University of Kwazulu-Natal

Quantum Computing Stocks Slump After Nvidia Ceo Sees Use Many Years

Bonisiwe Shabane
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quantum computing stocks slump after nvidia ceo sees use many years

Several stocks across the quantum computing industry, including Rigetti Computing (RGTI), D-Wave Quantum (QBTS), IonQ (IONQ), and Quantum Computing (QUBT), fell sharply Wednesday following comments from Nvidia (NVDA) CEO Jensen Huang about the technology. Huang said at an analyst event Tuesday that "very useful quantum computers," which could make a number of computing tasks more efficient, are likely 15 to 30 years away. "If you kind of said 15 years for very useful quantum computers, that would probably be on the early side," Huang said. "If you said, you know, 30, it’s probably on the late side. But if you picked 20, I think a whole bunch of us would believe it." Huang also said Nvidia is an ideal partner for quantum computing companies because "it turns out that you need a classical computer to do error correction with the quantum computer, and that classical computer...

D-Wave Quantum was down 33% Wednesday afternoon, while Rigetti, IonQ, and Quantum all declined around 40%. The Defiance Quantum (QTUM) exchange-traded fund (ETF), made up of the listed companies along with other chip and tech companies like Nvidia, was down 4.5%. A handful of quantum computing stocks have skyrocketed as some paint the technology as the next big technological innovation, but Nvidia CEO Jensen Huang warned analysts that any practical applications are still many years... Huang said Nvidia is not worried about quantum computing and added that practical applications for the nascent but powerful computers are at least 15 years away or more. “And so if you kind of said 15 years for very useful quantum computers, that’d probably be on the early side. If you said 30 is probably on the late side.

But if you picked 20, I think a whole bunch of us would believe it,” Huang told analysts, according to Axios. Quantum computers, which are powered by atom-sized “qubits” that operate via the rules of quantum mechanics, have been shown to be extremely powerful, but only in certain situations. They are distinct from existing “classical” supercomputers, which operate more similarly to a basic laptop, albeit at a much higher level. Last month, Google researchers announced its homegrown Willow quantum-computing chip could solve a complex math problem that would’ve taken the most powerful existing supercomputers 10 septillion years, or more than the estimated age of... 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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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, ...