Meta Platforms CEO Mark Zuckerberg has warned that practical applications of quantum computing remain years away, contributing to a significant sell-off in related stocks.
During a recent podcast appearance, Zuckerberg stated, "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," echoing sentiments from Nvidia CEO Jensen Huang, who suggested that the technology could be 15 to 30 years from widespread utility.
Following these comments, stocks of quantum computing companies faced steep declines. Rigetti Computing and D-Wave Quantum each dropped by 20%, while IonQ fell over 9%. This downturn follows a strong performance in 2024, where Rigetti and D-Wave saw their shares surge by 1,449% and 854%, respectively, following Alphabet's promising Willow chip announcement.
Investors had previously viewed quantum computing as the next major technological breakthrough akin to artificial intelligence. Proponents assert that quantum computers could handle complex tasks and process vast amounts of data more efficiently than traditional computers. However, skepticism remains regarding the timing of real-world applications.