Stock Track | Rigetti Computing Plummets 8.40% Intraday as Profit-Taking Follows Government Quantum Investment Rally
Stock Track
May 29
Rigetti Computing's stock plummeted 8.40% during intraday trading on Friday, extending recent declines.
The drop represents continued profit-taking pressure after the stock's sharp rally earlier this month. The U.S. Department of Commerce announced approximately $2 billion in investment across nine quantum computing companies, with Rigetti expected to receive around $100 million in funding. This catalyst had driven the stock up over 50% cumulatively in late May.
Following the rapid surge, selling pressure from profit-taking has persisted, with the stock experiencing declines in recent sessions as investors digest prior gains. Medium-term policy tailwinds from the quantum computing sector are competing against short-term profit-taking dynamics.
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