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:

Nvidia CEO Jensen Huang has said improvements to the chip giant’s hardware are outpacing Moore’s Law. In an interview with TechCrunch after his keynote speech at the Consumer Electronics Show (CES) in Las Vegas, Huang said “Our systems are progressing way faster than Moore’s Law.”