Nvidia’s (NVDA, Financial) CEO Jensen Huang recently commented on the timeline for developing highly useful quantum computers, suggesting it may still be decades away. This statement led to a sharp decline in the stock prices of several quantum computing companies during after-hours trading on Tuesday.
Huang mentioned that predicting the arrival of highly useful quantum computers within 15 years might be too optimistic, while a 30-year timeline could be too conservative. He noted that a 20-year timeframe might be more realistic. Following these remarks, shares of IonQ Inc (IONQ) and Quantum Computing (QUBT) dropped over 16% in after-hours trading. Additionally, D-Wave Quantum (QBTS) and Rigetti Computing (RGTI) saw declines exceeding 14%.
In recent months, excitement over quantum computing’s potential has driven up stock prices for these companies. This enthusiasm was further fueled by a breakthrough in quantum computing technology by Google (GOOGL) last month. As of Tuesday’s market close, Quantum Computing’s stock had surged over 1800% in the past year, reaching $17.49. Rigetti’s stock increased by more than 1500%, D-Wave’s nearly 1000%, and IonQ’s by over 300% during the same period.
Meanwhile, Google’s stock experienced its best monthly performance since May 2023 last December but fell 0.4% in after-hours trading on Tuesday.