Quantum Computing Stocks Soar as Tech Giants Validate Industry Potential
The quantum computing sector experienced a significant surge on Wednesday, driven by endorsements from two tech heavyweights. Shares of IONQ Inc., Rigetti Computing Inc., and D-Wave Quantum Inc. skyrocketed, with gains ranging from 22% to 34%. The Defiance Quantum ETF (QTUM) also saw a notable 2.5% increase.
Nvidia Shines Spotlight on Quantum Computing
Nvidia Corp. announced plans to host “Quantum Day” at its upcoming GTC conference in March, highlighting the remarkable progress in quantum computing. The event will feature Nvidia CEO Jensen Huang alongside industry leaders from IonQ, Rigetti, and D-Wave. This move signals Nvidia’s confidence in the industry’s potential, despite Huang’s previous comments suggesting a longer timeline for useful quantum computers.
Meta CEO Weighs In on Quantum Computing Timeline
Last week, Meta Platforms Inc. CEO Mark Zuckerberg expressed similar sentiments on the “Joe Rogan Experience” podcast, stating that quantum computing is “still quite a ways off from being a useful paradigm.” However, investors are now focusing on the positive implications of Nvidia’s endorsement.
Microsoft Emphasizes Quantum Computing Potential
A recent blog post from Microsoft Corp. further fueled investor optimism, emphasizing the vast potential of quantum computing. The post predicted that quantum computers will soon solve meaningful problems and capture new business value. This sentiment resonated with investors, driving up shares of quantum computing stocks and the QTUM fund.
Investor Confidence on the Rise
Since the start of the year, investors have poured $181 million into QTUM, with a total of $575 million invested over the past three months. The ETF now boasts $924 million in assets under management, reflecting growing confidence in the industry’s potential.
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