Jensen Huang sends quantum computing stocks on the way down

Quantum computing stocks fell sharply on Wednesday, halting a year-long rally, after Nvidia CEO Jensen Huang said that practical quantum computing is still about 20 years away.

Companies like Rigetti Computing, D-Wave Quantum, IonQ and Quantum Computing saw their share price dwindle over 40%, collectively losing more than $8 billion in market value. 

These companies are not making a lot of money. For example, IonQ expects to earn $41.6 million in 2024, and Rigetti expects just $11 million.

Even though the companies have small earnings, analysts believe government contracts could help them grow in the future.