Quantum computing stocks are tumbling after Nvidia CEO Jensen Huang warned that the technology is a long way off.

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:

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.

Quantum-computing companies, whose valuations exploded in 2024, took a major hit Wednesday following Huang’s remarks. Rigetti Computing, which develops quantum integrated circuits for quantum computers, saw its shares dive 45% Wednesday as of market close. The company’s stock shot up as much as 1,654% over the past year leading up to Wednesday.

Nvidia Corp. CEO Jensen Huang spoke at Nvidia's Analyst Day and made it clear: "very useful" quantum computers are likely decades away.

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

Quantum computing stocks like IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing were each down by more than a whopping 40% after Nvidia chief Jensen Huang’s comments that he did not expect quantum computers to be a reality any time soon.