Rigetti Computing (RGTI) Rockets 15% on Market Boost

We recently published 10 Stocks With Effortless 14-25% Gains. Rigetti Computing, Inc. (NASDAQ:RGTI) is one of the best performers on Thursday.

Rigetti Computing extended its rally to a third straight day on Thursday, jumping 15.44 percent to close at $30.06 apiece, as overall optimism was fueled by increasing hopes for an interest rate cut.

The Federal Reserve is set to announce its decision on interest rates on Wednesday, December 10, and economists have placed bets on a 25-basis-point rate cut.

A rate cut stands to benefit capital-intensive companies, including the quantum computing industry, to fund their expansion plans.

In other news, Rigetti Computing, Inc. (NASDAQ:RGTI) early last month announced its earnings performance in the third quarter of the year, where it widened its net loss by 1,257 percent to $200.97 million from $14.8 million in the same period last year.

Revenues dropped by 18 percent to $1.9 million from $2.38 million year-on-year.

Despite the dismal results, Rigetti Computing, Inc. (NASDAQ:RGTI) said that it saw strong momentum with both demand for on-premises quantum computers and collaborations on research and development during the past quarter.

On the technology front, Rigetti Computing, Inc. (NASDAQ:RGTI) remains on track to deploy by the end of 2026 its 150+ qubit system with an anticipated 99.7 percent median two-qubit gate fidelity; as well as its 1,000+ qubit system with an expected median two-qubit gate fidelity of 99.8 percent by 2027.

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.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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