Rigetti Computing (RGTI) Stock Surges Amid Financial Disclosure And Strategic Partnership

In a recent trading session, the price of Rigetti Computing, Inc. (NASDAQ: RGTI) witnessed a notable boost, rising by 16.85% to $2.08. This increase was in line with expectations for the impending release of the company’s financial results and a new strategic partnership.

Rigetti will release its results for the fourth quarter and full year of 2023 on Thursday, March 14, 2024, following the close of the market. After making this statement, at 5:00 p.m. ET the same day, the firm will have a conference call to review its financial results and provide updates on its business endeavors.

In a strategic collaboration, Rigetti, along with Riverlane, a frontrunner in quantum error correction technology, revealed their participation in a project overseen by the US Department of Energy’s Oak Ridge National Laboratory (ORNL). The initiative aims to investigate the hurdles of merging a quantum computer with a vast-scale supercomputing hub.

Quantum computers hold potential in addressing challenges that classical supercomputers currently cannot handle. With the advancement in quantum computing capabilities, their fusion with high-performance computing (HPC) systems to confront intricate challenges is anticipated to become ordinary, potentially resolving present-day insoluble societal issues.

To assess the feasibility of integrating quantum computers into HPC environments, the project partners will develop the first-ever benchmarking suite, dubbed ‘QStone,’ to measure the performance of a combined HPC and quantum system. This suite will be executed on ORNL’s Summit supercomputer, the fifth fastest in the world, and will utilize simulated hardware from Riverlane’s quantum error correction stack, along with real remote hardware from Rigetti’s headquarters.

ORNL is a leader in advanced quantum research, boasting a dedicated team of researchers and a wide network of partnerships across commercial, academic, and government sectors. Their research spans from scalable algorithm development to quantum sensor design.

The collaboration between Riverlane, Rigetti, and ORNL aims to publish the project’s results, shedding light on interoperability issues and performance insights when integrating early quantum devices with HPC infrastructure. This will include considerations on whether quantum computers should be deployed on-site or accessed remotely.

The integration of quantum processors with modern HPC systems marks a crucial advancement in both quantum computing and HPC domains. Collaborating with ORNL and Riverlane to integrate Rigetti’s quantum hardware into ORNL’s HPC systems could significantly progress towards the deployment of the first quantum-enabled supercomputer.

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