Rigetti Computing Inc. (NASDAQ:RGTI) is one of the 10 Stocks With Shocking Overnight Gains.
Rigetti Computing climbed by 30.57 percent on Thursday to close at $22.04 apiece, as investors snapped up shares after the company earned the backing of the US government in support of developing quantum computers to solve some of the world’s most pressing problems.
On the same day, the Department of Commerce announced that it would shell out $2.013 billion in federal incentives for nine companies to support the government’s CHIPS and Science Act.
Photo by Tima Miroshnichenko on Pexels
The said funds would support the development of seven quantum computing companies and two domestic global foundries to accelerate the creation of quantum computers to help solve complex problems.
The companies include Rigetti Computing Inc. (NASDAQ:RGTI), D-Wave, Atom, Diraq, Infleqtion, PsiQuantum, and Quantinuum, while the two foundry companies are IBM and GlobalFoundries.
Rigetti Computing Inc. (NASDAQ:RGTI) alone will receive up to $100 million to address key technical challenges to develop and scale next-generation superconducting quantum computing technologies and architectures, such as miniaturizing and integrating novel readout electronics and next-generation cryostat architectures.
Meanwhile, IBM took the largest chunk at $1 billion, followed by GlobalFoundries at $375 million.
“Quantum computing will have far-reaching impacts on our nation’s national security, economic interests, and overall prosperity,” Rigetti Computing Inc. (NASDAQ:RGTI) CEO Subodh Kulkarni said.
“We are honored that the US government is seeking to partner with Rigetti to accelerate the pace of quantum computing commercialization and to bolster U.S. leadership in this revolutionary field. This investment will allow us to tackle key scaling bottlenecks more rapidly and get us closer to utility-scale quantum computing,” he noted.
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