Rigetti Computing is at the forefront of the quantum computing industry, but the company has a speculative stock valuation.

Read here for an analysis of the surge of quantum computing stocks, focusing on Rigetti Computing's unique approach and potential long-term gains. See more.

This is what's happening on Wednesday, as quantum computing investors cheer some kind words from Microsoft's strategic missions and technologies chief, Mitra Azizirad, who last night urged quantum investors to get ready, because "we are right on the cusp of seeing quantum computers solve meaningful problems and capture new business value."

Just when you may have finally gotten your head around the opportunity in artificial intelligence (AI), a new investment opportunity has popped up. Quantum computing is the latest “new thing” among technology stocks.

Alphabet subsidiary Google recently announced two major technical achievements with its Willow quantum computing chip. In response to the news, shares of Rigetti Computing (NASDAQ: RGTI) and D-Wave Quantum (NYSE: QBTS) during the next three weeks advanced 280% and 110%,

Shares of Rigetti computing have lost more than 70% of their value since hitting their $20 closing high less than two weeks ago. The volatile plunge in share price came on the heels of Jensen Huang - NVIDIA’s CEO – on the reasonable timeline for quantum computing.

Quantum computing is a burgeoning field with the potential to create trillions of dollars. The rising acceptance of quantum computers in finance, life sciences and chemical sectors is expected to help the quantum computing market reach $5.3 billion by 2029 from $1.3 billion in 2024 at a CAGR of 32.7%, according to marketsandmarkets.