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Rigetti Computing Inc. (NASDAQ:RGTI) is one of the Jim Cramer’s Biggest Quantum Computing & Data Center Stock Hits.
Rigetti Computing Inc. (NASDAQ:RGTI) is a quantum computing processor company that makes and sells quantum processing units (QPUs). Its shares are up by 57% over the past year, but they are down by 16% since Cramer’s comments. Rigetti Computing Inc. (NASDAQ:RGTI)’s stock dipped by 53% between January 3rd and January 10th after NVIDIA CEO Jensen Huang commented that, in his opinion, quantum computing’s practical applications could be decades out in the future. However, between January 10th and October 17th, Rigetti Computing Inc. (NASDAQ:RGTI)’s stock surged by a massive 419%. Several factors drove the meteoric surge in price. For instance, the firm announced on September 30th that it had received purchase orders for two Novera quantum computers. The announcement came after Rigetti Computing Inc. (NASDAQ:RGTI) had announced in August that it had made its 36-qubit system, Cepheus-1-36Q, available on its cloud platform. However, the stock has been on a downward trend since November, and here is what Cramer had said in his Mad Money appearance:
“But then for example, when I look at Rigetti Computing, it’s a $5.6 billion company, professes to be a leader in quantum computers and superconducting equipment, I grow concerned. Rigetti is a multiple-year money loser with just $11.9 million in revenues in the last 12 months.
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While we acknowledge the potential of RGTI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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