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.

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:

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

The shares of IonQ Inc. and other companies linked to quantum computing tumbled in extended trading on Tuesday after Nvidia Corp. Chief Executive Officer Jensen Huang said “very useful” quantum computers are likely decades away.

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-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.

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

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

D-Wave Quantum CEO Alan Baratz said Nvidia’s Jensen Huang is “dead wrong” about quantum computing after comments from the head of the chip giant spooked Wall Street on Wednesday.

Shares of leading firms nose-dive after Nvidia’s Jensen Huang suggests a generational wait for fully functional quantum tech. We’ve been told that the future is now, but it seems it’s not quite here yet—at least not for quantum computing.