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NishMath
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@www.fool.com - 27d
Quantum computing stocks have dramatically crashed following comments from Nvidia CEO Jensen Huang, who projected that truly useful quantum computers are still 15 to 30 years away. This statement triggered a massive sell-off, wiping out an estimated $8 billion in market value across the sector. Shares of key companies like IonQ, Rigetti Computing, and D-Wave Quantum plummeted, with drops exceeding 30% in a single day. The market reacted negatively to Huang's timeline, undermining previous optimism fueled by breakthroughs like Google's new 105-qubit 'Willow' chip, which was reported to have solved a complex calculation in five minutes, a feat that would take current supercomputers around 10 septillion years to complete.
Despite the setback, some industry leaders are pushing back against Huang's assessment. D-Wave Quantum CEO Alan Baratz dismissed Huang’s comments as “dead wrong,” highlighting that D-Wave's annealing quantum computers are already commercially viable. Baratz emphasized that their technology can solve problems in minutes that would take supercomputers millions of years, challenging Huang's view on current capabilities. He even offered to meet with Huang to discuss what he called “knowledge gaps” in the CEO's understanding of quantum technology. An X user also pointed out that Nvidia is currently hiring quantum engineers, adding further to the industry's resistance to the projected long wait for the technology.
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