🔴 RGTX falls 5.7% on profit-taking after CHIPS Act funding news fueled a parabolic rally

RGTX is trading 5.7% lower at $38.45 in pre-market action as the 2x leveraged Rigetti Computing ETF gives back some of its recent massive gains.

• The pullback follows a multi-day surge last week where the ETF gained over 40%. The rally was ignited by news that Rigetti Computing (RGTI) signed a letter of intent for up to $100 million in U.S. government funding under the CHIPS Act. [4, 9]
• The decline is attributed to profit-taking and heightened volatility following the significant news-driven rally.
• As a 2x leveraged instrument, RGTX is prone to amplified price swings, particularly after major moves in the underlying Rigetti shares. [1]