Shares of quantum computing and artificial intelligence companies surged on March 17th, buoyed by expectations that Nvidia would breathe new life into these struggling sectors during its annual conference. At the ongoing five-day event, a full day was dedicated to quantum computing, featuring executives from prominent firms like D-Wave Quantum and Rigetti Computing.
D-Wave Quantum saw a 9.4% increase, while Quantum Corp and Quantum Computing rose by 23.1% and 15.5%, respectively. In the AI realm, SES AI spiked by 30% and Dell Technologies edged up by 3% amid volatile trading conditions.
Investors eagerly await CEO Jensen Huang's keynote on Tuesday to gauge the latest advancements in AI and chip technology, which have faced challenges from Chinese competitors and U.S. tariffs. David Morrison, a senior analyst at Trade Nation, expressed optimism, noting, "If tomorrow's presentation is broadly positive, I don't think it would take an awful lot to see some big upward moves in anything related to AI or quantum from current levels."
The renewed focus on quantum computing marks a shift for Huang, following his earlier comments that had negatively impacted related stocks. Ken Mahoney, CEO of Mahoney Asset Management, likened the event to the "Woodstock of AI," emphasizing the potential impact of Huang's statements on stock performance.
Nvidia is anticipated to unveil details about a new chip system, offer insights into other computing sectors like robotics, and provide updates on its Blackwell Ultra chip. Trading remained volatile, with Rigetti Computing erasing premarket gains, while Nvidia saw a reversal in early gains, ending the day down 1.8%.
Mahoney stressed the importance of Nvidia's divergence from expectations to reignite enthusiasm in the AI space: "To get the AI space excited again, they have to go a little off script from what we're expecting."