Shares of SEALSQ Corp (LAES) plummeted 25.83% during intraday trading on Monday, as the quantum computing sector faced significant selling pressure amid growing skepticism over the near-term prospects of the technology.
The sell-off in LAES was triggered by a series of events that cast doubt on the timeline for practical applications of quantum computing. D-Wave Quantum, a key player in the industry, announced a share sale agreement worth up to $150 million, causing quantum computing stocks to dip sharply.
Further fueling the bearish sentiment, Meta Platforms CEO Mark Zuckerberg agreed with Nvidia CEO Jensen Huang's recent cautious outlook, stating that quantum computing remains "quite a ways off from being a truly practical paradigm." Huang had previously suggested that practical quantum computers could be 15 to 30 years away, triggering significant market turbulence and sharp declines in quantum computing stocks like IonQ Inc., Quantum Computing Inc., and Rigetti Computing Inc.
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