overview
- Asian software and IT stocks rose after Nvidia unveiled a new open source AI model aimed at accelerating quantum computing development.
- The stock prices of several companies, including Axgate and ICTK, at one point reached 30% of the daily trading limit in South Korea.
- Analyst Robert Lee warned that despite the potential of these new tools, the goal of practical large-scale quantum computing is still far away.
- The global quantum computing market is expected to grow significantly from $1.7 billion in 2024 to over $11 billion by 2030.
Asian software and IT stocks soared after Nvidia unveiled a fresh open-source AI model designed to accelerate development of quantum computing. At one point, stocks of several cybersecurity software companies, including South Korea’s Axgate and ICTK, exceeded the daily trading limit of 30%. China’s GuoChuang Software Co. and QuantumCTek Co. both rose at least 8%, as did Japan’s Fixstars.
Hopes that AI can power quantum computing and make it more scalable and useful have been reignited by Nvidia’s new Ising artificial intelligence model, which debuted in Asia late Tuesday.
But Robert Lee, an analyst at Bloomberg Intelligence, said that “even though these tools could help accelerate development, practical large-scale quantum computing is still a long way off.”
Wednesday’s gains came as tech and AI stocks recovered across the region, helped by signs that peace talks between the U.S. and Iran are restarting. Stratistics Market Research Consulting predicts that the global quantum computing market will grow from approximately $1.7 billion in 2024 to more than $11 billion by 2030.
Olumido Adesina
financial market writer
Olumide Adesina is a French-born Nigerian financial writer. He has over 15 years of working experience in investment trading and tracking financial markets.
