Shares of Rigetti Computing (RGTI, Financial) slumped more than 30% on Monday after Meta Platforms (META, Financial) CEO Mark Zuckerberg said practical applications of quantum computing are years away.
Quantum computing is 'like a decade plus out,' Mark Zuckerberg, speaking on the Joe Rogan podcast, echoed recent comments from Nvidia (NVDA, Financial) CEO Jensen Huang, who said it would be 15-30 years before the technology is ready.
That's adding to a nasty week for Rigetti, whose stock crumbled from a strong start to 2024 that saw shares jump 1,449%. Optimism about the company's potential in the quantum computing space had fueled the surge after Alphabet (GOOG, Financial) rekindled interest in the area with its Willow chip announcement.
Its promise of being able to bend to complex computational tasks beyond the limits of traditional computers has underscored scepticism from investors who are waiting for its uncertain timeline and high development costs to ensure it is worth chasing. Rigetti's plummet fits within a broader recalibration of expectations for the technology's near-term market viability.
The sell-off, however, shows that while proponents still believe that quantum computing will deliver on its transformative promise for the quantum sector, the current sell-off also demonstrates concerns about its readiness.
