The same stocks rallied earlier this week after Microsoft unveiled an initiative meant to familiarize business leaders with quantum systems.

Rigetti stock is up 1,756% in the last year — but 74% overvalued. Investors who did not buy Nvidia stock before GenAI wave, fear missing out on quantum computing.

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."

The company plans to leverage this technology to create a 36-qubit system using four connected chips by mid-2025, followed by a 100-plus qubit system later in the year. Financial position strengthens amid soaring valuation Rigetti's financial position was significantly boosted by a capital raise last November.

Shares of Rigetti Computing are trading higher by 24.8% during Tuesday's session. The stock is rebounding after recent remarks by Jensen Huang and Mark Zuckerberg that cast doubt on quantum computing's timeline.

Rigetti Computing's stock is overvalued and facing tough competition, despite temporary surges driven by industry news. Click here to read why RGTI is a Strong Sell.