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.

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.

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

At the Nvidia keynote at CES 2025, CEO Jensen Huang didn't waste anytime showing off the new GeForce RTX 50 Series. Huang walked onstage carrying the graphics card to a round of applause.

NVIDIA showcased groundbreaking innovations all emphasizing the convergence of AI And the push on AI Agents and Agentic AI.

The amount of geometry that you saw was absolutely insane,” Huang told an audience of thousands at CES 2025 Monday night. “It would have been impossible without artificial intelligence.” The chipmaker and AI darling unveiled its GeForce RTX 50 Series desktop and laptop GPUs — powered by its new Blackwell artificial intelligence chip — kicking off a string of entertainment-related AI announcements and discussions at the trade show.

President Joe Biden’s administration plans one additional round of restrictions on the export of artificial intelligence chips from the likes of Nvidia Corp. just days before leaving office, a final push in his effort to keep advanced technologies out of the hands of China and Russia.

The Biden administration reportedly will impose even-tighter curbs on Nvidia and AMD AI chip exports. Nvidia stock fell slightly.