Quantum computing stocks IonQ, Rigetti Computing, D-Wave Quantum and Quantum Computing plunged Wednesday after Nvidia CEO Jensen Huang said that the technology won't be "very useful" for 15-30 years.
"If you kind of 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," Huang Tuesday night said in a Q&A session during Nvidia's analyst day event. "If you picked 20, I think a whole bunch of us would believe it."
Quantum computing stocks have skyrocketed since Google parent Alphabet announced a chip breakthrough in early December. Several have triple-digit or even quadruple-digit percentage gains over the past year.
IonQ stock dived 39% Wednesday. Rigetti stock crashed 45% and Quantum Computing plunged 36%. D-Wave Quantum stock lost 43%.
Google stock dipped 0.8%.
Gil Luria, head of technology at DA Davidson, told IBD thta Huang's comments were "somewhat self-serving." Luria expects quantum computing to be a big tech factor in five years, possibly an "existential threat" to Nvidia's GPUs.
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