely positive. If we look around, it becomes clear that all the quantum computing stocks were rallying, and this also helped Rigetti Computing.

A New Open Source Quantum AI Model

The reason behind the rally in Rigetti Computing and other quantum computing stocks was due to Nvidia. NVIDIA's press release showed that they are about to launch a quantum AI model. The best part is that it will be open source and will help businesses build quantum processors.

This is big news for Rigetti Computing as the quantum AI model from Nvidia will help the quantum computing to get one step closer to commercialisation.

But despite the upside in Rigetti Computing, the stock is still down by 13% on a yearly basis. Also, the stock is trading 66% below its all-time high.

However, the bottom line is that the announcement from Nvidia was positive for the entire quantum computing sector. So, even if Rigetti Computing is still trading a long distance from its ATH, it has made a solid recovery in one day.

Looking ahead, a number of other positive developments are ahead for the quantum space. So, all of this will help the industry to scale and achieve its true potential in the coming years.

But despite the good news, the bottom line is that Rigetti Computing is still a highly speculative stock. Also, the valuation of Rigetti Computing shows the future growth is already priced in.

Even now, Rigetti Computing is trading at 285 times of its yearly sales. So, even now, the Rigetti Computing stock price is still a little too elevated. The bottom line is that it is too risky to buy the Rigetti Computing stock even with this piece of positive news.

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