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Quantum Computing Stocks Tumble as Nvidia CEO Sees Use Years Away; Rigetti Down 41%; QUBT Drops 38%

Tiger Newspress01-08

Quantum computing stocks fell in Wednesday trading after Nvidia Corp. Chief Executive Officer Jensen Huang said “very useful” quantum computers are likely decades away.

Rigetti Computing fell 41%; D-Wave Quantum fell 40%; QUBT fell 38%; IONQ fell 36%; QMCO fell 31%.

“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 said in a question-and-answer session during Nvidia’s analyst day. “If you picked 20, I think a whole bunch of us would believe it.”

The stocks have soared in recent months amid excitement about the potential of the technology, which was heightened last month following a quantum computing breakthrough by Alphabet Inc.

Quantum Computing shares had gained more than 1,800% over the past 12 months to $17.49 through Tuesday’s close. Rigetti rose more than 1,500% to $18.39 over the same span while D-Wave advanced nearly 1,000% to $9.55 and IonQ more than 300% to $49.59.

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Comment13

  • breAkdaWn
    ·01-09
    He says for his own gains. He talked up Blackwell, the price went up.  Then he sold his shares. The chips are overheating!! He has his own clever agenda . Also cleverly avoiding tax over the years   Beware the smiling man!!!
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  • _dachad
    ·01-09
    Don't just take Jensen Huang's word for it, go listen to some of the quantum physicists,  scientists like Neil deGrasse Tyson. To paraphrase, he was asked a question about why we can't have quantum computers in the mainstream.  The time when you can apply it outside of very controlled conditions is still far away.
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  • xnovan
    ·01-09
    One expertise in one area does not mtranslate to expertise in others, this misplace trust on what Nvidia ceo said is purely dumb.
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  • Kerop
    ·01-09
    a reminder to only invest in companies with current revenues 
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  • Shunss
    ·01-09
    Man, a lot of people just lost a lot of money.
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  • hphoa
    ·01-08
    Buy dip...
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  • beil
    ·01-08
    Definitely someone pushing these stocks down to repurchase.  But how long will this slide last? Thanks Jensen  ..... Not!
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  • Nicau
    ·01-08
    Show me the revenue kind of things like of all the quantum computing stocks. It looks Good now as momentum but with few qtr there's no real revenue jump would all dump stock faster then imagine. 
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  • Guavaxf30
    ·01-08
    So too are robot-vehicles. But Jensen won't say this because Elon Musk is spending a lot of cash buying Nvidia chips. 
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  • TGBboon
    ·01-08
    i won't be shock to hear insider's trading of 'someone' shorting quantum stocks before this announcement. heh. and waiting for a good price to enter again. hmm.. manipulation much? any thoughts? 
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    • _dachadReplying toTGBboon
      agreed, but Elon musk is a scumbag.  he has done other questionable things too
      01-09
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    • TGBboon
      i don't know, but look at what elon did before he officially buy twitter. he's the richest man in the world, but he still have to resort to market manipulation to build wealth. it's hard to say, not know what's really behind those doors.
      01-09
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    • _dachad
      no, I don't think Jensen Huang is in the business of shorting stocks for profit.  if you said that he wanted the stock valuations to fall so that he could buy one of these companies,  maybe. but that puts too much risk on the table for him personally.
      01-09
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  •  💎 hand will hold it ! For long or DCA when get chance
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  • setia100
    ·01-08
    Jensen Huang might be shorting all Quantum computing stocks before making such disruptive statement ⁉️😂
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  • YeeHuei
    ·01-08
    Share your opinion about this news…
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