IonQ Inc. and other companies associated with quantum computing saw their stock prices fall sharply on Wednesday. This came in response to comments from Nvidia’s CEO, Jensen Huang, who remarked that widely beneficial quantum computing is still likely years away. Speaking at Nvidia’s analyst day, Huang suggested, “Thinking about a 15-year timeline for truly useful quantum computers might be optimistic. If you consider 30 years, that’s probably a bit too conservative. Twenty years sounds like a reasonable expectation to many of us.”
Following these remarks, Quantum Computing Inc., D-Wave Quantum Inc., and Rigetti Computing Inc. each saw their shares plummet by more than 30%. IonQ also dropped around 29%. These declines occurred despite a recent surge in stock prices due to growing enthusiasm around quantum technology, which had been further amplified by a noteworthy achievement from Alphabet Inc. in the field.
Over the past year, Quantum Computing Inc. shares had skyrocketed by over 1,800%, reaching $17.49 up to the close on Tuesday. Similarly, Rigetti’s stock had soared more than 1,500% to $18.39. Meanwhile, D-Wave surged almost 1,000% to $9.55, and IonQ climbed over 300% to settle at $49.59.
Huang’s insights also affected Chinese quantum computing firms, with QuantumCTek Co. Ltd and Accelink Technologies Co. Ltd experiencing significant downturns in their stock values on the same day. In contrast, Alphabet’s shares, which had seen a 12% uptick in December marking their best month since May 2023, dipped slightly by 0.81%.
The landscape of quantum computing is evolving, but Huang’s commentary underscores that significant breakthroughs might still be on the horizon rather than imminent. This perspective invites reflections on both the potential and patience required in this cutting-edge sector.
