RGTI is trading at $25.34 (+14.97%) today after the company confirmed a letter of intent with the U.S. Department of Commerce for up to $100 million in CHIPS and Science Act funding.
- The federal award serves as a major catalyst for the stock, which is extending a strong rally that began with a 30.57% jump on May 21.
- Shares have now climbed significantly above their recent May 21 close of $22.04 as investors react to the confirmed funding news.
- While broader markets are showing strength this morning, the company-specific federal backing is the primary driver of today's double-digit gains.