Quantum computing stocks fell again on Monday after Meta Platforms Chief Executive Mark Zuckerberg joined Nvidia CEO Jensen Huang in claiming the technology is far off from commercial usage. Zuckerberg's comments came during an appearance on a Joe Rogan's podcast released late Friday.
Quantum stocks IonQ, Rigetti Computing, D-Wave Quantum and Quantum Computing retreated in early trading on the stock market today.
Huang sent the quantum computing stocks down on Jan. 8 with comments made at CES 2025. Huang said that the technology won't be "very useful" for 15 to 30 years.
"I'm not really an expert on quantum computing, but my understanding is that it's still quite a ways off from being a truly practical paradigm," Zuckerberg reportedly said on the Rogan podcast.
On Monday, shares of Rigetti Computing fell 15% to 7.59 and D-Wave Quantum tumbled 18% to 4.70, followed by an 7% decline to 30.15 in IonQ and a 10% slide to near 8 in Quantum Computing.
Why Quantum Computing Stocks Rallied
Quantum stock rallied in December after Alphabet's Google announced the Willow quantum computing chip. Google has been a leader in quantum research. But quantum technology has faced challenges.
Advances in quantum computing are expected to surpass today's electronic-chip-based supercomputers. Quantum computing works on a subatomic level and uses exotic technologies, like supercold superconductor chips. Quantum computing's ultimate benefit is that it solves problems too complex for today's classical computers.
Gil Luria, head of technology at DA Davidson, told IBD that Huang's comments were "somewhat self-serving."
Nvidia stock fell 3.4% to near 131 on Monday.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
