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.

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:

This is because quantum computers are very good at doing niche calculations with low data. Huang himself explains: "Quantum computing can't solve every problem. It's good at small data, big combinatorial computing problems. It's not good at large data problems, it's good at small data problems."