Rigetti Computing's stock soared 5.01% during intraday trading on Wednesday, marking a significant upward movement for the quantum computing company.

The rally is attributed to a technical rebound following an extended post-earnings selloff. After reporting strong first-quarter results that exceeded market expectations, the stock had faced sustained profit-taking pressure, declining nearly 20% from recent highs and pushing the shares into oversold territory, which triggered this bounce from lows.

Additionally, the broader semiconductor sector staged a strong recovery during the session, with multiple major players posting significant gains, providing positive momentum for Rigetti Computing shares as part of the sector-wide movement.