We recently published a list of These 10 Firms Blowing Up by Double Digits Today. In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands against other firms blowing up by double digits today.

Ten individual stocks soared by double digits on Wednesday, outperforming a lackluster performance among Wall Street’s indices, thanks to the 90-day truce between the US and China that continued to boost investor confidence.

In contrast, Wall Street’s indices were mixed, with the tech-heavy Nasdaq growing 0.72 percent, followed by the S&P 500, up 0.10 percent. The Dow Jones declined by 0.21 percent.

In this article, we name Wednesday’s 10 best-performing stocks and detail the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.Why Rigetti Computing, Inc. (RGTI) Skyrocketed On Wednesday

A close up of an engineer typing at a quantum computing station in a modern office space.

Rigetti Computing, Inc. (NASDAQ:RGTI)

Rigetti Computing saw its share prices surge by 18 percent on Wednesday to finish at $11.64 apiece as investors bought up following an analyst’s positive rating for the company.

Earlier this week, investment firm Craig-Hallum gave Rigetti Computing, Inc. (NASDAQ:RGTI) a buy recommendation and a higher price target of $14 versus $12 previously.

The revision followed the company’s earnings performance in the first quarter of the year, where revenues fell by 52 percent to $1.47 million from $3.05 million in the same period last year, as loss from operations expanded by 30 percent to $21.6 million from $16.58 million year-on-year.

Total operating expenses grew by 22 percent to $22.07 million from $18.08 million in the same comparable period.

Earlier this year, Rigetti Computing, Inc. (NASDAQ:RGTI) secured several projects from the US and UK governments, reflecting its stronghold in the quantum computing sector. This includes its participation in DARPA’s Quantum Benchmarking Initiative, grant of AFOSR award to further develop breakthrough chip fabrication technology, as well as three Innovate UK Quantum Mission pilot awards to advance superconducting quantum computing.

Overall, RGTI ranks 2nd on our list of firms blowing up by double digits today. While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than RGTI but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.

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