IONQ Inc., a prominent player in the quantum computing space, experienced a significant 7.24% plummet in its stock price during Thursday's intraday trading session. This sharp decline was driven by mounting concerns over the near-term viability and commercial applications of quantum computing technology.
The sell-off in IONQ's shares was sparked by recent comments from influential industry leaders that cast doubt on the immediate prospects of quantum computing. Notably, Jensen Huang, the CEO of Nvidia, a leading chipmaker, expressed skepticism about the timeline for practical quantum computing applications. Huang suggested that truly useful quantum computers might not be realized for another 15 to 30 years, a statement that sent shockwaves through the quantum computing industry.
Further exacerbating the uncertainties, Mark Zuckerberg, the CEO of Meta, echoed similar sentiments, questioning the addressable market size and the potential for quantum computing to revolutionize various industries in the short term. These remarks have amplified concerns among investors regarding IONQ's pricey valuation and the potential overestimation of the technology's near-term impact.
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