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.

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

Quantum computing was one of the hot trends of the past few months as stocks have doubled or more following Alphabet's (NASDAQ: GOOG) Willow announcement. Investors looking for any way to play the quantum computing space have pushed microcap stocks into the stratosphere.

Wave fell sharply after Nvidia’s Jensen Huang said that “very simple quantum computers” could be 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:

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

As with any Discovery Stock, investors are looking to the price and the potential of the stock, not the fundamentals. As it stands now, IonQ has the benefit of round numbered support from the $30 price. Shares recently saw support at $40 on their ascent and then resistance at $50, displaying the effect of round-numbered prices.

Quantum computing stocks took a dive Wednesday after investors' perceptions about the outlook for the sector were dramatically corrected. Valuations in the nascent space had been

Quantum computing stocks are having a tumultuous week, but one fund manager says investors should focus on the long game when it comes to the sector. Earlier this week, quantum computing stocks broadly slid after Nvidia CEO Jensen Huang said “very useful quantum computers” were decades away.

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