Rigetti Computing Inc. (NASDAQ:RGTI) is one of the 10 best computer hardware stocks to buy for the next 5 years.
On May 21, Rigetti Computing Inc. (NASDAQ:RGTI) publicly announced the signing of a letter of intent with the U.S
Department of Commerce for funding of up to $100 million over three years. The funds will be used to speed up research and development efforts related to superconducting quantum computing, allocated according to the CHIPS Act. As part of this initiative, the Department will also obtain an equity position in the company, proportional to the total funding received.
Photo by Mika Baumeister on Unsplash Commenting on this initiative, Dr. Subodh Kulkarni, CEO of Rigetti, said that such collaboration would help address the critical scalability challenges and move forward in commercializing utility-scale quantum computing. Howard Lutnick, Secretary of Commerce, also remarked that such investments were crucial in creating the domestic industry, generating high-wage jobs, and pushing innovations in America.