🟢 Rigetti Computing Inc. is trading 4.8% up, rebounding after volatility from CHIPS Act funding news and new 108-Qubit processor launch

Rigetti Computing Inc is trading about 4.8% up in pre-market near $20.41, rebounding from a sharp sell-off earlier in the week. The volatility follows two major recent company announcements.

• The company announced a non-binding letter of intent with the U.S. Department of Commerce for up to $100 million in funding under the CHIPS Act.
• Rigetti also made its new 108-qubit Cepheus-1-108Q quantum processor broadly available on major cloud platforms like Amazon Braket and Microsoft Azure Quantum.
• The stock initially dropped nearly 10% following the news, which was also accompanied by recent insider selling, and today's move appears to be a recovery.