Rigetti Computing (RGTI) Hits New Record as JPMorgan Bares Quantum Computing Backing

We recently published 10 Stocks Stealing Wall Street’s Spotlight. Rigetti Computing Inc. (NASDAQ:RGTI) is one of the best performers on Monday.

Rigetti Computing surged to a new record high on Monday, as investors snapped up shares in industries targeted by JPMorgan’s $1.5 trillion investment plan.

In intra-day trading, Rigetti Computing Inc. (NASDAQ:RGTI) soared to its highest price of $55.23 before trimming gains to end the day just up by 25.02 percent at $54.91 apiece.

In a statement on the same day, JPMorgan announced plans to invest $1.5 trillion over the next 10 years, of which $10 billion will be invested in companies across 27 industries that are critical to the US’ economic security and resiliency, including quantum computing.

Rigetti Computing Inc. (NASDAQ:RGTI) rallied alongside its counterparts, namely D-Wave Quantum Inc. (NYSE:QBTS) and Quantum Computing Inc. (NASDAQ:QUBT), following the news.

In other developments, Rigetti Computing Inc. (NASDAQ:RGTI) recently received $5.7 million worth of new orders for its 9-qubit Novera computing system, ideal for pursuing research to better understand key areas of quantum computing, including how qubits operate, optimizing control systems, testing design, and characterizing gates, mitigating decoherence, and developing more efficient quantum algorithms.

While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, 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.