Nvidia CEO Jensen Huang speaks to the media during the launch of the Gefion supercomputer at the Vilhelm Lauritzen Terminal in Kastrup, Denmark, on October 23, 2024.
Ritzau Scanpix | Mads Claus Rasmussen | Via Reuters
Quantum computing stocks fell the following Wednesday Nvidia CEO Jensen Huang said useful quantum computers are several years away.
“If you were to say 15 years for very useful quantum computers, that would probably be on the early side,” he said during Nvidia's analyst day. “If you were to say 30, it's probably late. But if you chose 20, I think many of us would believe it.”
Huang said that he believes that Nvidia will “play an important role in creating computers and helping the industry” get there as quickly as possible. “
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Stocks linked to quantum computing fell on the heels of the comments, with Abolishing computing drop 40%, while IonQ shed more than 32%. D-Wave Quantum down more than 38%, while the Defiance Quantum & AI ETF has fallen 5%. Quantum Computingannounced a stock offering to raise $100 million, sank 39%.
The sector had received a lift at the end of 2024 when the excitement around quantum computing exploded after Google revealed their latest Willow chip, which they said did better than its predecessor in 2019 in reducing errors. Many investors also hoped that the sector would be the next big technology crack since the rise of AI after ChatGPT.
The excitement boosted shares until the end of the year, with Rigetti and D-Wave collecting 1,449% and 854%, respectively.
Proponents of quantum computing say the technology will be able to perform computational tasks that regular computers cannot, and process much larger amounts of data.
But there are many investors warning it may be too soon to eliminate real winners in the sector and real-world use cases for the technology.
