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How Nvidia CEO’s Comments on Quantum Computing Wiped Out Rs 66,000 Crore from Market Value

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Nvidia CEO Jensen Huang’s recent comments on the future of quantum computing sent shockwaves through the market, wiping out nearly $8 billion in market value from quantum computing companies.

Huang’s projection, made during Nvidia’s analyst day at CES, suggested that “very useful quantum computers” could be 15 to 30 years away, requiring a million-fold increase in qubit scalability to achieve meaningful impact.

The fallout was immediate and severe. IonQ’s stock plunged over 40%, Rigetti Computing faced a staggering 45% drop, and D-Wave Quantum saw a 36% decline.

Despite the setback, D-Wave’s stock remains up nearly 600% over the past year, underscoring its prior meteoric rise.

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D-Wave CEO Alan Baratz swiftly countered Huang’s claims, labeling them as “dead wrong.” In an interview, Baratz emphasized that D-Wave’s annealing quantum computers are already commercially viable, with major clients like Mastercard and NTT Docomo leveraging their technology for real-world applications.

He acknowledged that Huang’s remarks might hold true for gate-model quantum computers but argued they were “100% off base” for D-Wave’s annealing approach.

Baratz even extended an open invitation to Huang for a discussion to clarify what he described as gaps in his understanding.

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This market turmoil comes amid growing interest in quantum computing. In December, Google announced a milestone with its 100-qubit Willow chip, marking the second phase of its ambitious plan to develop a 1-million-qubit system.

While the selloff has shaken investor confidence, the quantum computing sector remains a hotbed of innovation, with industry leaders pushing boundaries and defying skeptics.

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