Rigetti Computing (RGTI) shares plunged 5.38% in the pre-market session on Friday, following comments from Nvidia CEO Jensen Huang that dampened near-term expectations for the quantum computing industry.
In a Q&A session during Nvidia's analyst day on Tuesday, Huang suggested that "very useful quantum computers" are still 15 to 30 years away, contradicting the optimistic view that the technology could rapidly disrupt various industries in the coming years. Huang commented, "If you kind of said 15 years for very useful quantum computers, that would probably be on the early side. If you said 30, it's probably on the late side."
The remarks appeared to trigger a sell-off in quantum computing stocks like Rigetti, which had seen a surge in recent months amid increased investor enthusiasm for the emerging technology's potential. Rigetti's stock had skyrocketed over 2,000% in the previous three months, fueled by speculation rather than fundamentals, according to some analysts.
