On October 23, 2024, Nvidia CEO Jensen Huang spoke to the media at the launch of the supercomputer Gefion at the Vilhelm Lauritzen Terminal in Kastrup, Denmark.
Richard Scanpix | Mads Klaus Rasmussen | Mads Klaus Rasmussen via Reuters
Quantum computing stocks fell on Wednesday NVIDIA CEO Jen-Hsun Huang claims that practical quantum computers are still many years away.
“If you say a very useful quantum computer will take 15 years, that’s probably too early,” he said at Nvidia’s analyst day. “If you say 30, it might be a little late. But if you say 20, I think a lot of us will believe it.”
Huang said he believes Nvidia will play a “very important role” in creating computers and helping the industry “get there as quickly as possible.”
Ligeti falls on Nvidia CEO Jensen Huang’s comments
Quantum computing-related stocks plummeted after the comments, including give up calculation plunged 40%, while IonQ Shedding exceeds 32%. D wave quantum fell more than 38%, while the Defiance Quantum & AI ETF fell 5%. Quantum computingThe stock, which announced a stock offering to raise $100 million, fell 39%.
By the end of 2024, the industry was getting a boost as enthusiasm for quantum computing exploded. Google has released its latest Willow chip, which it claims performs better at reducing errors than its 2019 predecessor. Many investors also hope that the industry will become the next big technology boom since the rise of artificial intelligence after ChatGPT.
The excitement boosted share prices at the end of the year, with Rigetti and D-Wave up 1,449% and 854%, respectively.
Proponents of quantum computing say the technology will be able to perform computing tasks that ordinary computers cannot perform and process larger amounts of data.
But many investors warn it may be too early to rule out real winners in the industry and real use cases for the technology.
About The Author
