Why Shares of Rigetti Computing Are Surging This Week
Key Points
JPMorgan Chase announced plans to invest $10 billion into companies it believes are imperative to U.S. national economic security.
One sector mentioned for potential investment was quantum.
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Since the close of trading last week, shares of Rigetti Computing (NASDAQ: RGTI) had risen nearly 10%, as of 11:49 a.m. ET Thursday. The move is being driven by an announcement from JPMorgan Chase earlier in the week.
More investment into quantum
Quantum computing stocks like Rigetti ripped higher earlier this week after JPMorgan Chase, the largest bank by assets in the U.S., announced that it would make $10 billion investment in direct equity and venture capital investments to companies that are part of sectors that enhance national economic security in the U.S. Within its announcement, JPMorgan also cited 27 subareas it would target for investment, and one of them was quantum computing.
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"It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products, and manufacturing -- all of which are essential for our national security," JPMorgan Chase's chairman and CEO Jamie Dimon said in a statement.
The announcement that one of, if not the strongest banks in the country is planning to potentially invest in quantum is a testament to the industry making progress.
Rigetti has been a monster investment
Investors who managed to purchase shares of Rigetti one year ago are now up over 5,100%, as investors bet big that quantum computing can potentially change society as we know it. Rigetti now has a $16.85 billion market cap and still generates very little revenue.
Obviously, the bet is on the tech working and being able to commercialize it, but this still makes Rigetti quite risky if the tech were to not be as strong as expected, or if barriers to commercialization emerge. For this reason, I would only take a very small, speculative position in the stock at most.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.
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