Why Rigetti Computing Is Skyrocketing This Week

Key Points

• Rigetti Computing roared higher as the Federal Reserve cut interest rates this week.

• Rigetti also landed a new contract with the Air Force Research Lab.

• The Trump administration is reportedly considering actions to support the development of the quantum computing industry.

• 10 stocks we like better than Rigetti Computing ›

Rigetti Computing (NASDAQ: RGTI) stock posted a huge jump in this week's trading. Compared to where it stood at the end of the previous week's trading, the company's share price gained 49.4%. The S&P 500 rose 1.2% across the same stretch, and the Nasdaq Composite was up 2.2%.

Rigetti Computing stock got a boost in conjunction with the Federal Reserve's move to cut interest rates. The stock also saw strong bullish momentum thanks to some big news in the quantum computing industry.

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At its meeting earlier this week, the Federal Reserve cut the U.S.'s benchmark interest rate by 25 basis points. Fed Chair Jerome Powell also seemed to indicate that more rate cuts are on the horizon. Lower interest rates typically create a much more bullish trading backdrop for speculative stocks, and the shifting rate environment could help support further gains.

Rigetti soared thanks to an Air Force contract and other catalysts

On Thursday, news hit that Rigetti Computing had been awarded a $5.8 million contract with the Air Force Research Laboratory (AFRL). The three-year contract will see Rigetti partnering with the AFRL to advance quantum-computing technologies in a partnership with QphoX, a quantum transduction specialist.

Rigetti and other quantum computing stocks also got a boost from a report that the Trump administration is weighing executive orders to support quantum technology development. While nothing has been confirmed on that front, the AFRL's recent deal with Rigetti and QphoX suggests that the tech could be in the early stages of seeing a significant investment push from government and military clients.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.