Huang Renxin acknowledged his mistake in forecasting the timeline of quantum computing.

Nvidia CEO Jensen Huang acknowledged that his earlier statement regarding the timeline for quantum computing development was incorrect. He had previously stated that it would be at least 20 years before usable quantum computers were available, a statement that sparked controversy and led to a drop in the share prices of quantum computing companies such as Rigetti Computing and IonQ, and was refuted by industry insiders.

During Nvidia's GTC developer conference's "Quantum Day" event, Huang admitted his mistake in front of an audience including representatives from 12 quantum computing companies. His previous statement appeared to downplay the development of quantum computers.

Huang's change of heart may be related to Nvidia's business. Much of the research into quantum computers is done through simulators on powerful computers, which Nvidia sells and supplies chips for. Earlier this week, Nvidia announced plans to establish a research center in Boston to let quantum computing companies work with researchers from Harvard University and the Massachusetts Institute of Technology.