University of Kwazulu-Natal

Nvidia S Jensen Huang Extends Olive Branch To Rigetti Ceo After

Bonisiwe Shabane
-
nvidia s jensen huang extends olive branch to rigetti ceo after

Thanks for nothing, Nvidia (NASDAQ:NVDA). CEO Jensen Huang lit the entire quantum computing sector on fire last night after saying the technology won’t be “very useful” for at least 15 years and maybe as many as 30 years. He may as well have poured gasoline on the industry and thrown in a lit match. Rigetti Computing (NASDAQ:RGTI) was the worst hit, with shares plunging 49% heading into midday trading Wednesday. While quantum computing stocks had been riding a wave of hope especially since Alphabet‘s (NASDAQ:GOOG)(NASDAQ:GOOGL) Google announced in December its Willow chip would “pave the way to a useful, large-scale quantum computer,” Nvidia just... Rigetti Computing was riding a wave of hope for quantum computing higher, but dramatically cratered after comments by Nvidia’s CEO

Quantum computing is seen as the next stage of computing. Rigetti, as one of the popular players in the space, rode that wave to huge gains with the stock soaring 2,340% since October. But the reality of the market is quantum computing is still not ready for prime time. The entire Quantum Computing stock industry took a massive hit on Wednesday as NVIDIA CEO, Jensen Huang, made comments about the industry during the company’s investor day. Juang commented that “If you said 15 years for very useful quantum computers, that would probably be on the early side,”. Juang followed-up with “If you said 30, it’s probably on the late side.

But if you picked 20, I think a whole bunch of us would believe it.” Quantum computing has taken the lead role, in terms of performance, from Ai industry stocks over the last two months since Google announced the development of its “Willow” chip. The Willow chip demonstrates that quantum computers can solve specific problems much faster than classical supercomputers. Google announced that Willow performed a standard benchmark computation in under five minutes that would take one of today’s fastest supercomputers 10 septillion years. Google is the strongest candidate for quantum computing hardware breakthroughs over the next 5 years. Nvidia CEO Jensen Huang speaks during the launch of the supercomputer Gefion at Vilhelm Lauritzen Terminal in Kastrup, Denmark, Oct.

23, 2024. Quantum computing stocks dropped Wednesday after Nvidia CEO Jensen Huang declared that useful quantum computers are many years away. "If you said 15 years for very useful quantum computers, that would probably be on the early side," he said during Nvidia's analyst day. "If you said 30, it's probably on the late side. But if you picked 20, I think a whole bunch of us would believe it." Huang said he believes Nvidia will play a "very significant part" in creating the computers and helping the industry "get there as fast as possible."

Stocks tied to quantum computing tumbled on the heels of the comments, with Rigetti Computing plunging 40%, while IonQ shed 37%. D-Wave Quantum dropped more than 30%, while the Defiance Quantum & AI ETF fell 4%. Quantum Computing, which announced a stock offering to raise $100 million, sank 37%. IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing tumbled in premarket trading in New York on Wednesday after Nvidia CEO Jensen Huang stated that "very useful" quantum computers are years out. During a question-and-answer session during Nvidia's analyst day event, Evercore's Mark Lipacis asked Huang: Thanks a lot for hosting the meeting.

Really appreciate it. Jensen, you guys have made some announcements on quantum computing. Can you share with us your view on how this technology develops over time, what your strategy is? And longer term, pick the time frame, 5, 10, 15 years. What is the difference between what quantum computing will be doing versus accelerating computing platforms that you have? Jensen replied, "If you kind of said 15 years for very useful quantum computers, that would probably be on the early side.

If you said 30, it's probably on the late side." Huang's timeline for practical quantum computing appears to be 2040, sending shares of quantum computing stocks, such as Quantum Computing Inc., D-Wave Quantum Inc., and Rigetti Computing Inc., tumbling more than 14% in premarket...

People Also Search

Thanks For Nothing, Nvidia (NASDAQ:NVDA). CEO Jensen Huang Lit The

Thanks for nothing, Nvidia (NASDAQ:NVDA). CEO Jensen Huang lit the entire quantum computing sector on fire last night after saying the technology won’t be “very useful” for at least 15 years and maybe as many as 30 years. He may as well have poured gasoline on the industry and thrown in a lit match. Rigetti Computing (NASDAQ:RGTI) was the worst hit, with shares plunging 49% heading into midday tra...

Quantum Computing Is Seen As The Next Stage Of Computing.

Quantum computing is seen as the next stage of computing. Rigetti, as one of the popular players in the space, rode that wave to huge gains with the stock soaring 2,340% since October. But the reality of the market is quantum computing is still not ready for prime time. The entire Quantum Computing stock industry took a massive hit on Wednesday as NVIDIA CEO, Jensen Huang, made comments about the ...

But If You Picked 20, I Think A Whole Bunch

But if you picked 20, I think a whole bunch of us would believe it.” Quantum computing has taken the lead role, in terms of performance, from Ai industry stocks over the last two months since Google announced the development of its “Willow” chip. The Willow chip demonstrates that quantum computers can solve specific problems much faster than classical supercomputers. Google announced that Willow p...

23, 2024. Quantum Computing Stocks Dropped Wednesday After Nvidia CEO

23, 2024. Quantum computing stocks dropped Wednesday after Nvidia CEO Jensen Huang declared that useful quantum computers are many years away. "If you said 15 years for very useful quantum computers, that would probably be on the early side," he said during Nvidia's analyst day. "If you said 30, it's probably on the late side. But if you picked 20, I think a whole bunch of us would believe it." Hu...

Stocks Tied To Quantum Computing Tumbled On The Heels Of

Stocks tied to quantum computing tumbled on the heels of the comments, with Rigetti Computing plunging 40%, while IonQ shed 37%. D-Wave Quantum dropped more than 30%, while the Defiance Quantum & AI ETF fell 4%. Quantum Computing, which announced a stock offering to raise $100 million, sank 37%. IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing tumbled in premarket trading in New York...