Investors in quantum computing stocks ran to the exits after Jensen Huang, CEO of Nvidia (Nasdaq: NVDA) suggested that meaningful quantum computing applications may be at least 20 years away.
Huang responded to a question posed by Evercore ISI analyst Mark Lipacis at this year’s CES trade show in Las Vegas.
Huang said, “Quantum computing can’t solve every problem… If you kind of said 15 years for very useful quantum computers, that’d probably be on the early side. If you said 30 is probably on the late side, but if you picked 20, I think a whole bunch of us would believe it.”
Many quantum computing stocks lost half of their value. Towards the end of Wednesday’s trading session, some stocks had pared their losses. D-Wave Quantum (NYSE: QBTS) lost 33% to $6.37 a share while Quantum Computing (Nasdaq: QUBT) stock tumbled 41% to $10.23 a share. Rigetti Computing (Nasdaq: RGTI) plummeted 44% to $10.30 a share while IONQ (NYSE: IONQ) fell 41% to $29.30 a share.
Nvidia (Nasdaq: NVDA) stock traded slightly higher throughout the trading session, but was unchanged toward the end of the session at $140 a share.
