Quantum computing stocks fell sharply on Thursday, even as Nvidia (NVDA, Financial) hosted its inaugural Quantum Day at the annual GTC conference.
D-Wave Quantum (QBTS, Financial) led the losses, dropping 18.5% in late afternoon trading. Despite the decline, the stock remains up 12% over the past five sessions and 17% for the month.
Other sector players also saw declines. Quantum Computing (QUBT, Financial) lost 12.5%, while Rigetti Computing (RGTI, Financial) fell 11%. IonQ (IONQ, Financial), which had gained earlier in the day, ended down more than 9%.
Separately, IonQ and Ansys (ANSS, Financial) reported that quantum computing outperformed classical methods in designing life-saving medical devices.
The downturn followed remarks by Nvidia CEO Jensen Huang, who revised his earlier stance that quantum computing remains years away. He noted surprise at the number of publicly traded quantum firms, calling the technology "insanely complicated."
"This is the first event where a CEO invites guests to explain why he was wrong," Huang said at the event.
