What a difference five months makes. Back in January, Nvidia (NVDA) CEO Jensen Huang told the crowd at CES 2025 that quantum computing was a technology that was decades away from being ready for practical use. It sent the entire sector crashing lower.
Fast-forward to yesterday, and Huang seems to be singing a different tune. Speaking at Nvidia's Paris GTC conference, the CEO said "we are within reach" of applying quantum computers “in areas that can solve some interesting problems in the coming years."
In particular, Huang said "there is an inflection point happening in quantum computing" with more logical qubits being created and over time they will be better, more robust, and of higher performance than what exists now.
The endorsement sent several quantum computing stocks soaring, with Quantum Computing (QUBT) leading the way with a 25% gain for the day. Rigetti Computing (RGTI) was up 11% and Arqit Quantum (ARQQ) was 8% higher.
The sector's response was uneven, however, as both D-Wave Quantum (QBTS) and IonQ (IONQ) fell on the day, down 2% and 0.1%, respectively.
Quantum Computing is emerging as one of the leaders in the industry and recently finished construction on its Quantum Photonic Chip Foundry in Arizona. QUBT turned its first profit last quarter, though it was more an accounting mirage than actual operational success because it was due to a non-cash gain from warrant liability valuation.
Still, yesterday's gain brought QUBT stock back into positive territory for the year, even as its shares trade 2,300% higher than they did a year ago. The quantum computing hype was exceptionally strong last year, which was why Huang's January comments were like a wet blanket.
Now that the Nvidia executive is singing a different tune, the party may be getting started again.
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