IONQ Inc., a leading quantum computing company, experienced a pre-market plunge of 5.01% on Thursday as concerns emerged about the near-term viability and commercial applications of quantum computing technology.
The sell-off in IONQ's stock was triggered by recent comments from prominent industry figures casting doubt on the immediate prospects of quantum computing. Jensen Huang, CEO of Nvidia, a leading chipmaker, expressed skepticism about the timeline for practical quantum computing applications, suggesting that useful quantum computers could be 15 to 30 years away.
Additionally, Mark Zuckerberg, CEO of Meta, previously echoed similar sentiments, further fueling uncertainties about the addressable market size and the potential for quantum computing to revolutionize various industries in the short term. These comments 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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