Semiconductor stocks are getting hit with a wave of bearish pressures following news that the U.S. will take new steps to limit the export of advanced chips used for AI.

Quantum stocks like Rigetti, IonQ and D-Wave Quantum saw steep losses after Nvidia CEO Jensen Huang said quantum computers are decades away.

The shares of IonQ Inc. and other companies linked to quantum computing tumbled in extended trading on Tuesday after Nvidia Corp. Chief Executive Officer Jensen Huang said “very useful” quantum computers are likely 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.