Nvidia CEO Jensen Huang was allegedly responsible for the collapse of quantum computer stocks on Wednesday after a statement he made about the usefulness of quantum computers. Reuters reports that Jensen Huang believes quantum computers will take 20 years to truly become useful, causing shares of several quantum computer companies to fall more than 40%.
According to Reuters, Jensen Huang said on Tuesday: “If you said 15 years… that would probably be at the beginning. If you said 30, it would probably be at the end. But if you pick 20, I think a lot of us will believe it.”
Jensen’s announcement alone sent shares of Rigetti Computing (RGTI.O), D-Wave Quantum (QBTS.N), Quantum Computing (QUBT.O) and IonQ (IONQ.N) down more than 40%, collectively led to losses. market value over $8 billion.
Apparently, Nvidia’s CEO isn’t the only person with this view of quantum computers. Reuters reports that Ivana Delevska, investment director at Spear Invest, shares similar views, saying the 15-20 year timeline “seems very realistic.” It took Nvidia the same amount of time to develop accelerated computing.
Nvidia CEO’s announcement about the long-term viability of quantum computing comes as the technology has reached a tipping point in functionality and efficiency. Just a few months ago, Chinese scientists were able to crack military-grade encryption, one of the most secure and complex in the world, using D-wave quantum computers.
Quantum computers are also breaking new records. Googlenew Willow A quantum computing chip can solve a problem that would take a classical computer 10 septillion years to complete. Last month, China unveiled the fastest quantum computer built in the country. 504 qubits of performance.
Quantum computing is still in its infancy, similar to the development of classical computing in the 1980s and 1990s. Only time will tell if it will take 20 years to become mature enough for mass use, as Huang predicted.