Nvidia CEO Jensen Huang sparked a tech backlash when he said useful quantum computers are years away. The comment sent stocks of quantum computing companies tumbling, despite impressive company announcements.
Huang’s statement on the timeline for practical quantum applications was seen as a reality check by investors. He suggested that 15-30 years is a realistic timeframe for achieving significant advancements in the field. This assessment contradicts previous claims from other tech giants like Google, which unveiled its quantum chip just last month.
Google’s Willow quantum chip generated excitement among investors and analysts alike, but Huang’s comments brought the industry back down to earth. Stocks of Rigetti Computing, D-Wave Quantum, and IonQ plummeted over 40% in response to his remarks.
The market’s impatience with innovation is evident, with many expecting tangible results from quantum computing companies sooner rather than later. Nvidia’s CEO acknowledged that the company will play a role in accelerating the industry’s progress towards practical applications.
The irony lies in the fact that investors are already eager for AI innovations, which are seen as a stepping stone to more advanced technologies like quantum computing. However, if investors are impatient with AI advancements, they may be even less willing to invest in an even more distant technology like quantum computing.
Source: https://finance.yahoo.com/news/nvidias-ai-godfather-forces-a-reset-on-the-tech-worlds-next-big-bet-morning-brief-110049143.html