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Rigetti Computing (RGTI) is down more than 10% on Tuesday following reports that a China-based startup Origin Quantum has surpassed 20 million in remote visits to its prototype machine.
The company’s third-generation “Wukong” is a 72-qubit quantum computer with fully independent intellectual property.
Origin Quantum is already being compared to DeepSeek, the Chinese artificial intelligence (AI) startup that erased $1 trillion from the U.S. stock market with the launch of its low-cost, super-efficient AI model in late January.
Other quantum stocks, including D-Wave (QBTS) and IonQ (IONQ) are also down significantly on Tuesday.
Origin Quantum Is Not a Threat to Rigetti Computing
While the Origin Quantum development is drawing significant attention on Tuesday, there’s reason to believe it’s not an immediate threat to Rigetti Computing stock.
For starters, the China-based startup is not a publicly listed company, which means it’s not in direct competition for investor capital with the likes of RGTI. Plus, the DeepSeek episode has already taught us that startups being posed as serious competition to established names often prove to be more hype than substance.
This is evidenced in the swift recovery in Nvidia (NVDA) stock following the short-lived DeepSeek-driven selloff in the final week of January.
RGTI Is Ahead of Origin Quantum in Technology
Shares of Rigetti Computing may be worth buying on the weakness also because Origin Quantum’s prototype machine that made headlines today is a 72-qubit quantum computer.
In comparison, RGTI has already launched an 84-qubit Ankaa-3 system, which means it’s already ahead of the Chinese startup in terms of technology. Moreover, Rigetti generated $2.4 million in revenue in its latest reported quarter. In comparison, Origin Quantum is a pre-revenue company at the time of writing.
Finally, titans, including Nvidia and Microsoft (MSFT), have partnered with Rigetti Computing, which, for investors, mean a huge mark of confidence in its future prospects.
That’s why Rigetti Computing stock is up more than 50% versus its recent low even after today’s decline.
Should You Buy the Dip in Rigetti Computing Stock?
All in all, the Origin Quantum news on Tuesday does rather little to disrupt the long-term bullish momentum in Rigetti Computing stock.
Wall Street currently has a consensus “Strong Buy” rating on RGTI shares. While the mean target of $11 suggests potential upside of 5% from current levels, the high target of $17 signals the possibility of a 63% rally from here.
