Investing.com -- Shares of quantum computing firms experienced a sharp downturn on Thursday after comments from Nvidia Corp . (NASDAQ:NVDA)’s CEO Jensen Huang raised doubts about the immediate future of the industry. D-Wave Quantum (NYSE: QBTS) saw a significant drop of 18%, followed by Rigetti Computing (NASDAQ: RGTI) falling 11%, Quantum Computing Inc (NASDAQ: QUBT) declining 12.5%, and IONQ Inc (NYSE: NYSE:IONQ) closing 9% lower.
The sell-off was triggered by Huang’s remarks at an event during Nvidia’s weeklong GTC conference, where he expressed surprise at the existence of publicly traded quantum-computing companies. His initial reaction, "I didn’t know they were public. How can a quantum company be public?" reflected skepticism about the current stage of quantum computing technology.
In January, Huang had stated that "very useful" quantum computers are likely decades away, a comment that already had a negative impact on shares of companies like IonQ Inc. The latest event, which ironically featured discussions with leaders from the quantum-computing sector, including IonQ and D-Wave Quantum Inc., did little to reassure investors.
During the discussions, Huang acknowledged the novelty of quantum computing and suggested that it could take many years to develop fully. However, company executives on stage offered a mix of responses, with some asserting that quantum computers are already solving complex scientific problems, while others claimed the technology is nearing a point where it could enhance traditional computing.
Despite the mixed opinions, the overall sentiment was affected by the perception that quantum computing may not be as imminent as some investors had hoped. The industry, which involves leveraging the properties of subatomic particles for data processing, remains in an experimental phase, with both startups and tech giants like Microsoft Corp (NASDAQ:MSFT). and Alphabet (NASDAQ:GOOGL) Inc.’s Google exploring practical applications.
Thursday’s event seemed to serve as a reality check for the industry, with Huang jokingly describing it as a "therapy session" for him.
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