Rigetti Computing, which had dropped over 10% the previous day, rebounded sharply today, rising nearly 5% after Microsoft announced its latest breakthrough.
On Wednesday, Rigetti’s stock climbed 4.85% to close at $11.03 on the New York Stock Exchange.
The surge was driven by Microsoft’s unveiling of its first quantum computing chip, Majorana 1, after more than two decades of research.
In a statement accompanying the launch, Microsoft emphasized that the quantum computing era is only years away, not decades.
This announcement comes after Google introduced its quantum chip, Willow, which initially sparked excitement on Wall Street last year. Microsoft’s move signals its official entry into the quantum computing race, closely following Google’s lead.
The news gave Rigetti a rare day of substantial gains, offering relief after its stock had fallen 10.92% the previous day and about 15% over the past five trading sessions amid waning enthusiasm for quantum computing.
Microsoft’s announcement appears to have renewed optimism for Rigetti, potentially igniting a fresh rally.
Microsoft’s stock also rose 1.25%.