AsianFin -- Shares of several quantum computing companies plummeted on Wednesday following remarks by Nvidia CEO Jensen Huang, who suggested the technology may still be decades away from widespread practical use.
Rigetti Computing and Quantum Computing Inc. both saw their shares tumble around 47%, while IonQ dropped 45% and D-Wave Quantum fell nearly 50%.
Speaking at the Consumer Electronics Show (CES) on Tuesday, Huang expressed skepticism about the near-term viability of quantum computing. “If you said 15 years for very useful quantum computers, that would probably be on the early side. If you said 30, it's probably on the late side," he said. "But if you picked 20, I think a whole bunch of us would believe it."
Huang explained that while quantum computing has potential in areas like cryptography, it currently lacks the capability to handle large-scale data problems. He also expressed optimism about Nvidia’s role in advancing the field, noting the company’s contributions could help accelerate quantum computing development.
The selloff comes after a surge in quantum computing stocks late last year, driven by Google’s unveiling of its Willow chip. Analysts at the time predicted the chip could significantly speed up quantum computing advancements and expand its applications, sparking investor enthusiasm.
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