Why Rigetti Computing Stock Is Skyrocketing Today

Rigetti Computing (NASDAQ: RGTI) stock is roaring higher in Wednesday's trading thanks to multiple positive catalysts. The quantum computing specialist's share price was up 10.9% as of 3:30 p.m. ET. Shares had been up as much as 20.6% earlier in the daily session.

Rigetti's valuation is getting a huge boost today after Nvidia CEO Jensen Huang made comments suggesting that quantum computing technologies could be ready to take off. The stock is also getting a lift from better-than-expected inflation data released by the Bureau of Labor Statistics (BLS) today.

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Nvidia's Jensen Huang suggests quantum computing could be ready to take off

Nvidia kicked off its GTC Paris developers conference this morning, and CEO Jensen Huang had some promising things to say about the trajectory of quantum computing technologies. "Quantum computing is reaching an inflection point," Huang said in his keynote speech for the conference this morning. The CEO's comments kicked off another powerful rally for quantum computing stocks, and Rigetti's valuation has surged thanks to the catalyst.

The latest inflation data looks like a bullish indicator for Rigetti stock

The Bureau of Labor Statistics published May's consumer price index (CPI) inflation data this morning, and the results seem to bode well for Rigetti Computing stock. Core CPI, which is a measure for inflation that looks at prices for a combination of goods and excludes food and energy expenses, rose at a 2.8% annual rate last month. Core CPI inflation ticked up just 0.1% compared to April's figure. Meanwhile, economists had expected that annual inflation for core CPI would be up 2.9% and that monthly inflation would be up 0.2%.

Core CPI came in cooler than expected, and this seemingly supports the notion that the Federal Reserve is seeing economic data that leaves the door open for an interest rate cut this year. If the Fed does deliver a rate cut, that would likely be a strong positive catalyst for Rigetti Computing and other speculative growth stocks.

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