Nvidia CEO Jacen Huang ignorantly crashed the stocks of dozens of companies

Nvidia’s CEO, Jensen Huang, tried to reassure investors after his doubts about quantum computing caused the stock to plummet. Despite his apology at the Quantum Day event, shares in quantum computing companies continued to fall.

Shares of quantum computing companies have continued to fall.

D-Wave Quantum shares were down about 10% at the market open Friday, while Rigetti and D-Wave lost more than 4%. IonQ shares, on the other hand, were up less than 1%. Later in the day, some stocks began to rebound, with IonQ up more than 5%, while D-Wave and Quantum Computing were down less than 1% and Rigetti was down less than 2%.

Some stocks were up more than 5%, while D-Wave and Quantum Computing were down less than 2%.

At an event at the GTC developer conference, Huang admitted he didn’t know there were publicly traded companies in quantum computing when he made comments in January that caused the stock to fall more than 40%.

“My first reaction was that I didn’t realize they were public. How can a quantum company be public?”

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Earlier this year, Huang expressed the view that “useful quantum computers” won’t appear until decades from now at the earliest. He noted that if someone said it would happen in 15 years, that would be too soon, and 30 years would be too late. “20 years is a more realistic timeframe,” he added.

He added.

“This is the first event ever where the CEO of the company invites all the guests to explain why he was wrong,” Huang said Thursday, according to CNBC.

Huang also emphasized that Nvidia intends to play an important role in the development of quantum computers and accelerate the process. He noted that this is the first event where the company’s CEO is explaining why he was wrong.

The Nvidia leader believes quantum computing has huge potential, but the technology is very complex. So how quantum technology will develop further, time will tell.