NVIDIA (NASDAQ: NVDA) recently announced its first-ever Quantum Day, scheduled for March 20, 2025, at the GTC conference. This event will showcase advancements in quantum computing, featuring prominent industry players like Alice & Bob, Atom Computing, and D-Wave.
Impact of NVIDIA on Quantum Stocks
NVIDIA’s CEO, Jensen Huang, is expected to present the company’s vision for the future of quantum computing, highlighting new developments designed to propel quantum applications forward.
This has led to a rally in quantum computing stocks today, with several witnessing double-digit gains over the trading session. Interestingly, most of these stocks also saw a massive selloff last week after Nvidia’s CEO commented that the practical use cases of quantum computers were still pretty far away, leading to a value erosion of over $5 billion from the market in total.
NVIDIA’s influence extends beyond its immediate operations, impacting the broader market, particularly quantum computing stocks. Following Jensen Huang’s remarks on the extended timeline for practical quantum computing applications, stocks in this sector, including Rigetti, D-Wave, and IonQ, experienced notable declines last week.
Despite Google’s recent breakthroughs with its quantum chip, Huang’s comments led to a loss of investor confidence, resulting in a collective market value drop exceeding $5 billion for these companies. This downturn highlights the market’s sensitivity to executive insights and the amount of influence that the tech giant commands today.
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Quantum Stocks Rally Ahead of Nivida’s First-Ever Quantum Day
IONQ has recently seen a dynamic shift in its stock performance. The stock opened at $32.78 and reached a high of $38.38, with a current price of $36.808 as of January 15, 2025. This marks a significant recovery from its previous close of $29.51.
Over the past few weeks, IONQ has demonstrated volatility, with a 52-week range between $6.22 and $54.74. Analysts have given a “Buy” recommendation, with a target mean price of $38.34, suggesting optimism about its future trajectory. The company’s market capitalization is approximately $7.96 billion, with a price-to-book ratio of 18.248884, indicating strong investor interest despite its negative earnings per share.
QUBT and RGTI stocks have also exhibited notable movements. QUBT opened at $8.775 and is currently priced at $10.2259, reflecting a rebound from a low of $6.52 on January 13, 2025. The stock’s 52-week range is from $0.355 to $27.15, highlighting significant volatility. Meanwhile, RGTI opened at $10.355 and is trading at $10.245, with a day high of $11.56.
This stock has fluctuated, with a 52-week range from $0.66 to $21.42. Analysts have given RGTI a “Strong Buy” recommendation, with a target mean price of $6.10, suggesting potential growth despite recent challenges.
QBTS has experienced a downward trend in recent weeks. Opening at $5.96, the stock is currently priced at $5.585 after hitting a day high of $6.35. Its 52-week range is between $0.681 and $11.41, indicating substantial price shifts.
The recent decline from a closing price of $10.210 on January 6, 2025, to $4.73 on January 14, 2025, underscores the stock’s volatility. Despite these fluctuations, the company’s market capitalization remains robust at approximately $1.49 billion, with a target mean price of $5.53.
Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.
About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
