Why Quantum Computing Stock Is Skyrocketing This Week

Shares of Quantum Computing (NASDAQ: QUBT) are surging this week, up 24.2% as of 1:22 p.m. ET. The jump comes as the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) both had modest gains.

At his company's GTC Paris developer conference on Wednesday, Nvidia CEO Jensen Huang indicated that he thinks quantum computing is reaching an "inflection point," boosting stocks across the industry.

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Jensen changes his tune

Earlier this year, Huang sent quantum stocks sliding after he said he believes useful quantum computers were 15 years or more away. He later qualified his remarks and walked them back somewhat, even hosting executives from around the industry to "tell him why he was wrong."

On Wednesday, however, he went much further, making the most directly bullish comments thus far. Huang said that he believes the industry is nearing an "inflection point" and that "we are within reach" of being able to apply the technology "in areas that can solve some interesting problems in the coming years."

Image source: Getty Images.

A long road ahead

As much as this seems a significant departure from his original stance, it seems to me that investors may be reading past what Huang actually said. There's a difference between solving "some interesting problems" and the full maturation of quantum technology that delivers on its transformative promise. There is plenty of reason to believe Huang's original timeline for the latter.

And given the enormous market capitalizations of these quantum stocks, including Quantum Computing, the technology must be transformative. I think we are still a very long way from a quantum computer that is robust, powerful, and stable enough to generate a return on the current level of investment. I would stay away from Quantum Computing stock for the time being.

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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.