RGTI daily
Quantum computing stocks are taking a beating today after Nvidia CEO Jensen Huang delivered a sobering assessment of the technology’s timeline, saying practical quantum computing applications remain “many years away” from commercial viability.
Individual quantum names are seeing declines, with several suffering their worst single-day losses on record:
Rigetti Computing plunged 41.5%
IonQ tumbled 45%
Quantum Computing crashed 47%
D-Wave Quantum plummeted 46%
Quantum Corp dropped 26.6%.
The selloff highlights the speculative nature of quantum computing investments, with many firms yet to generate meaningful revenue. Huang’s comments carry particular weight given Nvidia’s dominant position in the AI chip market and deep expertise in advanced computing technologies.
The quantum computing sector has turned into sometime of a meme in recent months amid growing excitement around quantum’s potential applications in cryptography, drug discovery, and financial modeling. However, today’s reality check is a warning for meme stocks.