Bloomberg recently reported a significant shift in the market for quantum computing companies, following comments by Nvidia’s CEO, Jensen Huang. Stocks took a hit during after-hours trading on Tuesday, after Huang expressed skepticism about the timeline for when quantum computers might become “very useful.” He speculated that while such advancements could happen in about 15 years, it could realistically take up to 30 years. “A timeline of 20 years,” Huang noted during Nvidia’s analyst day Q&A, “seems like a reasonable middle ground that many would agree on.”
Following his remarks, shares of companies such as IonQ Inc. and Quantum Computing Inc. plunged over 16% postmarket. Similarly, D-Wave Quantum Inc. and Rigetti Computing Inc. saw their stocks drop more than 14%. This downturn came despite growing enthusiasm and a surge in stock prices, fueled by recent technological advancements, including a quantum computing breakthrough announced by Alphabet Inc. just last month.
Over the past year, company shares in the quantum computing sector have experienced phenomenal growth. For example, Quantum Computing Inc. noticed a staggering increase of over 1,800%, reaching $17.49 as of Tuesday’s close. Similarly, Rigetti experienced an impressive climb of more than 1,500%, hitting $18.39. D-Wave saw its stock rise nearly 1,000%, reaching $9.55, while IonQ’s shares grew over 300%, settling at $49.59.
On a related note, Alphabet Inc., which enjoyed its best month since May 2023 in December, saw its shares dip slightly by 0.3% in late trading, closing at $195.49.
This shift highlights the speculative nature of emerging technologies and the impact of expert commentary on market sentiment. As the quantum computing race unfolds, investors and companies alike will need to navigate these complexities attentively.
With contributions from Carmen Reinicke.
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