Daily News Digest: Quantum Computing Stocks Plummeted

January 10, 2025 -- Today’s top stories: Quantum computing stocks plummeted, the fate of TikTok rests with the Supreme Court, and Microsoft is gearing up for job cuts.

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By CommonWealth Magazine
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2025-01-10

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Nvidia's CEO says 'useful' quantum computers are decades away — and the stocks tank

Nvidia CEO Jensen Huang has said that useful quantum computers are a couple of decades away and that quantum stocks are not reacting well to it.

Huang said that he believes Nvidia will play a "very significant part" in creating the computers and helping the industry "get there as fast as possible".

Shares in Quantum Computing Inc., D-Wave Quantum Inc. and Rigetti Computing Inc. dropped more than 30%, while IonQ fell about 29%. These quantum stocks have soared in recent months amid excitement about the technology’s potential, which was heightened last month following a quantum computing breakthrough by Alphabet Inc.

Quantum Computing shares had gained more than 1,800% over the past 12 months to $17.49 through Tuesday’s close. Rigetti rose more than 1,500% to $18.39 over the same span, while D-Wave advanced nearly 1,000% to $9.55 and IonQ more than 300% to $49.59.

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TikTok’s Fate Arrives at the Supreme Court

The US Supreme Court is hearing arguments over a federal law that could force Tiktok's Chinese owners to sell the App to a US company or face an outright ban in the country.

The law sets a January 19 deadline for Tiktok's sale, citing national security concerns about the App's foreign ownership and potential influence over American users. with over 170 million users in the US, Tiktok has become a cultural juggernaut, influencing everything from political discourse to entertainment and information.

The company and a group of Tiktok creators say the Sell-Or-Ban law is an unprecedented, sweeping violation of Free-Speech protections and are asking the Supreme Court to block the measure. Shuttering the platform, they say, would violate their first amendment rights to share, view, and engage with short video clips about politics, music, cooking, and the arts.

The Justices agreed to quickly review the case before the January 19 deadline that Congress set for Tiktok's China-Based parent company, ByteDance, to sell the platform.

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Microsoft is planning job cuts and focusing more on underperforming employees

(Source: Shutterstock)

Microsoft is reportedly planning to cut jobs soon and is taking a harder look at underperforming employees as part of the reductions, according to two people familiar with the plans.

A Microsoft spokesperson confirmed the cuts but declined to share details on the number of employees being let go.

The company is taking a stronger stance on performance management like its competitors, and managers at the company have spent the last few months evaluating employees all the way up to level 80, one of its highest levels.

Several departments, including the company’s critical security division, are expected to feel the impact of these job cuts, according to the sources.

The cuts are happening across the company, including in its important security division.

The spokesperson also mentioned that roles left vacant due to these performance-based exits are often filled with new hires, suggesting that Microsoft ’ s overall Headcount may not change drastically.

As of Mid-2024, the company employed roughly 228,000 people worldwide.

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The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.

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