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.

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

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