Rigetti Computing (RGTI) Drops on Profit-Taking

We recently published 10 Stocks Hammered Harder Than Wall Street. Rigetti Computing Inc. (NASDAQ:RGTI) is one of Tuesday’s worst performers.

Rigetti Computing dropped for a third day on Tuesday, shedding 8.84 percent to close at $15.16 apiece as investors resorted to profit-taking following a recent surge in share prices.

Last week saw the company jump to the $18 level following earnings and corporate announcements. Since then, share prices have pulled back to the $15 level.

Rigetti Computing Inc. (NASDAQ:RGTI) announced the official launch of its multi-chip quantum computer, Cepheus-1-36Q, bearing a 2x reduction in two-qubit gate error versus its previous Ankaa-3 system with a median two-qubit gate fidelity of 99.5 percent.

“Just 6 months after our record performance with Ankaa-3, we’ve once again halved our error rates with Cepheus-1-36Q. We believe quadrupling our chiplet count and significantly decreasing error rates is the clear path towards quantum advantage and fault tolerance. We intend to continue this momentum with our 100+ qubit system planned for the end of the year,” said Rigetti Computing Inc. (NASDAQ:RGTI) CEO Subodh Kulkarni.

“It’s our view that superconducting qubits are the leading modality for quantum computers due to their ability to scale, and their ability to achieve gate speeds more than 1,000 times faster than other modalities like ion traps and pure atoms. Rigetti’s superconducting qubits leverage technologies, like chiplets, that have been maturing in the semiconductor industry for decades, enabling Rigetti to use well-established methods to scale to higher performance and qubit counts,” he added.

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