Meta CEO Mark Zuckerberg tries on Orion AR glasses at the Meta Connect annual event at the company’s headquarters in Menlo Park, California, on Sept. 25, 2024.
Manuel Orbegozo | Reuters
Quantum computing stocks sold off Monday after Meta Platforms CEO Mark Zuckerberg cautioned that uses for computers with these capabilities remain years away.
“I’m not really an expert on quantum computing, but my understanding is that’s still quite a ways off from being a very useful paradigm,” he said during an appearance on Joe Rogan’s podcast published Friday, adding that many people think the technology is likely a “decade plus out.”
The comments reinforce recent commentary from Nvidia CEO Jensen Huang that suggested that the computers are likely 15 to 30 years away. The news battered quantum computing stocks that have sold off following a booming 2024 on the heels of Alphabet’s promising Willow chip announcement.
Rigetti shares fall as Zuckerberg says quantum computing is years away
Rigetti Computing and D-Wave Quantum tanked more than 32% each on Monday, building on last week’s losses. IonQ slumped nearly 15%.
Shares of Rigetti and D-Wave rallied 1,449% and 854%, respectively, in 2024 as investors rallied behind the technology as the next big thing since artificial intelligence .
Proponents say quantum computers will have the ability to perform more intricate computing tasks relative to regular computers and process greats amounts of data. However, many investors have warned that it may be too soon for real-world use cases.