Quantum computing stocks underwent a massive rally over the last couple of weeks thanks to Alphabet’s (GOOGL) Google. The company announced amazing results from its Willow quantum computer, which sent investors into a buying frenzy. As a result, many quantum computing stocks saw incredible increases in their share prices.
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But that hype could only last so long and it looks like the enthusiasm around quantum computing stocks is starting to dry up. Several stocks that rallied over the prior two weeks saw major drops today.
Breaking that down, the biggest losers among quantum computing stocks today are Rigetti Computing (RGTI) with a 31.85% drop, Quantum Computing (QUBT) with a 45.6% decline, and D-Wave Quantum (QBTS) with a 31.81% fall.
Should Investors Buy Quantum Computing Stocks on the Dip?
While RGTI, QUBT, and QBTS are falling today, they are still up over 900% to 2,000% year-to-date. Investors might consider today’s dip an opportunity to buy the shares before they increase in price again, and there’s merit in that thinking. This drop in the sector could only be a minor setback as shares settle after the rally. If true, it may be worth playing the long game for gains.
However, investors will want to consider how these stocks performed before the Google Willow news. While the shares were starting to find their footing in November, they were still well within the penny stock range. Investing in penny stocks is a risky bet with extreme volatility, meaning risk-averse traders might want to sit this one out.
Other Quantum Computing Stocks to Consider
Just because Rigetti Computing, Quantum Computing, and D-Wave Quantum are risky investments doesn’t mean all quantum computing stocks are. Several players in the space have solid foundations, making them stronger candidates for success in the field. Google is among these, as are Nvidia (NVDA), RTX (RTX), and Microsoft (MSFT). You can get all the details on these stocks with TipRanks’ comparison tool below.
