Nvidia CEO Jensen Huang speaks to the press during the launch of the Gefion supercomputer at the Vilhelm Lauritzen Terminal in Kastrup, Denmark, October 23, 2024.
Ritzau Scanpix | Mads Claus Rasmussen | Via Reuters
Shares of quantum computing companies fell on Wednesday Nvidia CEO Jensen Huang has stated that useful quantum computers will not appear for many years.
“If you said 15 years for very useful quantum computers, it would probably be early,” he said at Nvidia's analyst day. “If you said 30, it would probably be too late. But if you picked 20, I think a whole bunch of us would believe it.”
Huang said he believes Nvidia will play a “very significant role” in computer creation and help the industry “get there as quickly as possible.”
Rigetti succumbs to the comments of Nvidia CEO Jensen Huang
Stocks in quantum computing companies fell after the comments Rejects processing falling by 40% while IonQ lose over 32%. D-Wave quantum dropped by over 38% while Defiance Quantum and AI ETFs decreased by 5%. Quantum computingwhich announced a stock offering to raise $100 million, fell 39%.
The sector saw growth in late 2024 as interest in quantum computing subsequently exploded Google revealed its latest Willow chip, which it claimed performed better than its 2019 predecessor in terms of error reduction. Many investors also hoped that the sector would be the next big tech craze since the emergence of artificial intelligence in the wake of ChatGPT.
The excitement sent shares higher at the end of the year, with Rigetti and D-Wave rising 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 many investors do warned that it might be too early to rule out the right industry winners and real use cases for the technology.