Rigetti (RGTI) Stock Pops on New Quantum Computing Partners

  • Rigetti (RGTI) stock is jumping on a company update.
  • That includes new partners for the company’s quantum computing plans.
  • Nvidia (NVDA) is just one of these new partners.
RGTI Stock. A concept image showing a quantum computer with a matrix background.

Source: Shutterstock

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!

More Friday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More:Penny Stocks — How to Profit Without Getting Scammed

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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/09/rigetti-rgti-stock-pops-on-new-quantum-computing-partners/.

©2023 InvestorPlace Media, LLC