Rigetti (NASDAQ:RGTI) stock is getting a boost on Friday after the company revealed that it has found new partners for its quantum computing efforts.
First up is a partnership with Bluefors. Rigetti and the company will now work together to develop modular dilution fridges. The goal is to use these fridges to support the company’s “planned 336Q, 1,000+ qubit, and 4,000+ qubit quantum processing units.”
In addition to this news, Rigetti also just revealed an agreement with Nvidia (NASDAQ:NVDA). The two will now be collaborating on a hybrid GPU-QPU workflow. The workflow will be used for climate modeling and is based on Rigetti’s “weather modeling application research.”
Rigetti founder and CEO Chad Rigetti said the following about the news in a release:
“As a trailblazer in quantum, Rigetti is focused on delivering performance at scale with the goal of becoming the industry standard […] We are making strategic investments in quantum hardware, software, and partnerships that we believe will enable us to progress toward Quantum Advantage.”
RGTI Also Revealed Business Updates
Adding to this news, Rigetti also announced that Keysight’s True-Q error mitigation software will be integrated into its Rigetti QCS. This will be the first third-party tool added to the QCS platform. The integration should happen in the coming months.
RGTI is seeing decent trading today, with more than 1 million shares on the move as of this writing. That’s above the stock’s daily average trading volume of about 961,000 shares.
RGTI stock is up 1.5% as of Friday afternoon after experiencing a sharp drop this morning.
There’s more recent stock news traders need to know about below!
InvestorPlace is home to all the latest stock market happenings for Friday! That includes what has shares of Applied Optoelectronics (NASDAQ:AAOI), Nabriva Therapeutics (NASDAQ:NBRV) and Uber Technologies (NYSE:UBER) stock moving today. You can catch up on all of this news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.