Rigetti Computing (RGTI), a key player in the quantum computing sector, saw its stock soar 5.95% in intraday trading on Wednesday. This surge comes as part of a broader trend of investor enthusiasm for quantum computing stocks, which have become one of the hottest trends on Wall Street.

The rally in Rigetti's stock can be attributed to several factors driving interest in the quantum computing sector. Recent developments, such as JPMorgan Chase's announcement to invest up to $10 billion in strategically important sectors including quantum computing, and IBM and HSBC's unveiling of a quantum-based algorithmic bond trading platform, have reignited investor interest. Additionally, the U.S. Department of Energy's commitment of $625 million in funding for quantum research centers has further boosted confidence in the sector's potential.

Rigetti, part of the so-called "Quantum 4" group of pure-play quantum computing stocks, has experienced significant volatility this year. The stock has seen dramatic price swings, rising from as low as $1.06 to a recent high of $58. Despite limited revenue and lack of profitability, investors appear to be betting on the long-term potential of quantum computing technology to revolutionize fields ranging from cryptography to drug discovery. However, analysts remain divided on the valuation of these futuristic companies, with some maintaining "buy" ratings while others express caution about the "premium valuations" and potential headwinds.