Shares of Rigetti Computing (RGTI) plummeted 10.09% in Tuesday's trading session, as investors reacted to the company's disappointing second-quarter results and growing macroeconomic concerns. The quantum computing company's stock decline outpaced broader market losses, with the S&P 500 and Nasdaq Composite also in negative territory.

Rigetti's Q2 financial report, released last week, revealed a significant year-over-year decline in performance. The company reported revenue of $1.8 million, down approximately 42% from the same period last year. More alarmingly, Rigetti's net loss widened to nearly $40 million, representing a 220% increase in losses compared to Q2 2024. While some one-off accounting charges contributed to the loss, the results underscore the company's struggle to justify its nearly $5 billion market capitalization.

Adding to the downward pressure on Rigetti's stock were broader economic concerns. Recent data showed softer-than-expected job numbers, while inflation figures came in hotter than anticipated. These macro factors are leading investors to reduce their exposure to riskier assets, particularly affecting speculative technology stocks like Rigetti. Despite some positive operational updates, analysts caution that commercially viable quantum computing may still be years or even decades away, suggesting a potential disconnect between Rigetti's current valuation and its near-term prospects.