Rigetti Computing (NASDAQ: RGTI) stock posted explosive gains across 2024. The quantum computing company's share price closed out the year's trading up 1,449.4%, according to data from S&P Global Market Intelligence.

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

Rigetti Computing, IonQ, and other quantum stocks plunged after Nvidia CEO Jensen Huang told Wall Street analysts that “very useful quantum computers” are likely 20 years away.

The gains came after Nvidia CEO Jensen Huang triggered a selloff in quantum computing stocks earlier this week with his remarks about the technology’s development.

Quantum computing stocks took a dive Wednesday after investors' perceptions about the outlook for the sector were dramatically corrected. Valuations in the nascent space had been

Investors and traders will take their cue from the round numbers. The stock is likely to break back below $10 followed by a decline to $7.50 and then possibly $5. Each of these price levels will see investors and traders step in to “Buy the Dip” on the way down.

Quantum computing stocks dropped Wednesday after Nvidia CEO Jensen Huang declared that useful quantum computers are likely decades in the future.

Rigetti Computing (RGTI) is an integrated full-stack quantum computing company that focuses on designing and developing quantum chips. It was the first company to develop a multi-chip quantum processor.