Nvidia's Huang's statement about quantum computers being 15-to-30 years away causes quantum stocks like Rigetti to plummet.

Nvidia CEO Jensen Huang stated that practical quantum computers are still several years off, leading to a decline in quantum computing stocks on Wednesday.

"If you said 15 years for very useful quantum computers, that would likely be on the early side. If you said 30, it would be on the late side. However, if you picked 20, I believe a lot of us would agree."

Huang stated that he believes Nvidia will play a "very crucial role" in accelerating the industry's progress towards creating computers.

Quantum computing stocks plummeted in premarket trading after comments, with plunging 25%, while shed more than 13%. dropped more than 19%, and the Defiance Quantum & AI ETF fell 3%. Additionally, which announced a stock offering to raise $100 million, sank 21%.

Quantum computing excitement surged at the end of 2024, with Google's latest Willow chip outperforming its 2019 predecessor in reducing errors.

The excitement in shares increased towards the end of the year, with Rigetti and D-Wave experiencing gains of 1,449% and 854%, respectively.

While many investors have cautioned against prematurely declaring winners in the industry and the absence of practical applications for the technology, others are optimistic about its potential.