The practical use of quantum computers is still years away, which led to a sharp drop in quantum computing stocks. The investors were confused about the future of the quantum computing companies.
There was excitement in the market after the announcement of the progress of quantum computing. Many, like my coworker, were very happy. The reality seems to be less hopeful. Even though quantum computing has the potential to change technology, it isn’t going to happen anytime soon.
One of the companies that took a hit was Rigetti Computing Inc. Some joked that if quantum computing failed, Rigetti could still sell pasta sauce.
Why is it so far away?
People who work with quantum computers know that it will be at least a decade before it becomes practical. There are lots of reasons for this.
We don’t know how good quantum computers will be in solving real-world problems. Scientists once thought that quantum computers would be needed to solve a problem, but artificial intelligence solved it and won a prize.
There aren’t a lot of quantum algorithms to use on these computers. Even advanced quantum machines will not work without these.
Experts think we need at least 1 million qubits to build a truly useful quantum computer. We only have around 150 qubits. It will take more than a decade to reach this milestone, even if the number of qubits doubles every year.
Market Reaction.
Quantum Computing Inc. is not a serious player in the quantum industry, according to some experts. QUBT started as a beverage company and then became a quantum computing business. The stock performance of the company is thought to be driven by hype than progress in quantum technology.
Do you think it is strategic or genuine?
Questions have been raised about whether this is a strategic move to keep competitors in check or a genuine assessment of the state of quantum computing. Some think it is market manipulation, while others think the technology is not ready for use.
