🟢 RGTI is trading 20.6% up today on proposed $100M CHIPS Act award for quantum R&D

RGTI is trading 20.6% up at $20.36 after announcing a proposed $100 million U.S. Department of Commerce award under the CHIPS and Science Act.

• The non-binding letter of intent (LOI) is designated to fund superconducting quantum research and development through a Rigetti subsidiary.
• Investors are repricing the company’s long-term revenue visibility and government-backed roadmap, allowing the stock to outperform a broadly weaker market.
• The move extends recent bullish momentum driven by the company's 108-qubit system rollout and a string of recent government and academic contract wins.