The CEO of Nvidia Causes Quantum Computing Stocks to Plummet
IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing all experienced a significant drop in premarket trading in New York after Nvidia CEO Jensen Huang made comments suggesting that practical quantum computers are still years away.
During an analyst day event, Huang was asked about the development of quantum computing and its potential impact compared to existing computing platforms. He estimated that it could be at least 15 to 30 years before very useful quantum computers are available.
This timeline, extending to around 2040, caused shares of quantum computing companies to plummet by over 14%, with Quantum Computing Inc., D-Wave Quantum Inc., Rigetti Computing Inc., and IonQ all suffering losses.
The decline comes after a surge in quantum computing stocks following Alphabet’s announcement of its “Willow” quantum-computing chip as a breakthrough in late 2024.
The question now remains: Did Huang burst the bubble of quantum computing stocks with his comments?