Benchmark Reaffirms Buy Rating on Rigetti (RGTI) as Quantum Roadmap Strengthens

Rigetti Computing, Inc. (NASDAQ:RGTI) ranks among the best computer hardware stocks to invest in. Benchmark kept its Buy rating on Rigetti Computing, Inc. (NASDAQ:RGTI) and increased its price target from $14 to $20 on August 13. The hike comes after Rigetti’s strong second-quarter earnings plus additional advancements in its scaling approach based on chiplets. By year’s end, the company remains on track to deliver a 100-qubit multi-chiplet QPU with 99.5% two-qubit gate integrity, which is a significant step toward quantum advantage.

Moreover, Rigetti Computing, Inc. (NASDAQ:RGTI) recently unveiled its Cepheus-1 system, which reduced error rates and achieved the fidelity target. This introduction confirms that Rigetti’s design is scalable and is the largest multi-chip quantum processor in the industry.

According to Benchmark, these developments support Rigetti’s plan for a system with 1,000+ qubits, error correction, 99.9% fidelity, and gate speeds below 50 ns, all of which are required to achieve quantum advantage.

Rigetti Computing, Inc. (NASDAQ:RGTI) is a quantum computing company that manufactures and operates quantum computers that are intended to resolve complicated issues faster and more effectively. The company’s scalable, unique multi-chip architecture serves as the foundation for next-generation technologies that aim to transform healthcare, AI, and the climate.

While we acknowledge the potential of RGTI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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