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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.

Moreover, Bill Frauenhofer, Executive Director for Semiconductor Investment and Innovation, said that the provided incentives will boost the technological resilience of the country by supporting a technology that has far-reaching applications for national defense, material science, biopharmaceutical discovery, finance, and energy systems.

Rigetti Computing Inc. (NASDAQ:RGTI) creates and operates superconducting quantum processors and quantum computers. Its offerings include a vast range, including quantum processing units, Novera QPU, Cepheus-1-36Q system, Rigetti quantum cloud services, and QCS Outpost. Furthermore, it provides superconducting quantum chips, as well as professional services like algorithm development, benchmarking, quantum application programming, and software development.

While we acknowledge the potential of RGTI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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