Google’s announcement that it plans to launch a quantum computing app within five years sent shockwaves through Wall Street, causing the shares of Rigetti Computing, a leading player in the market, to drop nearly 4%.
On Thursday, Rigetti’s stock fell 3.90% to $13.29 on the New York Stock Exchange.
The company had recently experienced a rally after Microsoft co-founder Bill Gates predicted that quantum computers could be commercialized within three to five years. However, the stock took a sharp hit following Google’s announcement.
Google’s potential entry into the quantum computing space has raised concerns that the tech giant could dominate the market.
Hartmut Neven, founder and head of Google Quantum AI, boldly stated on the same day: “We’re optimistic that within five years, we’ll see real-world applications that are possible only on quantum computers.”
Last year, Google introduced its advanced quantum computing chip, Willow, which has been hailed as a game-changer. The chip has made major strides in quantum error correction and performance, laying the groundwork for large-scale quantum computing.
These developments have fueled a surge of interest in quantum computing on Wall Street. Rigetti quickly became a standout stock in the sector, with its share price soaring. However, the company’s momentum has recently slowed.
Rigetti’s stock has dropped 31% over the past month. Despite this decline, its shares have posted an astonishing 1,470% gain over the last six months.