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

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 stocks sank on Wednesday, pausing a year-long rally, after Nvidia CEO Jensen Huang said the technology's practical use was likely two decades away. The long wait outlined by Huang for "very useful quantum computers" throws cold water on a sector that was already expected to spend millions more on the technology,

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

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

Addressing a question from an audience member, Huang said 15 years would probably be on the "early side" and that 30 years would likely be on

Rigetti Computing, IonQ, and other quantum stocks fell more than 40% after Nvidia CEO Jensen Huang told Wall Street analysts that “very useful quantum computers” are likely 20 years away.

Quantum Computing Inc. (NASDAQ:QUBT) shares are trading lower in the premarket session on Wednesday. The company announced a private placement offering of 8.16 million shares of common stock at $12.25 per share.

Defiance Quantum ETF returned 60.4% over the last year through Jan. 3 -- just over double the S&P 500 Index's 28.1% return.

Quantum computing has received some recent investing interest over the past month thanks to Google's breakthrough in its Willow quantum computing chip. Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) is a much larger business with investments in quantum computing,