Nvidia Ignites Quantum Stocks Rally With Bold Forecast at Paris Event
June 11 - Quantum-focused stocks climbed in early trading Wednesday after Nvidia (NVDA) Chief Executive Jensen Huang said the sector is approaching a critical phase in its development.
Speaking at the GTC conference in Paris, Huang said quantum computing is nearing an inflection point, citing growing progress in making the technology more applicable for real-world problems. He also highlighted Nvidia's Cuda Q platform, a quantum computing service introduced to support further industry growth, according to a Wednesday press release.
Warning! GuruFocus has detected 3 Warning Signs with RGTI.
Huang said quantum systems, which process data using qubits rather than traditional bits may soon be capable of tackling meaningful challenges across industries.
IonQ (NYSE:IONQ) shares advanced about 4% following the remarks, while Rigetti Computing (NASDAQ:RGTI) rose 5%. Quantum Computing (NASDAQ:QUBT) jumped 8%, and both D-Wave Quantum (NYSE:QBTS) and Arqit Quantum (ARQQ) added nearly 3%.
Huang's comments mark a shift in tone. In January, he said practical use cases for quantum computing were still decades away. But by March, he revised that outlook during Nvidia's first Quantum Day, suggesting faster progress than previously expected.
Earlier this week, Nvidia said it partnered with IonQ, Amazon Web Services, and AstraZeneca to develop a quantum-enhanced workflow in computational chemistry.
This article first appeared on GuruFocus.
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