Shares in Rigetti Computing (RGTI) stock are climbing on Thursday following the sudden rise of several quantum stocks. On Wednesday, Nvidia (NVDA) CEO Jensen Huang declared that Quantum is upon us and will be crucial to computing and technology in the near future. “Quantum computing is reaching an inflection point,” Huang said during his keynote speech.
Quantum Computing has been buzzing as of late, with Quantum stocks on the rise. Nvidia CEO Huang’s opinion on the industry was previously bearish, saying that quick timelines for the incorporation of quantum were “too early.” However, Huang has now changed his tune, much to the approval of investors in the quantum industry. As a result, Rigetti (RGTI) stock has climbed in the last 48 hours.
“We are within reach” of being able to apply quantum computers “in areas that can solve some interesting problems in the coming years,” Huang added in his speech. Quantum computers are machines that use the laws of quantum mechanics to solve problems too complex for classical computers, which store information in bits (ones and zeroes). Quantum computers use quantum bits, or “qubits,” which can be zero, one, or something in between. The aim is to process significantly larger volumes of data to facilitate breakthroughs in areas such as medicine, science, and finance.
Also Read: BlackRock Plans to Become “Largest Crypto Asset Manager.”
Over the last year, Rigetti Computing exhibited a very large total return, demonstrating substantial growth in its stock value. This performance stands out, as Rigetti’s share price has surpassed both the S&P 500 and the US Semiconductor industry in terms of annual returns, indicating strong investor confidence and market differentiation. Compared to the S&P 500 and an industry return of 19.7%, Rigetti’s steady gains reflect positive market sentiment towards its recent achievements and potential future developments.
A forecast on TradingView has given Rigetti Computing stock a buy call at around the $13 level. RGTI is currently hovering around the $12 range, and a further dip from here is the best time to accumulate. Taking an entry position before $13 could be beneficial as it could be bought at a low point. The stock is trading in the middle of its 52-week range and above its 200-day simple moving average. CNN analysts all suggest buying RGTI, forecasting between 16% and 28% growth in the next 12 months.