Quantum Stocks Down Hard as Nvidia Event Wraps Up

Dow Jones03-20

Nvidia's Quantum Day gave quantum computing companies a shot at the spotlight. However, without any big announcements from the firms, investors mostly used the event as a chance to sell the recently high-flying stocks.

D-Wave fell the most on Thursday, sinking 18% to $8.69. Rigetti Computing and IonQ were down 9.2% and 9.3%, respectively. Executives from all three companies appeared on a panel alongside Nvidia CEO Jensen Huang.

D-Wave has risen on the back of good news, namely the company’s claims of achieving quantum supremacy last week, followed by a wave of support from analysts after its latest earnings report.

It is worth noting that quantum stocks are historically volatile. Rigetti, for one, has surged 430% over the past 12 months, though it remains down more than 41% this year. The stock price has ranged between 66 cents and $21.42 over the past 52 weeks.

While Quantum Computing was not represented at the event, shares were down 11.7% to $7.39. The company reported earnings after the closing bell.

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