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Why Did Rigetti Computing Stock Skyrocket 25 Today Msn

Bonisiwe Shabane
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why did rigetti computing stock skyrocket 25 today msn

CNBC's Jim Cramer recently suggested that Rigetti Computing stock could have big upside. Cramer had previously indicated Rigetti looked like a poor play in the quantum space, so the change in commentary is notable. Rigetti recently released its most powerful quantum computing platform, and it potentially has some big catalysts on deck later in the year. Rigetti Computing (NASDAQ: RGTI) stock is soaring higher in Thursday's daily trading session. The quantum computing specialist's share price was up 9.6% as of 3:15 p.m. ET.

Meanwhile, the S&P 500 had risen 0.3%, and the Nasdaq Composite was up 0.6%. The quantum stock had been up as much as 12.2% earlier today. Rigetti's valuation is surging thanks to recent comments from Jim Cramer, the host of CNBC's Mad Money television show. With today's pop, the stock is now up roughly 19% over the last three months despite some big volatility across the stretch. Written by Keith Noonan for The Motley Fool-> Rigetti Computing (NASDAQ: RGTI) stock posted explosive gains across 2024.

The quantum computing company's share price closed out the year's trading up 1,449.4%, according to data from S&P Global Market Intelligence. Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free » Rigetti Computing stock saw massive gains in conjunction with some exciting developments in the quantum computing space. The company's share price also got a big boost thanks to bullish coverage from analysts.

After moderate pricing movement throughout most of last year, Rigetti stock absolutely took off in 2024's final quarter. Excitement surrounding quantum stocks started building in Q4 and was further accelerated after Alphabet's Google division announced major computing breakthroughs with its Willow chip on Dec. 9. One of the world's leading banks revealed it will commit billions to 27 key areas of investment, including quantum computing. Rigetti and other pure-play quantum stocks flew higher on the news. Shares of Rigetti Computing (NASDAQ: RGTI) soared on Monday, finishing up 25%.

The spike came as the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 1.5% and 2.2%, respectively. The quantum computing stock surged after JPMorgan Chase revealed plans to invest $10 billion in various industries and technologies under its broad "Security and Resiliency Initiative" aimed at boosting U.S. economic and technological leadership. Quantum computing was among the 27 areas targeted. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor.

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