Nvidia's CEO said a practical use for quantum computing may still be 15-30 years away
Quantum computing stocks were all the rage at the end of 2024, but just one week into January they're taking a turn. Shares of D-Wave Quantum Inc (NYSE:QBTS) and IONQ Inc (NYSE:IONQ) are plummeting along with the rest of the sector today, after Nvidia (NVDA) CEO Jensen Huang declared that practical use for quantum computers is still 15-30 years away.
QBTS is down 45.1% to trade at $5.24 at last glance. The shares are on track for their worst day ever as they continue to distance themselves from their recent Dec. 26, two-year high of $11.41. Though the security could today slip back into penny stock territory, it added a whopping 486% in the last 12 months.
IONQ was last seen down 46.1% at $26.29, a sharp reversal from yesterday's record high of $54.74, as investors also react to jobs data and news that President elect Donald Trump is considering declaring a national economic emergency to push through tariffs. The equity is on track for its worst single-day percentage loss on record as well, and earlier hit its lowest level since Nov. 19, though it still boasts a 236.4% nine-month lead.