Why Rigetti Computing Stock Is Plummeting This Week
Rigetti Computing (NASDAQ: RGTI) stock is crashing in this week's trading. The quantum computing company's share price is down 47.2% from last Friday's market close as of Wednesday, according to data from S&P Global Market Intelligence.
With the stock market closed today in remembrance of President Jimmy Carter, Rigetti Computing has only seen three days of trading so far this week. But even with the abbreviated trading session, the company's share price has seen a massive pullback due to bearish comments from Nvidia president Jensen Huang, as well as macroeconomic risk factors.
Speaking at an event for analysts at this year's CES, Nvidia CEO Jensen Huang gave his outlook on the quantum computing space -- and his comments triggered crushing sell-offs for Rigetti and other specialists in the category. Huang stated that quantum computers wouldn't be an ideal solution for many computing problems, and he also poured cold water on hopes that the technology would be ready for commercial use anytime soon.
Source Fool.com
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