University of Kwazulu-Natal

Quantum Computing Stocks Plunge On Nvidia Nvda Ceo S Comments Msn

Bonisiwe Shabane
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quantum computing stocks plunge on nvidia nvda ceo s comments msn

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." Shares of quantum computing stocks, such as Rigetti Computing (RGTI), Quantum Computing (QUBT), IonQ (IONQ), and D-Wave Quantum (QBTS), are under pressure on Wednesday following comments by Nvidia (NVDA) CEO Jensen Huang. The chief executive said that quantum computers won’t be “very useful” for 15-30 years. YEARS AWAY: Speaking during an investor conference, Nvidia’s CEO Jensen Huang said that, “If you said 15 years for very useful quantum computers, that would probably be on the early side,” he said during...

“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 chief executive also said he expects Nvidia to play a “very significant part” in the creation of the... The comments sent several quantum stocks into negative territory in after-hours trading on Tuesday evening. The group has recently been surging after Alphabet (GOOGL) announced a technological breakthrough last month. Google’s parent company had unveiled a new in-house chip called Willow designed to power quantum computing. SELLING SHARES: Of note, Quantum Computing announced that it has entered into securities purchase agreements with institutional investors for the purchase and sale of 8,163,266 shares of common stock in a private placement at...

The offering is expected to result in gross proceeds of $100M, before deducting offering expenses. The closing of the offering is expected to occur on or about January 9, subject to the satisfaction of customary closing conditions. The company intends to use the net proceeds from the offering for working capital and general corporate purposes. With the anticipated net proceeds, combined with existing cash reserves, the company expects to have sufficient resources to continue advancing and expanding the development and manufacturing of its photonics, thin-film lithium niobate, and quantum... PRICE ACTION: In morning trading, shares of Rigetti Computing have plunged almost 47% to $9.79 , IonQ has slid about 39% to $30.41, and Quantum Computing and D-Wave Quantum have dropped over 40% apiece...

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Quantum Computing Stocks Dropped Wednesday After Nvidia CEO Jensen Huang

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 h...

D-Wave Quantum Dropped More Than 30%, While The Defiance Quantum

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." Shares of quantum computing stocks, such as Rigetti Computing (RGTI...

“If You Said 30, It’s Probably On The Late Side.

“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 chief executive also said he expects Nvidia to play a “very significant part” in the creation of the... The comments sent several quantum stocks into negative territory in after-hours trading on Tuesday evening. The group has recently been surging after Alphabet (GOOGL) announc...

The Offering Is Expected To Result In Gross Proceeds Of

The offering is expected to result in gross proceeds of $100M, before deducting offering expenses. The closing of the offering is expected to occur on or about January 9, subject to the satisfaction of customary closing conditions. The company intends to use the net proceeds from the offering for working capital and general corporate purposes. With the anticipated net proceeds, combined with exist...