Throws away computers RGTI shares have skyrocketed 691.9% over the past month, compared to the Zacks Internet – Software industry’s return of 2% and the broader Zacks Computer & Technology sector’s growth of 2%.
RGTI shares have outperformed their peers International business machines IBM and Microsoft MSFT, which offers hardware and software solutions for quantum computers.
Shares of IBM and Microsoft are up 34.6% and 16.5%, respectively, in the same time frame.
The outperformance can be attributed to RGTI’s growing customer base and its growing influence in the quantum computing space.
Image source: Zacks Investment Research
RGTI’s partnership with Riverlane, NVIDIA NVDA and Quantum Machines have been a key growth driver for its success, positioning the company as a major player in the rapidly evolving quantum computing space.
Rigetti recently announced the successful application of AI, in collaboration with Quantum Machines, to automate the calibration of its 9-qubit Novera QPU. This was achieved using NVIDIA DGX Quantum, which enables high gate fidelity and represents significant progress in quantum computing.
Rigetti’s collaboration with Riverlane to develop quantum error correction technology is notable. This collaboration is essential for improving the reliability of quantum computing, a major hurdle in scaling up quantum systems.
In October, Rigetti, in collaboration with Riverlane, successfully demonstrated real-time, low-latency quantum error correction on Rigetti’s 84-qubit Ankaa-2 system, achieving faster decoding times to avoid lagging issues and ensure fault tolerance in quantum computing.
Rigetti’s advances in quantum computing technology have been a major catalyst for the company’s success.
In the third quarter of 2024, RGTI made progress in quantum computing, including the development of its multi-chip architecture for scaling qubit systems. This positions Rigetti at the forefront of the industry and expands its capabilities in quantum computing.
Building on this momentum, Rigetti successfully demonstrated 9-qubit chips with an average 2-qubit gate fidelity of 99.4% and announced plans to release a 36-qubit system in mid-2025. These developments in quantum hardware are critical to RGTI’s future growth.
Rigetti’s 24-qubit Ankaa system was further cemented as a leader in quantum computing in the third quarter of 2024 and was made operational at the UK’s National Quantum Computing Centre, which officially opened the facility. The system is now available for testing and exploration, marking another step forward in the company’s expansion and influence in the field of quantum computing.
As the quantum computing market continues to evolve, RGTI is poised to benefit from its growth. According to a report by Grand View Research, the quantum computing market is expected to see a CAGR of 20.1% between 2024 and 2030.
