How Rigetti's 2024 Quantum Dreams Turned Into 2025 Nightmares

Group 1 - Rigetti Computing's shares fell 48.1% in Q1 2025, with a significant drop in January, although the stock is still up 925% over the last six months [1] - The release of Google's Willow chip in December 2024 initially boosted quantum computing stocks, including Rigetti, due to its effective error-correction system [2] - The performance benchmark used to showcase Willow's superiority was selectively chosen, making it easier for quantum systems to excel compared to traditional supercomputers [4] Group 2 - Nvidia CEO Jensen Huang indicated that the breakthrough represented by Willow is part of a long-term research journey, with practical quantum computing systems expected in about 20 years [5] - Rigetti is facing financial challenges, with only $10.8 million in revenue for 2024 against a$59.8 million R&D budget, indicating significant cash burn [6] - The current market cap of $2.25 billion for Rigetti is viewed as overly generous, with expectations of continued price drops in 2025 [7]