Movement Alert｜Rigetti Computing Rises 7.49% Overnight, US Government 20 Billion Dollar Quantum Computing Funding Continues to Fuel Rally

Market Focus08:02

On May 22, Rigetti Computing rose 7.49% overnight, trading at $23.68/share, with trading volume of $620,700. The stock continues to surge following a 30.57% gain in the prior session.

On the news front, the US Commerce Department announced a total of $20 billion in CHIPS Act funding allocated to nine quantum computing companies, with Rigetti Computing expected to receive approximately $100 million. The government will acquire minority equity stakes in each recipient company as part of the agreement. IBM received the largest allocation at $10 billion, while GlobalFoundries secured $375 million. Other recipients include D-Wave Quantum, Infleqtion, Atom Computing, PsiQuantum, Quantinuum, and Diraq.

The announcement elevated quantum technology to a national security strategic priority under the current administration. Investment bank Wedbush had previously maintained an Outperform rating with a $40 price target on Rigetti, citing its Cepheus-108Q system deployment on major cloud platforms as a key milestone. The broader quantum computing sector rallied sharply following the funding news, with D-Wave Quantum up 33.54% and IonQ up 12.24% in the prior session.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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