Quantum Computing ETFs Rally Amid Nvidia, Microsoft Hype

Quantum computing stocks continued their rollercoaster ride on Wednesday after two tech heavyweights lent credibility to the space.

Shares of IONQ Inc., Rigetti Computing Inc., and D-Wave Quantum Inc. were trading up anywhere between 22% and 34% at the close on Wednesday, while the Defiance Quantum ETF (QTUM) rose by 2.5% after Nvidia Corp. announced that it would be shining a spotlight on the industry at its conference in March.

Nvidia will host “Quantum Day” at its Nvidia GTC conference in March to celebrate and explore the remarkable progress in quantum computing, according to a company blog post. 

At the event, Nvidia CEO Jensen Huang will share the stage with industry leaders, including those from IonQ, Rigetti and D-Wave.

Last week, shares of quantum computing stocks were cut in half in a single day after Huang made comments suggesting that useful quantum computers wouldn’t be available for at least a decade and a half.

“If you kind of said 15 years for very useful quantum computers, that would probably be on the early side. If you said 30, it’s probably on the late side. If you picked 20, I think a whole bunch of us would believe it,” he said at Nvidia’s analyst/investor day Jan. 7.

Days later, Meta Platforms Inc. CEO Mark Zuckerberg followed up by commenting on the “Joe Rogan Experience” podcast that quantum computing was “still quite a ways off from being a useful paradigm.”

While those lengthy timetables may still be accurate, at least today, investors are encouraged that Nvidia sees enough potential in the quantum computing industry to highlight it at GTC, the company’s AI-focused conference.

Additionally, a separate blog post from Microsoft Corp. emphasizing the vast potential of quantum computing also provided fodder for bulls.

“We are at the advent of the reliable quantum computing era. And we are right on the cusp of seeing quantum computers solve meaningful problems and capture new business value,” the post said.

The suggestion that quantum computers could be ready for prime time relatively soon was music to the ears of investors in quantum stocks and the QTUM fund.

Since the start of the year, investors have put $181 million to work in QTUM, while they’ve plowed $575 million into the fund over the past three months.

The ETF currently has $924 million in assets under management.

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