University of Kwazulu-Natal

Rigetti Stock Jumps Nvidia Ceo Has Changed Tune On Quantum Barron S

Bonisiwe Shabane
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rigetti stock jumps nvidia ceo has changed tune on quantum barron s

Earlier this year, Nvidia CEO wasn’t so bullish on quantum computing. At the time, during an analyst event at CES, he stated that “very useful quantum computers” were likely 15 to 30 years away, suggesting that 20 years was a reasonable estimate.” In fact, that very statement sent Rigetti Computing (NASDAQ: RGTI), D-Wave Quantum (NYSE: QBTS), IonQ (NYSE: IONQ), and Quantum Computing (NASDAQ: QUBT) spiraling lower. All as Nvidia CEO Jensen Huang becomes far more bullish about quantum computing — and expects they’ll start solving real-world problems in the coming years. “We are within reach” of being able to apply quantum computers “in areas that can solve some interesting problems in the coming years,” Huang added, as quoted by CNBC. “This is a really exciting time.”

That shift comes as Nvidia itself has partnered with quantum computing companies, such as Honeywell-owned Quantinuum to build out a quantum research center. 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. Rigetti Computing stock jumped 10.9% in Wednesday trading as quantum computing caught fire once again. The rally came after Nvidia’s CEO made bullish comments about the sector’s future. Multiple catalysts drove the surge.

Nvidia CEO Jensen Huang kicked off the company’s GTC Paris conference with promising remarks about quantum computing technologies. “Quantum computing is reaching an inflection point,” Huang told attendees during his keynote speech. The comments sparked another powerful rally across quantum computing stocks. Rigetti’s shares had climbed as much as 20.6% earlier in the session before settling back. The stock has now gained 25% over the last quarter.

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