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Shares of quantum computing and AI companies surged as Nvidia commenced its annual GTC AI conference, sparking investor optimism for new developments. The event will dedicate a day to quantum computing, featuring executives from D-Wave Quantum and Rigetti Computing. Notable stock increases included D-Wave Quantum rising 9.4%, Quantum Corp up 23.1%, and Quantum Computing gaining 15.5%.
Goldman Sachs highlights stocks poised to benefit from AI advancements, including retail favorites like Spotify and Palantir, which have shown resilience amid market corrections. While some companies, such as Nvidia, face challenges, the potential for AI monetization remains strong, attracting investor interest.Quantum computing firms, reliant on Nvidia's technology, are navigating a tough landscape, with executives acknowledging the critical role of AI in their development. Despite setbacks, Nvidia's partnerships and innovations continue to shape the future of both AI and quantum computing.
UBS forecasts the quantum computing market could reach a valuation of $300-400 billion by 2030, driven by significant investments and geopolitical relevance. Despite technical challenges, the technology is gaining traction, with applications in various fields including pharmaceuticals and finance. Quantum computers, utilizing qubits, are expected to complement traditional computing systems, addressing complex problems beyond the capabilities of classical supercomputers.
B. Riley raised its target price on Rigetti Computing from $4.00 to $8.50, maintaining a "buy" rating, while Needham & Company reiterated a "buy" with a $2.00 target. Rigetti has an average "buy" rating with a consensus price target of $5.70, despite some analysts favoring other stocks. Barclays PLC increased its stake by 275.6%, and insider trading saw significant share sales. Rigetti's stock has fluctuated between $0.66 and $21.42 over the past year, currently trading at $13.91.
Rigetti Computing's stock has plummeted 51% following Nvidia CEO Jensen Huang's prediction that commercial quantum applications are two decades away. Top investor Michael Wiggins De Oliveira warns against investing in Rigetti, citing unpredictable growth rates and potential negative Q4 revenues, while analysts maintain a Strong Buy consensus despite a projected 42% downside in the average price target.
Analysts are speculating that Rigetti Computing could replicate Nvidia's success in the tech market, particularly as AI demands more advanced processing capabilities. Unlike traditional quantum processing units (QPUs), Rigetti's customizable QPUs are designed for flexibility and accessibility through a cloud-based platform, setting them apart from competitors like IBM and Google.
Rigetti Computing, Inc.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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