Nvidia (NVDA) CEO Jensen Huang is doing a mea culpa.
The head of the leading chipmaker says he was wrong in earlier comments he made about the future timeline of quantum computing. Huang caused controversy earlier this year when he cast doubt on whether useful quantum computers would be available within the next 15 years.
Huang’s remarks, which seemed to disparage the development of quantum computers, led to a decline in the stocks of leading quantum computer companies such as Rigetti Computing (RGTI) and IonQ (IONQ). It also led many people in the quantum computing space to clap back at Huang and outline all the reasons he was wrong about the industry.
Quantum Day Event
At Nvidia’s “Quantum Day” event, which is part of the company’s annual GTC developer conference, Huang admitted that his comments concerning the development of quantum computers came out wrong. “This is the first event in history where a company CEO invites all of the guests to explain why he was wrong,” said Huang to a live audience that included representatives from 12 quantum companies.
Huang previously said that useful quantum computers were still about 20 years away, at the earliest. But now, Huang has walked back those remarks. The Nvidia CEO may have a reason to now embrace quantum technology. As quantum computers are built, much of the research on them is done through simulators on powerful computers, like those that Nvidia sells and powers with its microchips.
Nvidia said earlier this week that it plans to build a research center in Boston to allow quantum companies to collaborate with researchers at Harvard and the Massachusetts Institute of Technology (MIT). NVDA stock has declined 12% so far this year.
Is NVDA Stock a Buy?
The stock of Nvidia has a consensus Strong Buy rating among 42 Wall Street analysts. That rating is based on 39 Buy and three Hold recommendations issued in the last three months. The average NVDA price target of $177.23 implies 51.87% upside from current levels.
Read more analyst ratings on NVDA stock
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