Stock Market Today, May 28: Rigetti Computing Extends Gains on Quantum Optimism
Rigetti Computing (NASDAQ:RGTI), a developer of superconducting quantum computers and processors, closed Thursday at $27.03, up 9.79%. The stock extended its gains after last week’s news of U.S. government funding program for domestic quantum firms.
Trading volume reached 85.2 million shares, coming in about 146% above its three-month average of 34.7 million shares. Rigetti Computing IPO'd in 2021 and has grown 173% since going public.
How the markets moved today
S&P 500 (SNPINDEX:^GSPC) added 0.58% on Thursday to finish at 7,564, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.91% to close at 26,917. Among quantum computing industry peers, IonQ (NYSE:IONQ) closed up 7.25% at $70.14, and D-Wave Quantum (NYSE:QBTS) gained 7.31% to end at $29.49, reflecting broad sector strength.
What this means for investors
Quantum computing stocks are on a tear right now, with Rigetti Computing surging by more than 60% in the past week. Last week, the U.S. announced it would award more than $2 billion in grants to nine quantum firms, including Rigetti, to spur innovation in the sector.
Investing in a new technology like quantum always involves some level of speculation because it is hard to know how the sector will evolve and which companies will come out on top. That said, there’s significant potential: Boston Consulting Group forecasts that the market could create $450 billion in economic value by 2040.
It is hard to see how Rigetti’s recent eye-watering gains will be sustainable in the short-term as speculative investments are prone to dramatic price swings. However, the company is a leader in superconducting quantum processors, and as the industry grows, it could be well-positioned for long-term success.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy.
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