Nvidia Corp. (NASDAQ:NVDA) CEO, Jensen Huang admitted his comments about quantum computing developments in January, which led to a decline in quantum computing stocks were wrong. He discussed the developments in the field with the leaders of these companies during the GTC AI Conference on Thursday.

What Happened: Huang's statements in January pulled the shares of quantum computing companies down, with some experiencing losses exceeding 40%.

During CES 2025, Huang stated that practical quantum computing is likely two decades away. Nvidia set a timeline of 15 to 30 years for "very useful" quantum computers, with a consensus within the company leaning towards a 20-year horizon.

During GTC on Thursday, he said, "My first reaction was, I didn't know they were public! How could a quantum computer company be public?" he said.

Huang said "They can explain why I was wrong," pointing toward the panel of speakers that he had invited from firms like PsiQuantum, D-Wave Quantum Inc., and IonQ Inc.

Despite acknowledging his previous remarks, Huang urged a reevaluation of quantum computing, suggesting it be viewed as a "quantum instrument" rather than a traditional computer.

He argued that applying conventional computer standards hinders the field's progress, describing it as "an unfortunate expectation". While panelists, including D-Wave's CEO, questioned this reframing, Huang maintained his intent to advance the industry.

Why It Matters: Thursday's clarifications and conversations around quantum computing stocks failed to lift them. The stocks fell on Thursday and were trading lower in the premarket on Friday.

However, despite his reservations, Huang envisioned quantum technology enhancing traditional computers by establishing foundational truths in science, driving advancements in drug discovery and materials.

He expressed satisfaction with the industry's progress, even if his previous skepticism proved incorrect. "I think the progress of the industry is incredible," he said.

Price Action: The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Friday. The SPY was down 0.51% to $562.59, and the QQQ declined 0.34% to $477.65, according to Benzinga Pro data.

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