Key Highlights

● Rigetti slid on October 22 as quantum computing stocks retreated.

● Rigetti had no company-specific news in the session.

● IonQ had no news of its own and slid after a $2 billion stock sale.

● Nasdaq decliners outnumbered advancers 2,766 to 2,022.

Rigetti Computing (NASDAQ:RGTI) slid on Thursday, October 22, 2026, falling on the Russell 2000 as quantum computing stocks were swept up in a sharp retreat from technology and AI-related names.

Rigetti had no company-specific news in the session. Instead, the stock moved with its peers in a group that has been especially sensitive to swings in investor appetite for speculative technology.

A sector-wide retreat

Rigetti was not alone. IonQ (NYSE:IONQ) and D-Wave Quantum (NYSE:QBTS) also fell as quantum stocks slid again in the tech selloff. IonQ had no news of its own, and the moves followed the broader tech retreat sparked by Lam Research (NASDAQ:LRCX).

IonQ had already been under pressure, sliding over the past week after a $2 billion stock sale.

Quantum computing companies aim to build machines that use the principles of quantum mechanics to solve certain problems far faster than conventional computers. Rigetti develops superconducting quantum processors and offers access to its systems through the cloud. Most companies in the field are still years from large-scale commercial revenue, so their share prices lean heavily on enthusiasm for future technology, and that enthusiasm can evaporate quickly when the mood turns.

What sparked the tech rout

Thursday's selloff had several drivers. Meta Platforms (NASDAQ:META) reported late on Wednesday that its 2026 capital spending would run between $135 billion and $145 billion, and its quarterly free cash flow turned negative, raising questions about the returns on massive AI investment. Lam Research's December-quarter outlook cited supply constraints and disappointed some investors.

Nvidia (NASDAQ:NVDA)'s chief executive added to financing worries when he said: "The demand of the capital is much greater than the availability of the capital."

The Nasdaq Composite fell 694 points to 26,008.86, its steepest drop since June 5, ending a seven-session winning streak and erasing about $1 trillion in market value, according to market data. The S&P 500 lost 93.74 points to 7,663.43, its worst day since July, and the Philadelphia Semiconductor Index posted its biggest one-day drop since June 23.

Small caps held up overall

The Russell 2000 as a whole fared better than tech, edging up 3.01 points to 2,784.03 as falling Treasury yields helped rate-sensitive stocks. About two of every three S&P 500 stocks rose, according to market reports, with money flowing into consumer staples, health care, utilities and homebuilders. The 10-year Treasury yield fell back below a closely watched threshold for the first time since September 22.

That split highlighted the gap between speculative technology names and the more defensive parts of the small-cap universe. On the Nasdaq, decliners outnumbered advancers by 2,766 to 2,022, according to market data.

Rigetti Tracks Risk Appetite for Quantum Names

Investors will watch whether the tech selloff extends into Friday's session and beyond, since quantum names have tended to move as a group with broader risk appetite. Big Tech earnings are a key test: Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) report on October 28 and Amazon (NASDAQ:AMZN) on October 29, and their AI spending plans could sway sentiment toward speculative technology. Any company-specific news from Rigetti, such as contract or technology updates, would also be closely watched.