Crisis is creating opportunity in quantum computing stocks, like Rigetti Computing (RGTI).
Just days ago, Nvidia CEO Jensen Huang said that “very useful” quantum computers are likely decades away. Then, Meta Platforms’ Mark Zuckerberg said quantum computing was years away.
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“I’m not really an expert on quantum computing, but my understanding is that’s still quite a ways off from being a very useful paradigm,” the CEO said, as quoted by CNBC. He added that many people think the technology is likely a “decade plus out.”
But the markets are starting to shrug it off.
Helping, B. Riley Securities reiterated its buy rating on quantum stocks, like Rigetti Computing (RGTI) and D-Wave Quantum (QBTS), igniting a buy spree for both.
Plus, according to analysts at DA Davidson, “We believe Mr. Huang’s comments may have been somewhat self-serving,” the firm told Investor’s Business Daily. “Once quantum computing becomes powerful enough, it will likely replace some of the uses of GPU data centers with a much smaller footprint and much faster computation,” they added. “That means quantum computing is an existential threat to Nvidia, which it would then want to wish away.”
Even D-Wave CEO Alan Baratz said the NVDA CEO is “dead wrong,” as quoted by CNBC.
“The reason he’s wrong is that we at D-Wave are commercial today,” Baratz told CNBC. Baratz added that companies including Mastercard and Japan’s NTT Docomo “are using our quantum computers today in production to benefit their business operations. Not 30 years from now, not 20 years from now, not 15 years from now. But right now, today.”
Ian Cooper is an experienced trader who uses a combination of technical, fundamental, and news analysis to help individual investors grow their wealth. Ian’s Premium Options Strategies
