Quantum computing stocks decline as Nvidia CEO sees its use years away

(Bloomberg) — IonQ Inc. shares fell. And other companies tied to quantum computing were in extended trading Tuesday after Nvidia Corp. CEO Jensen Huang said “extremely useful” quantum computers are likely decades away.

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“If you say 15 years for very useful quantum computers, it’s probably on the early side. If you say 30, it’s probably on the late side,” Huang said in a Q&A session during Nvidia’s Analyst Day. 20, I think a whole bunch of us would believe that.”

Shares of IonQ and Quantum Computing Inc. fell. More than 16% in the aftermarket, while D-Wave Quantum Inc. shares fell. and Rigetti Computing Inc. By more than 14%. Stocks have soared in recent months amid excitement about the technology’s potential, which increased last month after a quantum computing hack by Alphabet Inc.

Shares of Quantum Computing have risen more than 1,800% over the past 12 months to $17.49 as of Tuesday’s close. Rigetti rose more than 1,500% to $18.39 over the same period while D-Wave advanced almost 1,000% to $9.55 and IonQ more than 300% to $49.59.

Alphabet Inc., whose December shares posted their best month since May 2023, fell 0.3% in late trading after closing at $195.49.

–With assistance from Carmen Reineke.

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