Quantum computing stocks soar after Nvidia and Meta CEOs tanked them

Quantum computing stocks climbed during Tuesday morning trading after plunging earlier in the week.

Rigetti Computing ( RGTI ) stock was up by almost 30% on Tuesday morning, while Quantum Computing ( QUBT ) and D-Wave Quantum ( QBTS ) saw shares up by around 17% and 15%, respectively. IonQ ( IONQ ) shares climbed by around 2%.

The stocks fell slightly closer to noon, with Rigetti up by around 13%, D-Wave up by around 9%, and Quantum Computing up by almost 6%. IonQ shares fell by more than 2%.

Both D-Wave and Rigetti saw shares fall by more than 25% during mid-day trading on Monday after Meta ( META ) chief executive Mark Zuckerberg cast doubts on quantum computing’s potential in the near future.

During an appearance on the Joe Rogan podcast, which was published Friday, Zuckerberg said he sees the technology’s usefulness a “decade-plus out.”

“I’m not really an expert on quantum computing — my understanding is that’s still quite a ways off from being a very useful paradigm,” Zuckerberg said.

Quantum Computing shares fell by around 23%, while IonQ stock was down by more than 12% mid-day Monday.

The previous week, the stocks also tanked after Nvidia ( NVDA ) chief executive Jensen Huang shared similar sentiments that useful quantum computers are decades away.

“If you said 15 years for very useful quantum computers, that would probably be on the early side,” Huang said during Nvidia’s financial analyst day at the Consumer Electronics Show . “If you said 30, it’s probably on the late side. But if you picked 20, I think a whole bunch of us would believe it.”

Huang said he sees the chipmaker, a major player in the artificial intelligence boom, playing “a significant part” in the development of quantum computers, which will be able to quickly solve problems that would take traditional computers thousands of years to complete.

After Huang’s comments sent stocks falling, D-Wave chief executive Alan Baratz said the Nvidia chief “has a misunderstanding of quantum,” in a statement shared with Quartz.

“While he might be right about other quantum companies, he is dead wrong about D-Wave,” Baratz said. “There is more than one approach to building a quantum computer. D-Wave took a different approach, which has allowed us to become commercial today and likely many years ahead of other quantum computing companies.”

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