• 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.

A handful of quantum computing stocks have skyrocketed as some paint the technology as the next big technological innovation, but Nvidia CEO Jensen Huang warned analysts that any practical applications are still many years away.

Huang said Nvidia is not worried about quantum computing and added that practical applications for the nascent but powerful computers are at least 15 years away or more.

“And so if you kind of said 15 years for very useful quantum computers, that’d probably be on the early side. If you said 30 is probably on the late side. But if you picked 20, I think a whole bunch of us would believe it,” Huang told analysts, according to Axios.

Quantum computers, which are powered by atom-sized “qubits” that operate via the rules of quantum mechanics, have been shown to be extremely powerful, but only in certain situations. They are distinct from existing “classical” supercomputers, which operate more similarly to a basic laptop, albeit at a much higher level.

Last month, Google researchers announced its homegrown Willow quantum-computing chip could solve a complex math problem that would’ve taken the most powerful existing supercomputers 10 septillion years, or more than the estimated age of the universe, to complete.

Still, while the Willow test was a step toward achieving more practical uses for quantum computers, experts say mainstream consumer or business applications for the technology are still far off.

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.

Shares of Quantum Computing Inc. also fell 43% as of market close while shares of industry peers IonQ and D-Wave Quantum fell 39% and 36%, respectively, over the same period. Quantum Computing’s stock was still up more than 1,000% over the past year despite Wednesday’s drop, while shares of IonQ and D-Wave Quantum were up more than 100% and 600% over the same period, respectively.

D-Wave Quantum CEO Alan Baratz called out Huang for his prediction Wednesday, saying the Nvidia CEO was “dead wrong” about quantum computing. Baratz told CNBC his company’s technology is being used by companies such as Mastercard.

“Not 30 years from now, not 20 years from now, not 15 years from now,” Baratz told CNBC. “But right now, today.”