(Bloomberg) — Shares of IonQ Inc. and other companies related to quantum computing plunged in extended trading Tuesday after Nvidia Corp. CEO Jensen Huang said “very useful” quantum computers are likely still decades away.
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“If you were to say fifteen years for very useful quantum computers, that would probably be early. If you say 30, it’s probably late,” 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.”
IonQ and Quantum Computing Inc. fell more than 16% in the postmarket session, while D-Wave Quantum Inc. and Rigetti Computing Inc. fell more than 14%. Shares have soared in recent months amid excitement about the technology’s potential, which was heightened last month after a quantum computing breakthrough by Alphabet Inc.
Quantum Computing shares were up more than 1,800% in the past 12 months to $17.49 at Tuesday’s close. Rigetti rose more than 1,500% to $18.39 in the same period, while D-Wave rose almost 1,000% to $9.55 and IonQ rose more than 300% to $49.59.
Alphabet Inc., whose shares in December posted their best month since May 2023, are down 0.3% in late trading after closing at $195.49.
–With help from Carmen Reinicke.
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