<p>Rigetti Computing 現在是那些讓投資者覺得自己剛剛提前進入未來的股票之一。量子計算聽起來並不像是當今世界的技術，而更像是科幻電影中的東西。然而，Rigetti 是為數不多在股票交易所上市的公司之一，提供了對未來的純粹押注選項。</p>
<p>過去一年，該公司的股票驚人地上漲了 184%，這得益於穩定的技術進步、與美國空軍簽署的 580 萬美元研究合同，以及與 Nvidia 的合作，瞬間提升了其可信度。此外，圍繞下一代計算的熱情也在廣泛上升，因此 Rigetti 快速崛起為量子領域中最炙手可熱的名字之一。</p>
<h2>估值面臨現實檢驗</h2>
<p>圍繞 Rigetti 的興奮帶來了一個聽起來有些瘋狂的估值。Rigetti 目前的市值約為 84 億美元，交易價格約為今年預期銷售額的 409 倍，這一數字甚至可能讓最敢於冒險的成長型投資者感到害怕。值得思考的是，這是否是未來量子領導者的崛起，還是僅僅是一隻運氣好的股票，變得過於樂觀。</p>
<p>儘管技術故事引人注目，但財務狀況則顯得更加保守。一方面，技術敍事非常強勁，另一方面，來自商業方面的數據則表明需要謹慎。這提醒投資者，量子技術並不總是自動轉化為短期收入增長，它還需要長期的耐心。</p>
<h2>強大的願景與疲軟的銷售勢頭</h2>
<p>就 Rigetti 最近的表現而言，銷售增長似乎並不樂觀。去年第三季度的收入降至約 195 萬美元，低於大約 238 萬美元。如果從更廣泛的角度來看，去年前三個季度的銷售額為 522 萬美元，而 2024 年同期為 852 萬美元。對於一家在先進、發展中的市場中運作的公司來説，這些數字並不理想。在一個公司處於前沿的開創性市場中，這樣的數字可能並不令人擔憂，但仍然與股票的熱烈表現不符。兩者之間的裂痕表明，對未來潛力的樂觀可能是當前股價上漲的原因。</p>
<h2>噱頭與長期潛力</h2>
<p>Rigetti 仍處於旅程的早期階段。可能有一些客户決定推遲訂單，因為他們在等待具有更高量子比特數的系統，但量子計算自然不是一個快速的過程，需要耐心。然而，與公司最近的商業活動相比，目前的股市趨勢相當熱情。今天將資金投入 Rigetti 的投資者基本上是在押注量子計算可能成為的樣子，而不是公司已經生產的東西。然而，這並不是壞事，但確實使投資風險更高，特別是在當前高估值的情況下。</p>
<h2>量子計算的更好選擇</h2>
<p>對於想要進入量子計算但不想承擔如此高的噱頭驅動風險的投資者，可能還有一些更平衡的選擇。D-Wave Quantum 在純粹領域的專注及其量子退火先進技術可能能夠提供更現實的短期商業化機會。</p>
<p>相反，Alphabet 提供了一種多樣化的方式來享受量子進步，受益於強大的核心業務，從而降低了下行風險。與這些選擇相比，Rigetti 的股票更像是一項高風險、高回報的投資，而不是經過仔細計算的投資，且回報週期非常長。</p>
<h2>總結</h2>
<p>Rigetti Computing 無疑在量子技術方面取得了重大進展，其合作和研究成就表明它應該被納入關於計算未來的討論中。然而，股票價格的戲劇性上漲似乎主要是由噱頭驅動，而非實際的財務狀況。</p>
<p>Rigetti 可能最終會成為量子計算的重要參與者，但當前的估值對於錯誤的容忍度非常低。此時，該公司看起來更像是一個引人入勝的技術故事，而不是一個合理估值的投資，因此這是一隻需要關注的股票，但也需要一定程度的懷疑。</p>

QBTX

QBTS

RGTI

RGTX

QPUX

RGTU

<p>Rigetti Computing 的股票上漲了 184%，這得益於技術進步和合作關係，但其市值約為 84 億美元，估值高達預期銷售額的 409 倍。最近的銷售數據表明出現了下降，這引發了對其股價可持續性的擔憂。投資者更看重未來潛力而非當前表現，這使得投資風險加大。像 D-Wave Quantum 和 Alphabet 這樣的替代方案在量子計算領域提供了更為平衡的選擇。儘管 Rigetti 正在取得進展，但其當前估值似乎被高估，值得謹慎觀察</p>

<p>Rigetti Computing is now one of those shares that makes the investors think that they have just arrived early into the future. Quantum computing does not sound like a tech of today’s world, but is something from a sci-fi movie. However, Rigetti is one of the very few companies listed on stock exchanges that provides a pure-bet option on that future.</p>
<div class="lb-trans"><p>Rigetti Computing 現在是那些讓投資者覺得自己剛剛提前進入未來的股票之一。量子計算聽起來並不像是當今世界的技術，而更像是科幻電影中的東西。然而，Rigetti 是為數不多在股票交易所上市的公司之一，提供了對未來的純粹押注選項。</p>
</div><p>The past year has seen a shocking 184% rise in the company stock, which has been driven by the steady technical progress, a $5.8 million research contract with the U.S Air Force, and a partnership with Nvidia that instantly adds up to its credibility. Besides, there is a wider surge of enthusiasm around next-generation computing, so Rigetti has quickly emerged as one of the fieriest names in the quantum space.</p>
<div class="lb-trans"><p>過去一年，該公司的股票驚人地上漲了 184%，這得益於穩定的技術進步、與美國空軍簽署的 580 萬美元研究合同，以及與 Nvidia 的合作，瞬間提升了其可信度。此外，圍繞下一代計算的熱情也在廣泛上升，因此 Rigetti 快速崛起為量子領域中最炙手可熱的名字之一。</p>
</div><h2>Valuation Gets a Reality Check</h2>
<div class="lb-trans"><h2>估值面臨現實檢驗</h2>
</div><p>The excitement surrounding Rigetti has brought along a valuation that sounds a bit crazy. Rigetti’s market capitalization today is around $8.4 billion, and it trades at about 409 times this year’s expected sales, which is a figure that might even scare the most daring growth investors. The thing to wonder about is whether this is a future quantum leader in making, or is it just a stock that got lucky and has become too bullish.</p>
<div class="lb-trans"><p>圍繞 Rigetti 的興奮帶來了一個聽起來有些瘋狂的估值。Rigetti 目前的市值約為 84 億美元，交易價格約為今年預期銷售額的 409 倍，這一數字甚至可能讓最敢於冒險的成長型投資者感到害怕。值得思考的是，這是否是未來量子領導者的崛起，還是僅僅是一隻運氣好的股票，變得過於樂觀。</p>
</div><p>Although the technology story is compelling, the financials are a bit more conservative. On one hand, the technology narrative is very strong and on the other hand, the numbers coming from the business side indicates one to be cautious. This reminds the investors that quantum does not always automatically translate into short-term revenue growth, but it also requires long-term patience.</p>
<div class="lb-trans"><p>儘管技術故事引人注目，但財務狀況則顯得更加保守。一方面，技術敍事非常強勁，另一方面，來自商業方面的數據則表明需要謹慎。這提醒投資者，量子技術並不總是自動轉化為短期收入增長，它還需要長期的耐心。</p>
</div><h2>Strong Vision &amp; Weak Sales Momentum</h2>
<div class="lb-trans"><h2>強大的願景與疲軟的銷售勢頭</h2>
</div><p>Sales growth does not really seem promising for Rigetti when it comes to its recent performance. Last year’s third quarter saw revenues fall to around $1.95 million, which is down from roughly $2.38 million. It is the same story if one takes a broader view, as sales for the first three quarters in the last year amounted to $5.22 million compared to $8.52 million for the same period in 2024. For a company working in an advanced, developing market, these figures are not great. In a pioneering market where a company is positioned at the forefront, such figures might not be alarming, but it still would not be in line with the stock’s heated performance. A rift between the two paths suggests that the optimism about the future potential may be responsible for the lifting of the stock price at present.</p>
<div class="lb-trans"><p>就 Rigetti 最近的表現而言，銷售增長似乎並不樂觀。去年第三季度的收入降至約 195 萬美元，低於大約 238 萬美元。如果從更廣泛的角度來看，去年前三個季度的銷售額為 522 萬美元，而 2024 年同期為 852 萬美元。對於一家在先進、發展中的市場中運作的公司來説，這些數字並不理想。在一個公司處於前沿的開創性市場中，這樣的數字可能並不令人擔憂，但仍然與股票的熱烈表現不符。兩者之間的裂痕表明，對未來潛力的樂觀可能是當前股價上漲的原因。</p>
</div><h2>Hype &amp; Long-Term Potential</h2>
<div class="lb-trans"><h2>噱頭與長期潛力</h2>
</div><p>Rigetti is still at an early stage of the journey. It is possible that some customers decided to hold off on their orders because they were waiting for systems with higher qubit counts, but quantum computing naturally is not a quick process, and one requires patience for it. However, the stock market trend, as of now, is quite an enthusiastic one when compared to the company’s recent business activities. Investors who have committed their money to Rigetti today are basically betting on what quantum computing could become, and not what the company has already produced. However, it is not something bad, but it does make the investment more risky, specifically at the current high valuations.</p>
<div class="lb-trans"><p>Rigetti 仍處於旅程的早期階段。可能有一些客户決定推遲訂單，因為他們在等待具有更高量子比特數的系統，但量子計算自然不是一個快速的過程，需要耐心。然而，與公司最近的商業活動相比，目前的股市趨勢相當熱情。今天將資金投入 Rigetti 的投資者基本上是在押注量子計算可能成為的樣子，而不是公司已經生產的東西。然而，這並不是壞事，但確實使投資風險更高，特別是在當前高估值的情況下。</p>
</div><h2>Better Ways for Quantum Computing</h2>
<div class="lb-trans"><h2>量子計算的更好選擇</h2>
</div><p>There might be some more balanced options for the investors who want to get into quantum computing, but not with such a big hype-driven risk attached to it. The D-Wave Quantum’s focus in the pure-play space with its quantum annealing advanced tech could be in a position to offer more realistic near-term commercialization opportunities.</p>
<div class="lb-trans"><p>對於想要進入量子計算但不想承擔如此高的噱頭驅動風險的投資者，可能還有一些更平衡的選擇。D-Wave Quantum 在純粹領域的專注及其量子退火先進技術可能能夠提供更現實的短期商業化機會。</p>
</div><p>On the contrary, Alphabet provides a diversified way to enjoy the quantum advancements, benefiting from the strong core businesses, which in turn minimizes the downside risk. When compared with these options, Rigetti’s stock is less like a carefully calculated investment and more like a risky and a high-reward bet with a very long payout period.</p>
<div class="lb-trans"><p>相反，Alphabet 提供了一種多樣化的方式來享受量子進步，受益於強大的核心業務，從而降低了下行風險。與這些選擇相比，Rigetti 的股票更像是一項高風險、高回報的投資，而不是經過仔細計算的投資，且回報週期非常長。</p>
</div><h2>Bottom Line</h2>
<div class="lb-trans"><h2>總結</h2>
</div><p>Rigetti Computing is undoubtedly making great strides in quantum technology, and its collaborations and research accomplishments imply that it should be included in the discussions about computing’s future. However, the dramatic increase in the stock price seems to be mainly driven by hype rather than the actual financial situation.</p>
<div class="lb-trans"><p>Rigetti Computing 無疑在量子技術方面取得了重大進展，其合作和研究成就表明它應該被納入關於計算未來的討論中。然而，股票價格的戲劇性上漲似乎主要是由噱頭驅動，而非實際的財務狀況。</p>
</div><p>It is possible that Rigetti will eventually become a significant player in quantum computing, but the current valuation is very tight for errors. At this moment, the company appears to be more of an intriguing tech story than a fairly valued investment, so it is a stock that needs watching, yet also some extent of skepticism as well.</p>
<div class="lb-trans"><p>Rigetti 可能最終會成為量子計算的重要參與者，但當前的估值對於錯誤的容忍度非常低。此時，該公司看起來更像是一個引人入勝的技術故事，而不是一個合理估值的投資，因此這是一隻需要關注的股票，但也需要一定程度的懷疑。</p>
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押注量子技術，Rigetti 是否值得冒險？