At the first Quantum Day event, Jensen Huang tried to justify his previous comments on quantum computing but made the market situation worse.
Huang's event did not prevent the fall
During a recent event dedicated to quantum technologies, Nvidia CEO Jensen Huang tried to revise his earlier statement that quantum computing is only useful in 15 years. Despite his apologies and support for the quantum industry, stocks in the sector continued to fall. Shares of D-Wave dropped 18%, Quantum Defiance ETF lost 2%, while Rigetti Computing and IonQ declined by more than 9%.
Nvidia's Research Expansion in Quantum Sector
Despite market setbacks, Nvidia continues to develop its quantum computing research. The company announced plans to open a new research center in Boston to collaborate with quantum startups and leading universities such as Harvard and MIT. This is part of Nvidia's strategy to integrate classical and quantum systems.
Market's Reaction to the Week's Events
Major US markets were able to recover slightly after a drop. The S&P 500 rose 0.08%, the Nasdaq Composite gained 0.52%, and the Dow Jones increased by 32.03 points. Despite these market fluctuations, the quantum sector has not recovered from the negative impact of Huang's previous statements.
Despite Huang's efforts to rectify the situation, his presentation led to further losses for quantum sector stocks. It's uncertain whether the company will be able to regain investor trust.
