University of Kwazulu-Natal

Quantum Computing Stocks Plunge After Nvidia Ceo Jensen Huang Says The

Bonisiwe Shabane
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quantum computing stocks plunge after nvidia ceo jensen huang says the

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%. "As valuations have become a bit lofty, we're not surprised by today's correction," said AXS Investments CEO Greg Bassuk, calling the reaction somewhat "overblown." Nvidia (NVDA) chief executive Jensen Huang doesn’t think useful quantum computers will be here anytime soon — and stocks are not reacting well to it. Quantum computing stocks such as IonQ (IONQ) and Rigetti Computing (RGTI) fell by more than 40% Wednesday morning after Huang’s comments during Nvidia’s financial analyst day at the Consumer Electronics Show (CES). IonQ’s shares were down by about 45%, while Rigetti’s shares fell by more than 48% mid-morning.

Quantum Computing (QUBT), which announced a stock offering earlier this week to raise $100 million, saw its shares fall by about 49%. D-Wave Quantum (QBTS), meanwhile, saw shares fall by around 47%. “If you said 15 years for very useful quantum computers, that would probably be on the early side,” Huang said. “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.” The Nvidia chief said he thinks the AI chipmaker will play “a significant part” in the development of quantum computers, and push it toward getting “there as fast as possible.”

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