Rigetti Computing stock price rose sharply in Monday’s premarket session, signaling a likely continuation of Friday’s upside. The stock traded at $9.47 after gaining 4.4% at the time of writing, as investors trooped back after last week’s sharp decline, exacerbated by Nvidia’s revelation of its quantum computing ambitions.
Nvidia’s Quantum Day took place on March 20 and the AI chips market leader’s CEO, Jensen Huang took the opportunity to walk back on his earlier skeptical statement regarding quantum computing. Huang had in January stated that it could take at least 15 years for quantum computing to become useful technology. However, he used the platform at the GTC Conference to take back his words, stating that his earlier assessment was wrong.
After quantum computing stocks initially reacted in a contrarian direction to Huang’s statement, they have resurged since Friday. Rigetti stock price, for instance, gained 0.89% in that session. Investors have digested the news of Nvidia’s planned establishment of a quantum computing research center in Boston.
The center will bring industry experts and researchers from Harvard and Massachusetts Institute of Technology (MIT) to potentially develop breakthrough innovations to power the niche industry.
While the market demand for quantum computing is still substantially low, some analysts opine that the current AI revolution could ultimately provide the spark needed to trigger strong growth. Therefore the involvement of industry giant like Nvidia augurs well for Rigetti Computing stock price and other quantum computing stocks.
Rigetti Computing Stock Price Prediction
Rigetti stock price pivots at $9.45 and action above that level will signal control by the buyers. That momentum will likely meet its initial resistance at $9.67. However, an extended control by the buyers could clear that barrier and test $9.90.
Conversely, the momentum will likely swing to the downside if Rigetti Computing (NASDAQ: RGTI) breaks below $9.29. With the sellers in control, the stock will likely find the first support at $9.03. The upside narrative will be invalid if the price breaks below that level. Also, such momentum could clear the path to test $8.80.
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