We recently compiled a list The 10 hottest stocks: What’s driving them higher. In this article, we’ll take a look at how Rigetti Computer Inc. (NASDAQ: RGTI ) stacks up against other stocks that exploded yesterday.
Ten companies, mostly involved in quantum computing, were in the spotlight Thursday, posting big gains despite a dismal performance on Wall Street’s major indexes.
To pick Thursday’s biggest gainers, we only considered stocks with a market capitalization of at least $2 billion and daily trading volume of at least $5 million.
Close-up of an engineer typing at a quantum computing station in a modern office space.
Rigetti Computer was the top performer on Thursday, with shares rising 36.04% to close at $15.44. One of the day’s biggest gainers, it also notched its best gain so far this year, surging 1,578%.
Like other quantum computing stocks, Rigetti has benefited from the rapid expansion of the global quantum computing market and is currently valued at $1.3 billion. The market is expected to grow at an impressive compound annual growth rate (CAGR) of 32.7%, potentially reaching $5.3 billion by 2029.
Analysts say Rigetti will benefit greatly from expected growth as it provides developers with the necessary resources and recently launched its innovative Novera quantum processor.
It’s also worth noting that Google’s advances in the quantum field with its latest Willow chip have fueled gains in quantum stocks, including Rigetti.
Overall RGTI Ranked first On our list of stocks that skyrocketed yesterday. While we acknowledge RGTI’s potential as an investment, we firmly believe that AI stocks have greater promise of delivering higher returns in shorter time periods. If you’re looking for an AI stock that’s more promising than RGTI but trades at less than 5 times its P/E, check out our report on the stock The Cheapest Artificial Intelligence Stocks.
Disclosure: None. This article originally appeared on Insider Monkey.
