The stock market is on a tear. Driven by renewed enthusiasm for artificial intelligence (AI), the S&P 500 index is up 6.3% over the last month, while the tech-heavy Nasdaq Composite is up a whopping 9.4%. The run, along with a major announcement from the U.S. Commerce Department, has kicked off a rally in quantum computing stocks. As investors look for the "next AI," they're snapping up shares of companies like IonQ, D-Wave, and, of course, Rigetti Computing (RGTI +0.35%). With the recent launch of its most powerful quantum system to date, many investors believe that Rigetti is one of the most promising quantum pure-plays around. But what about the stock? After jumping more than 50% in a month, is it still a buy? Could shares of Rigetti reach $50? NASDAQ: RGTI Key Data Points Why Rigetti is turning heads in the quantum computing race Rigetti builds superconducting quantum computers, using the same basic approach as Alphabet's Google and IBM. This gives the company's systems a few advantages: speed and scale. Rigetti just launched its most powerful computer to date, the 108-qubit Cepheus-1-108Q. , Beyond the tech itself, the company designs and builds everything in-house, from the quantum chips to the software that runs on them. If its approach delivers, Rigetti would own the entire vertical, giving it a major leg up. As for financials, revenue nearly tripled year over year last quarter, and the company is sitting on more than $400 million in cash, double what it held a year ago. And of course, there is the recent news: The U.S. government will provide $100 million to Rigetti as part of a larger $2 billion quantum investment package. That's a pretty big deal. The risks hiding behind Rigetti's explosive stock rally Revenue nearly tripled last quarter, rising from $1.5