Rigetti Computing, once considered the biggest beneficiary of quantum computing on Wall Street, saw its stock plunge nearly 11%.
On Tuesday, Rigetti’s shares dropped 10.92% to $10.52 on the New York Stock Exchange, extending its decline to 14.82% over the past five trading sessions.
Analysts attribute this downturn to fading optimism about quantum computing technologies.
Last year, Google introduced its cutting-edge quantum computing chip, Willow, hailed as a key milestone in quantum error correction and performance. The breakthrough was seen as a potential stepping stone toward large-scale quantum computing.
Following the announcement, Wall Street’s interest in quantum computing surged, with Rigetti emerging as a standout player. Its stock skyrocketed, riding the wave of excitement. However, recent market trends indicate that the initial enthusiasm is waning, slowing the rally’s momentum.
Despite the setback, Rigetti’s stock has remained at an astonishing 1,071% over the past six months.