Meta CEO Mark Zuckerberg tries on Orion AR glasses during the annual Meta Connect event at the company's headquarters in Menlo Park, California, on September 25, 2024.
Manuel Orbegozo | Reuters
Quantum computing stocks sold off on Monday after Meta Platforms CEO Mark Zuckerberg warned that it would take years to use computers with such capabilities.
“I'm not an expert in quantum computing, but from what I know, it's still far from a very useful paradigm,” he said during an appearance on Joe Rogan's podcast published Friday, adding that many people think the technology is probably “over a decade from now.”
The comments confirm a recent comment by Nvidia CEO Jensen Huang, who suggested computers were likely In 15-30 years. The news worried quantum computing stocks, which sold off after a boom in 2024 following the announcement of Alphabet's promising Willow chip.
Rigetti shares fall as Zuckerberg says quantum computing is years away
Rejects processing AND D-Wave quantum on Monday, they gained more than 32%, building on last week's losses. IonQ dropped by almost 15%.
Shares of Rigetti and D-Wave are up 1,449% and 854%, respectively, in 2024 as investors begin to advocate for the technology to be the next big thing since artificial intelligence.
Proponents say quantum computers will be able to perform more complex computational tasks compared to regular computers and process huge amounts of data. However, many investors do warned that it might be too early for real use cases.