Rigetti Computing (RGTI) experienced a significant 24-hour plunge of 5.45% on Thursday, following Nvidia's inaugural Quantum Day event. The drop in stock price came as investors used the high-profile event as an opportunity to sell shares of recently high-flying quantum computing stocks.

During the Nvidia GTC conference, executives from Rigetti Computing joined a panel alongside Nvidia CEO Jensen Huang to discuss the future of quantum computing. However, the absence of any significant announcements or clear timelines for deployment led to a sell-off in quantum pure-play stocks. Rigetti's intraday decline was even steeper, with the stock tumbling 9.2% during regular trading hours.

The plunge highlights the volatile nature of quantum computing stocks. While Rigetti has surged an impressive 430% over the past 12 months, it remains down more than 41% this year. The stock's price has ranged between 66 cents and $21.42 over the past 52 weeks, underscoring the speculative nature of investments in this cutting-edge technology sector.