Shares of Rigetti Computing (RGTI +1.55%) jumped this week. The quantum computing start-up's stock rose 9.3% from last Friday's close. The move came as the S&P 500 and the Nasdaq-100 rose 2.4% and 3.7%, respectively.
Rigetti and other quantum stocks were lifted this week by news that researchers at the University of Southern California may have found a way around obstacles the technology faces in its development.
NASDAQ: RGTI
Key Data Points
A "rescued" particle could boost quantum
Researchers at the University of Southern California said that they had identified a new type of particle they call "neglectons," which could help solve one of quantum computing's biggest issues. The particles earned their name from their once-overlooked status; researchers had previously dismissed them as "mathematical garbage."
Quantum computing faces a number of hurdles in its ongoing development. Chief among them is the inherent difficulty in error correction. These systems are fragile and hard to keep from degrading. The new particles could help scientists solve this issue through an approach called "braiding."
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Investors should remain cautious
While the news is positive, it by no means indicates the issue is solved -- or is close to being solved. This is a highly experimental field at the very edge of human knowledge and theory, let alone practical engineering.
I think many investors are getting ahead of themselves, and it could be many years, if not decades, before we see viable quantum computing at scale.
Rigetti is one of the more promising quantum companies, but at its current valuation, I would not invest.
