Quantum Computing Stocks Plunge on Nvidia (NVDA) CEO’s Comments

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Quantum Computing Stocks Plunge on Nvidia (NVDA) CEO’s Comments

Insider Monkey01-08

Quantum computing stocks are tumbling this morning after Nvidia (NVDA) CEO Jensen Huang contended yesterday that the technology would not be "very useful" for decades. Among the widely held names in ...

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But he added that many people \"believe\" that the technology will be \"very useful\" in 20 years.\nSome Companies Are Generating Revenue, But Valuations Are Huge\nIn the quantum sector's defense, many firms in the space are generating some revenue and signing deals with the U.S. government. For example, last month Quantum Computing announced that NASA had agreed to utilize its quantum optimization machine, while IonQ disclosed in September that it had obtained a $54.5 million contract from the U.S. Air Force Research Lab.\nIn the third quarter, Quantum Computing generated $100,000 of sales,  and IonQ reported $12.4 million of revenue.\nBut firms in the sector have huge market capitalizations, even after today's pullbacks. Illustrating this trend, Quantum Computing's market capitalization is $1.4 billion, while IONQ has a market cap of $7.2 billion.\nWhile we acknowledge the potential of RGTI, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RGTI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.\nREAD ALSO 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock\nDisclosure: None. This article is originally published at Insider Monkey.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}