Quantum (NASDAQ: QMCO) computing stocks slid on Monday and steadied in aftermarket trade as Meta (NASDAQ: META) CEO Mark Zuckerberg joined Nvidia’s Jensen Huang in questioning just how soon the technology could be viable.
Shares of Quantum Computing Inc (NASDAQ: QUBT), Rigetti Computing Inc (NASDAQ: RGTI) Computing Inc (NASDAQ: RGTI), QuantumSi Inc (NASDAQ: QSI), IONQ Inc (NYSE: IONQ), and D Wave Quantum Inc (NYS E: QBTS) rose marginally in aftermarket trade after tumbling between 13% and 34% during Monday’s session.
The sector saw extended losses after Zuckerberg, speaking on the Joe Rogan Show podcast, said quantum computing was at least over a decade away from becoming useful.
Zuckerberg’s comments followed similar comments from NVIDIA Corporation (NASDAQ: NVDA) CEO Huang, who said the technology was at least 15 years away from being viable. His comments also triggered steep losses in quantum stocks last week.
Quantum computing technology- which manipulates quantum phenomena to carry out complex computational tasks- came into increased focus over the past month, after Google (NASDAQ: GOOGL) claimed to have made a major breakthrough in the technology. This spurred heightened bets that breakthroughs in quantum computing could severely disrupt the computer industry and spark a new wave of growth in technology investment.
But Google had also warned that despite the breakthrough, the technology was nowhere close to being commercially viable.
