Alphabet just unveiled a new chip touting quantum computing breakthroughs
Quantum computing is rapidly becoming Wall Street and the tech industry's newest obsession. The field promises to solve problems computers haven't been able to solve, which could lead to massive innovation in the medical, financial, and science industries.
Google parent Alphabet Inc (NASDAQ:GOOGL) is looking to be a leader in this space, today revealing its new chip Willow that touts quantum computing breakthroughs. Unlike artificial intelligence (AI), though, this field does not yet have a real-world application like ChatGPT.
At last glance, GOOGL is up 4.6% at $183.39, pacing for its third-straight gain and best single-day percentage pop since April. Shares sport a 31.6% year-to-date lead, and are trading at their highest level since July after bouncing off the 60-day moving average.
The Big Tech giant isn't the only name making strides in the quantum computing race, with both IONQ Inc (NYSE:IONQ) and Rigetti Computing Inc (NASDAQ:RGTI) on the scoring board as well. The former will showcase its latest innovations at Q2B24 Silicon Valley, and the latter announced the successful AI-powered calibration of a quantum computer with Quantum Machines.
IONQ is up 2.3% to trade at $35.06 at last glance, and is fresh off a Dec. 6, record high of $38.45. The 20-day moving average has been providing support for the shares since September, and hovers below to contain any potential pullbacks. On track for its fifth gain over the last six sessions, the equity also sports a 190.1% year-to-date lead.
Last seen up 40.7% to trade at $6.29 at last check, RGTI earlier surged to its highest level since June 2022, and is looking to notch a fourth consecutive daily gain. Shares boast a jaw-dropping 537.1% lead for 2024, and are trading above all long- and short-term moving averages.