Nvidia CEO Jensen Huang's prediction that 'very useful' quantum computers are decades away sent shockwaves through the quantum computing sector, causing a sharp decline in the share prices of companies like IonQ, Quantum Computing Inc., D-Wave, and Rigetti.
January 07, 2025 at 7:53PM EST Portfolio manager Claudio Chisani explains what investors need to know about Nvidiai's highly anticipated Blackwell chip. (Bloomberg) -- The shares of IonQ Inc. and other companies linked to quantum computing tumbled in premarket trading on Wednesday, after Nvidia Corp. Chief Executive Officer Jensen Huang said that “very useful” quantum computers are likely decades away.
“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 said in a question-and-answer session during Nvidia’s analyst day. “If you picked 20, I think a whole bunch of us would believe it.” Shares in Quantum Computing Inc., D-Wave Quantum Inc. and Rigetti Computing Inc. dropped more than 14% in premarket trading, while IonQ fell about 10%. These stocks have soared in recent months amid excitement about the technology’s potential, which was heightened last month following a quantum computing breakthrough by Alphabet Inc. Quantum Computing shares had gained more than 1,800% over the past 12 months to $17.49 through Tuesday’s close. Rigetti rose more than 1,500% to $18.39 over the same span, while D-Wave advanced nearly 1,000% to $9.55 and IonQ more than 300% to $49.59. Huang’s comments also hit China-listed quantum computing companies, with shares in QuantumCTek Co. Ltd and Accelink Technologies Co. Ltd down sharply on Wednesday. Shares in Alphabet, which had rallied 12% in December for their best month since May 2023, slipped 0.3% in premarket trading
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