Why Rigetti Computing Stock Slumped on Friday
Shares of quantum computing company Rigetti Computing (NASDAQ: RGTI) tumbled Friday, finishing the day down 6.6%.
A one-two punch hit the stock: a hotter-than-expected inflation report and a Wall Street price cut on shares of quantum computing peer, D-Wave Quantum.
Friday's producer price index (PPI) showed core wholesale prices surging 0.8% in January -- nearly triple the 0.3% economists had forecast. The hot inflation numbers likely mean the Federal Reserve will hold off on any rate cuts for longer than expected, and that is not good news for more speculative stocks like Rigetti's.
Source Fool.com
