Quantum computing stocks took a sharp dive Wednesday, with Rigetti Computing (RGTI) down 47% in mid-day trading following a bullish run last week. The sell-off was sparked by comments from Nvidia (NVDA) CEO Jensen Huang, who cast doubt on the immediate potential of quantum technology. Huang stated that quantum computing may not become “very useful” for another 15 to 30 years, shaking investor confidence in the sector.
Other quantum computing stocks, including IonQ (IONQ), D-Wave Quantum (QBTS), and Quantum Computing (QUBT), also saw significant losses. Huang’s remarks highlighted the long road ahead for quantum computing, dampening optimism that had driven a surge in stock prices in recent days.
The sudden downturn highlights the volatility in the emerging quantum computing market, where promises of groundbreaking technological advancements often face skepticism from industry giants. Investors are now reassessing the timeline for widespread quantum computing applications, sending shares of these companies into a sharp correction.
