Quantum Computing Stocks Plunge After Nvidia CEO Predicts Long Timeline for Breakthroughs

[Samiat]

Quantum Computing Stocks Plunge After Nvidia CEO Predicts Long Timeline for Breakthroughs​

Quantum computing stocks saw a sharp sell-off on Wednesday following remarks from Nvidia CEO Jensen Huang, who suggested that "very useful" quantum computers could still be 15 to 30 years away.

Key Highlights:​

• Stock Performance:
  • Rigetti and Quantum Computing: Down ~47%
  • IonQ: Down 45%
  • D-Wave Quantum: Down nearly 50%
• Huang’s Statement:
  Speaking at the Consumer Electronics Show (CES), Huang noted that quantum computing excels in specific areas like cryptography but remains far from solving large-scale data problems. He estimated that practical quantum computers are likely two decades away.

"If you said 15 years, that’s early. If you said 30, that’s late. Picking 20 feels about right," Huang said.

• Market Context:
  The steep drop contrasts with the optimism in late 2024 when Google unveiled its Willow chip, a breakthrough hailed as a "quantum leap" in computing power. The chip sparked massive gains in quantum stocks, with Rigetti surging 400% in December to an all-time high.

Despite the recent downturn, Nvidia’s CEO expressed optimism about the company’s role in advancing quantum computing, emphasizing Nvidia’s commitment to accelerating its development.