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Quantum computing stocks experienced sharp losses Monday, later stabilizing slightly in aftermarket trade, as industry leaders raised doubts about the technology's near-term potential. Shares of Quantum Computing Inc. (NASDAQ:QUBT), Rigetti Computing Inc. (NASDAQ:RGTI), QuantumSi Inc. (NASDAQ:QSI), IONQ Inc. (NYSE:IONQ), and D-Wave Quantum Inc. (NYSE:QBTS) dropped between 13% and 34% during the session but posted marginal gains afterward.
Meta (NASDAQ:META) CEO Mark Zuckerberg added to investor concerns, stating on the Joe Rogan Show that quantum computing may be more than a decade away from practical use. His remarks echoed NVIDIA Corporation (NASDAQ:NVDA) CEO Jensen Huang, who recently suggested the technology might not be viable for at least 15 years. Huang’s comments last week triggered significant declines in quantum computing stocks, compounding Monday's losses.
The sector gained attention after Google (NASDAQ:GOOGL) announced a significant breakthrough in quantum computing last month. The announcement sparked optimism about the technology's potential to revolutionize computational tasks and drive a new wave of tech investment. However, Google cautioned that despite the progress, commercial viability remains far off.
Quantum computing, which leverages quantum phenomena to tackle complex problems, has been viewed as a potential disruptor in the tech industry. Yet, skepticism from influential voices like Zuckerberg and Huang has tempered expectations, raising questions about how soon the technology can deliver meaningful applications.
As the industry grapples with these challenges, investor confidence appears shaken, emphasizing the need for tangible advancements before quantum computing can fulfill its transformative promise.
