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16 minutes ago
- Yahoo
Rigetti Just Hit a New Quantum Computing Milestone. Should You Buy RGTI Stock Now?
Rigetti Computing (RGTI) stock rocketed 30% on July 16 after the quantum computing company announced achieving 99.5% median two-qubit gate fidelity on its modular 36-qubit system, marking an important step toward commercial viability in the emerging quantum industry. The Berkeley-based company's breakthrough represents a 2x reduction in error rates compared to its previous best results, bringing quantum computing closer to practical applications that could generate meaningful revenue. More News from Barchart It's Never 'Happened in the History of Tech to Any Company Before': OpenAI's Sam Altman Says ChatGPT is Growing at an Unprecedented Rate This Penny Stock Wants to Become the MicroStrategy of Dogecoin Option Volatility And Earnings Report For July 21 - 25 Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. The achievement hinges on Rigetti's proprietary modular chip technology, which combines four 9-qubit 'chiplets' to create a 36-qubit system. This approach leverages semiconductor industry techniques to enable scaling while maintaining high performance, a critical challenge in quantum computing where error rates typically increase with system size. 'We benefit from the many advantages of superconducting qubits, including gate speeds more than 1,000x faster than other modalities like ion trap and pure atoms, and scalability,' CEO Subodh Kulkarni explained. Unlike competitors using trapped ions or atoms, Rigetti's superconducting qubits operate at extremely low temperatures, which reduces electrical resistance and enables them to maintain quantum states for longer periods. The timing appears favorable for quantum investments, with the sector gaining momentum as companies move from research to commercial applications. Rigetti plans to launch its 36-qubit system on Aug. 15 and deliver a system with over 100 qubits by year-end 2025. However, investors should exercise caution. Rigetti has reported year-over-year revenue declines for four consecutive quarters, with Q2 expectations calling for adjusted losses of $0.04 per share on $1.87 million revenue. While the technical milestone is impressive, the company must still demonstrate its ability to monetize quantum supremacy. Is RGTI Stock a Good Buy Right Now? In Q1 2025, Rigetti Computing reported revenue of $1.5 million, down over 50% from $3.1 million in the year-ago period. While investors were worried about the decline in sales, the quantum computing pioneer secured several strategic wins that could accelerate its path to commercial viability. Rigetti was selected for DARPA's prestigious quantum benchmarking initiative, advancing to Stage A with a $1 million award. Kulkarni emphasized the program's significance, noting that DARPA chose only 15 companies from over 100 applicants to develop 'utility-scale quantum computing' within seven years. Rigetti's proposal combines its proprietary multichip architecture with quantum error correction codes, targeting systems with over 10,000 qubits and a gate fidelity of 99.9%. Rigetti also secured a $5.48 million Air Force consortium award to advance its breakthrough ABAA chip fabrication technology, which improves qubit frequency targeting by a factor of 10. It received three UK Innovate awards to collaborate on quantum error correction with the National Quantum Computing Center, including upgrading their existing system to 36 qubits. Moreover, Quanta committed $250 million over five years for the development of non-QPU hardware, including control systems and manufacturing components. This partnership enables Rigetti to focus its resources on core QPU technology while leveraging Quanta's expertise in high-volume manufacturing. Kulkarni reaffirmed the company's chiplet roadmap, targeting 36 qubits at 99.5% fidelity by mid-2025 and over 100 qubits by year-end. He emphasized chiplets as the only viable path to scale superconducting quantum computers, noting competitors' struggles with larger monolithic chips. While revenue remains lumpy due to the industry's R&D phase, Rigetti's strategic partnerships and technical progress position it well for the transition to commercial quantum computing expected in 3-5 years. The DARPA selection particularly validates its technology approach against major competitors, such as International Business Machines (IBM). Is Rigetti Computing Stock Undervalued Right Now? Analysts tracking RGTI stock anticipate sales to increase from $10.8 million in 2024 to $150 million by 2029. Comparatively, losses per share are forecast to narrow from $0.29 in 2024 to $0.16 in 2028. Out of the six analysts covering RGTI stock, five recommend 'Strong Buy' and one recommends 'Moderate Buy'. The average RGTI stock price target is $14.83, below the current price. On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Yahoo
16 minutes ago
- Yahoo
Hackers Tap Into Microsoft Sharepoint Software
Microsoft SharePoint's hack creates risk for thousands of organizations as the tech giant rushes to create a patch. Bloomberg's Brody Ford discusses the latest developments with Caroline Hyde on "Bloomberg Tech".
Yahoo
16 minutes ago
- Yahoo
Opendoor Stock Is Surging Higher in a Frenzied Retail Rally. How Should You Play OPEN Shares Here?
Opendoor (OPEN) shares soared more than 100% on Monday as retail traders continued to flock into the digital real estate platform that streamlines the buying and selling of homes in the U.S. OPEN's rally caught steam last week after Eric Jackson, a globally renowned hedge fund manager, revealed a super bullish stance on the San Francisco-headquartered firm. More News from Barchart It's Never 'Happened in the History of Tech to Any Company Before': OpenAI's Sam Altman Says ChatGPT is Growing at an Unprecedented Rate This Penny Stock Wants to Become the MicroStrategy of Dogecoin Option Volatility And Earnings Report For July 21 - 25 Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! At the time of writing, Opendoor stock is trading at about 9x its price in the final week of June. What Eric Jacson Recently Said About Opendoor Stock OPEN shares have experienced a cosmic run in recent sessions primarily because Jackson said his firm EMJ Capital has built a sizable position in the Nasdaq-listed firm. In his recent X post, the market veteran said Opendoor Technologies Inc could prove a '100-bagger' over the next few years, adding the stock could go as high as $82. His comment dragged a flood of retail investors into Opendoor stock, triggering an explosive rally that can only be compared to ones previously seen in meme stocks like GameStop (GME). According to Eric Jackson, the digital real estate company could even emerge as the next Carvana (CVNA) in the years ahead. Here's Why OPEN Shares Remain a High-Risk Investment Despite Jackson's constructive remarks on Opendoor shares, caution is warranted in buying them at current levels as the California-based company still faces significant financial headwinds. For starters, the iBuyer continues to struggle with sustainable profitability, a milestone it's not expected to achieve in the near future either. Plus, Opendoor Technologies has sizable debt on its balance sheet that further limits its flexibility to scale operations or weather macroeconomic shocks without incurring steep financing costs. How Wall Street Recommends Playing Opendoor Technologies Investors should note that Opendoor stock is currently trading sharply above analysts' mean target. At the time of writing, Wall Street has a consensus 'Hold' rating on Opendoor shares with a mean target of about $1.14 indicating potential downside of more than 65% from current levels. On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
