Stock Track | Rigetti Computing Plunges 15.8% in Pre-Market Amid Overvaluation Concerns and Fierce Competition

Stock Track2024-12-20

Rigetti Computing (RGTI) stock experienced a significant 15.8% plunge in pre-market trading on Friday, as investors grew increasingly concerned about the company's lofty valuation and the sustainability of its business model in the highly competitive quantum computing industry.

The selloff in Rigetti's shares came amid a broader downturn in quantum computing stocks, which had been riding a wave of speculative fervor fueled by recent advancements in the field. However, analysts have warned that the surge in these stocks, including Rigetti's, may have outpaced the companies' actual performance and execution capabilities.

According to reports, Rigetti faces significant execution risks and intense competition from deep-pocketed rivals like IBM, Google, and Amazon, which have made substantial investments in quantum computing technologies. Analysts have also raised concerns about the company's reliance on government funding and its ongoing cash burn, questioning whether its current valuation is sustainable in the long run.

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