D-Wave CEO refutes Nvidia's Jensen Huang's claims about quantum computers.

• On Wednesday, the shares of D-Wave Quantum and its competitors dropped after Nvidia CEO Jensen Huang stated that quantum computers are not yet ready for widespread use.
• D-Wave CEO Alan Baratz refuted Huang's claim that his company has no paying clients, stating that they have big-paying clients today.
• It will take 15 to 30 years for the technology to become commercially viable, according to Huang's prediction.

Jensen Huang was "dead wrong" about quantum computing, according to CEO Alan Baratz, after the head of the chip giant's comments on Wednesday spooked Wall Street.

On Tuesday, Huang was questioned about Nvidia's strategy for quantum computing. He stated that Nvidia could produce conventional chips that would complement quantum computing chips, but those computers would require 1 million times more qubits than they currently possess.

Analysts were informed by Huang that it could take between 15 to 30 years to bring "very useful quantum computers" to market.

On Wednesday, the nascent industry's stocks plummeted by 36% due to Huang's comments.

"Baratz explained to CNBC's Deirdre Bosa on "The Exchange" that the reason he believes he is correct is because D-Wave is already commercial today, with companies such as IBM and Japan's NTT Docomo using their quantum computers in production to improve their business operations."

""But right now today," Baratz said."

Despite D-Wave's revenue remaining minimal, sales in the latest quarter decreased by 27% to $1.9 million from $2.6 million in the previous year.

Quantum computing holds the potential to tackle challenges that current processors struggle with, such as decrypting codes, generating random numbers, and conducting large-scale simulations. For decades, technologists have been working on this technology, and now companies like Nvidia, Microsoft, and IBM, as well as researchers at startups and universities, are actively pursuing it.

In December, D-Wave and other companies experienced a surge in investor interest, as D-Wave announced a breakthrough in its research. Google also made progress in its quest to create a quantum system with 1 million qubits, having completed a 100 qubit chip.

D-Wave's stock price increased by 178% in December after a 185% increase in November. Quantum company's stock price dropped by 45% on Wednesday but had a 500% increase in value last month. D-Wave's stock price fell by 39% on Wednesday, but it rose by 14% in December after a 143% increase in November.

Baratz acknowledged that gate-based quantum computing may be decades away, but he said an annealing approach can be deployed now.

Baratz stated that Huang's comments about gate model quantum computers may not be entirely incorrect, but they are completely off-base for annealing quantum computers.

Nvidia declined to comment.

Despite a decline in share prices on Wednesday, D-Wave's stock has increased by approximately 600% over the past year, resulting in a market capitalization of $1.6 billion.

The growth of quantum computing has been fueled by investor interest in artificial intelligence, which has driven demand for Nvidia's graphics processing units, which utilize conventional transistors rather than qubits. Nvidia's market value has increased by 168% in the past year to $3.4 trillion.

D-Wave systems can solve problems that the fastest Nvidia-equipped systems cannot handle, according to Baratz.

Baratz stated that he would be delighted to meet with Jensen at any time and in any location to assist him in filling in the blanks.

WATCH: D-Wave CEO responds to Huang's comments