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Rigetti Computing Stock Slides Amid Weak Earnings and Macro Concerns
Rigetti Computing Stock Slides Amid Weak Earnings and Macro Concerns
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BTCCSquare news:
Rigetti Computing shares tumbled 8.7% as broader markets showed weakness, with the S&P 500 and Nasdaq dipping 0.7% and 1.5% respectively. The quantum computing firm's disappointing Q2 results revealed a 42% year-over-year revenue decline to $1.8 million and a $40 million net loss, casting doubt on its $5 billion valuation.
Macroeconomic headwinds compounded the selloff. Recent jobs data suggests economic slowing while inflation remains stubbornly high, creating a risk-off environment for speculative tech stocks. Though Rigetti highlighted technological progress in its earnings release, the commercial viability of quantum computing appears years if not decades away.
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