Wall Street’s interest in quantum computing is growing by the day, with market participants expecting it to have a similar impact to generative artificial intelligence (AI) in the new year. As a result, $2 billion quantum computing stock Rigetti Computing, Inc. RGTI has significantly outperformed $3.2 trillion NVIDIA Corporation NVDA this year (+495.3% vs. +164.7%), with the latter lagging behind in terms of growth. is taking.
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NVIDIA’s stock price has soared this year due to increased sales of data center graphics processing units (GPUs) in the booming AI market. But why has Righetti Computing stock been soaring lately? And is it a recommended stock to buy for next year? Let’s take a look –
Unlike traditional computers, quantum computers use quantum mechanics to solve problems at a faster pace. Quantum computing stocks such as Righetti Computing have recently risen due to potential breakthroughs in the quantum computing field by Alphabet Inc.’s GOOGL AI division. Alphabet has claimed that its advanced quantum computing chip, Willow, can reduce errors and pave the way for large-scale quantum computers.
Amazon.com, Inc.’s AMZN’s recently announced Quantum Embark program is designed to help organizations deploy quantum computing based on their needs, driving gains in quantum computing stocks such as Righetti Computing. did. Additionally, efforts by US lawmakers to seek $2.7 billion in funding for quantum computing bode well for RGTI stock.
According to Markets and Markets, the global quantum computing market size was valued at $1.3 billion this year and is expected to reach $5.3 billion by 2029, at a CAGR of 32.7%. McKinsey estimates that the value of the global quantum computing market will grow to $1.3 trillion by 2035 as demand for quantum machine learning and optimization increases.
Righetti Computing is well-positioned to take full advantage of growth in the quantum computing space, which should boost its stock price. This is because Rigetti Computing allows developers to use quantum computing resources and establishes leadership in quantum computing system development. Rigetti Computing has already built an easy-to-access Quantum Cloud Services platform that runs on traditional computer hardware and offers significant cost savings to clients.
Rigetti Computing launches new Novela quantum processor with 9 qubits, increasing orders in Singapore. Rigetti Computing has deployed an 84-qubit Ankaa-3 system, deployed both modular and non-modular system architectures, and plans to introduce a powerful 336-qubit system soon.
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