Analysts think this tech stock has a chance to become the next Nvidia
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Nvidia’s bullish move from semiconductor maker to member of the S&P 500 Magnificent Seven is one of the most compelling stories in the stock market in 2024. Not surprisingly, investors and analysts are already trying to predict which stocks could replicate Nvidia’s performance in 2025. Read more to find out why some analysts think Rigetti Computing could become the next Nvidia.
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Nvidia’s rise to prominence has been largely fueled by the fact that it makes GPUs, advanced chips that can process large amounts of information simultaneously. Until the advent of AI, Nvidia’s GPUs were primarily found in gaming computers, offering users significant performance benefits in terms of gameplay and speed. However, the same benefits that made Nvidia’s chip great for gaming also make it great for AI.
AI relies on GPUs to function, and NVIDIA’s dominance in the GPU market makes it the go-to company for data centers and technology companies looking to harness the power of AI. AI will require more advanced chipsets and processing to reach the next stage of development. Currently, the best technology for this purpose lies in quantum processing units (QPUs).
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QPUs can process the binary languages that underpin all computing functions at geometric speeds. However, most QPUs currently on the market are very large and have unacceptable error rates, limiting their usefulness in many computing applications. That’s where Rigetti Computing comes in. This company makes QPUs that are both powerful and flexible in terms of potential applications.
That’s because Rigetti offers a custom-built version of the QPU. Rigetti QPU is highly customizable as we have developed a unique cloud-based platform that allows programmers to create quantum-powered algorithms. While similar quantum computing efforts at IBM and Google are proprietary, Rigetti’s standalone hardware is available independently.
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This means that Rigetti’s clients not only have another option for their QPU needs, but they can also use Rigetti products to develop and advance their own quantum computing systems. More importantly, Rigetti products have proven to be as powerful as they are accurate. Rigetti’s Novela QPU is a consumer version of a proprietary quantum computer that sells for $900,000.
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According to Rigetti’s website, the U.S. Air Force Research Laboratory has already signed a five-year contract to purchase Novela QPUs, and Singapore-based Horizon Quantum Computing also plans to adopt Novela QPUs. Rigetti’s next goal is the Ankaa-3 system, which can process 84 qubits of data with a 99% accuracy rate. The original Novela could only process 9 qubits, so the 84-qubit Ankaa-3 is a significant upgrade.
Righetti hopes to be able to produce 100-qubit QPUs by the end of the year and is aiming to produce 336-qubit QPUs. If that happens, Righetti Computing will be at the forefront of a new era of quantum computing. That’s why many analysts are paying close attention to this company. Alliance Global Partners analyst Brian Kinstringer recently raised his target on Righetti to $5.50 from $3.50.
Righetti stock has already risen from $3.50 to its current price of $4.38, and Benzinga analysts have given Righetti Computing a consensus Buy rating. Granted, Righetti Computing still has a ways to go before it hits the $140 mark like Nvidia, but there is upside potential here. If Rigetti can continue to improve the QPU’s power and accuracy, the current $4.38 price could look like absolute value starting in Q4 2025.
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The analysts in this article think this tech stock has a chance to become the next Nvidia.
