Nvidia CEO Jensen Huang apologized for comments he made earlier this year that caused stock prices of quantum computing companies to plunge. During a panel meeting at Nvidia’s GTC conference, Huang said he was “wrong” in suggesting that quantum computers would not be useful for 15 to 30 years. Share prices for IonQ and D-Wave suffered major drops after his first statement in January before losing more than 40% value from their stock.
Why Huang Changed His Mind
According to Huang, his initial comment relied on his background of constructing old-fashioned computer systems that necessitate decades to bring to life. However, he invited leaders from quantum companies like PsiQuantum and D-Wave to discuss why his timeline was off. “They can explain why I was wrong,” Huang said, calling the panel the “first event where a CEO invites guests to prove him wrong.”
The discussion focused on challenges in quantum computing, such as fixing errors caused by the unstable nature of quantum particles. Companies argued that progress is faster than Huang assumed, with some aiming to build practical quantum systems within years, not decades.
Huang’s New Idea Call It a “Quantum Instrument”
Even while apologizing, Huang questioned whether labeling these systems as “quantum computers” sets unfair expectations. He suggested calling them “quantum instruments” instead, as they solve specific scientific problems rather than handling everyday tasks like spreadsheets.
“People expect computers to have memory, storage, and programming models. Quantum systems work differently,” Huang said. He compared the situation to Nvidia’s early days of choosing “accelerated computing” over “parallel computing” to avoid confusing users.
Mixed Reactions From Quantum Leaders
Not all panelists agreed with Huang’s rebranding idea. D-Wave CEO Alan Baratz argued that quantum systems are already used for tasks like materials discovery and blockchain, which go beyond scientific instruments. “I don’t know how to think of it as just an instrument,” Baratz said.
Huang responded lightheartedly, “I was just trying to help,” but believed that unrealistic expectations harm the industry.
What Quantum Computing Really Does
The quantum computing system executes complex tasks beyond standard computers through qubits, which serve as processing units. Quantum computing is superior in three important fields: pharmaceutical, discovery, cryptographic security, and atmospheric prediction. However, they are not replacements for traditional computers but tools that work alongside them.
Huang hopes quantum advancements will improve fields like biology and chemistry, leading to breakthroughs in medicine and materials. “If being wrong shows quantum’s impact, mission accomplished,” he said.
Stocks Dip Again Despite Apology
The apology released by Huang failed to generate positive effects on quantum industry stocks. The panel presentation decreased stock values for IonQ and Rigetti Computing, alongside other companies, as market participants demonstrated ongoing doubt. A leading-edge industry faces operational challenges, as presented by this debate. Quantum companies must demonstrate the real value of their technology to investors before leaders, including Huang, can achieve reframing success.