Is Rigetti Computing a Millionaire-Maker Stock?
With shares up by 223% year to date, Rigetti Computing (NASDAQ: RGTI) is soaring as Wall Street becomes more interested in quantum computing. While this industry is less flashy than other hype cycles like generative artificial intelligence (AI), it could be just as impactful over the long term. Let's dig deeper to decide if Rigetti is a potential millionaire maker.
Quantum computers are computers that use quantum mechanics to solve problems much faster than their traditional alternatives. While the industry is still largely in the research and development stage, analysts at McKinsey estimate that it could add $1.3 trillion in value to the economy by 2035. Most of the growth is expected to come from applications like pharmaceutical development and materials science.
The analysts also believe quantum computers could play a role in training AI algorithms and neural networks, which makes this industry an exciting way to get indirect exposure to the red-hot opportunities like large language models (LLMs) or self-driving cars.
Source Fool.com
