Rigetti Computing (RGTI) Surges 40.89% on New Milestone Achievement

We recently published 10 Stocks With Unbelievable Gains This Week. Rigetti Computing, Inc. (NASDAQ:RGTI) is one of this week’s biggest players.

Rigetti Computing soared by 40.89 percent week-on-week to close Friday’s trading at $17.16 versus the $12.18 on July 11 as investors cheered the achievement of a new milestone that effectively reduced its error rate by half.

In a statement earlier in the week, Rigetti Computing, Inc. (NASDAQ:RGTI) said that its modular 36-qubit system achieved its mid-year performance milestone of 99.5 percent median two-qubit gate fidelity, or a 2x reduction in median two-qubit gate error rate from its previous best results on the 84-qubit single-chip Ankaa-3 system.

Composed of four 9-qubit chips tiled together, the 36-qubit system is based on Rigetti Computing, Inc.’s (NASDAQ:RGTI) proprietary modular chip technology and unlocks the company’s path to building a 100+ qubit chiplet-based system.

According to the company, it is on track to launch its 36-qubit system on August 15, as well as its 100+ qubit chiplet-based system at 99.5 percent median two-qubit gate fidelity, before the end of the year.

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Disclosure: None. This article is originally published at Insider Monkey.