Shares of quantum-computing companies that skyrocketed in 2024 collapsed by double digits Wednesday after Nvidia CEO Jensen Huang said practical uses for quantum computing were more than a decade away.

The quantum computing rally came to an abrupt end on Wednesday following comments from Nvidia CEO Jensen Huang. During a question-and-answer session with analysts, Huang put forth a more pessimistic view of the quantum computing timeline:

Quantum computing stocks sank on Wednesday, pausing a year-long rally, after Nvidia CEO Jensen Huang said the technology's practical use was likely two decades away.

Quantum stocks like Rigetti, IonQ and D-Wave Quantum saw steep losses after Nvidia CEO Jensen Huang said quantum computers are decades away.

CEO Jensen Huang lit the entire quantum computing sector on fire last night after saying the technology won’t be “very useful” for at least 15 years and maybe as many as 30 years. He may as well have poured gasoline on the industry and thrown in a lit match.

Wave fell sharply after Nvidia’s Jensen Huang said that “very simple quantum computers” could be 20 years away.

Rigetti Computing, IonQ, and other quantum stocks plunged after Nvidia CEO Jensen Huang told Wall Street analysts that “very useful quantum computers” are likely 20 years away.