Amazon (AMZN.US) has introduced a new quantum computing chip called Ocelot, further strengthening its position as a formidable rival in the Microsoft and Google camps.

On Thursday, Amazon's (AMZN.US) cloud business unit AWS announced the launch of a new quantum computing chip called "Ocelot", following similar products from tech giants Google (GOOGL.US) and Microsoft (MSFT.US). AWS stated in a blog post that the "Ocelot" chip can reduce the cost of implementing quantum error correction by up to 90% compared to current methods.

Quantum chips are used to perform computing tasks, which are different from traditional binary bits (taking values of 1 or 0) in that quantum chips use quantum bits (qubits), which can be in a state of 1 and 0 simultaneously, allowing quantum chips to significantly speed up complex computing processes such as drug development.

Earlier in February, Microsoft launched a new quantum chip called "Majorana 1", which is made of a new material state called topological superconductors. Before that, Google also launched a new quantum computing chip called "Willow".

AWS said that the "Ocelot" chip adopts a new architecture design, builds error correction mechanisms from the bottom up, and uses "cat qubits" technology, which is named after the famous Schrodinger's cat thought experiment.

Amazon claimed: "For the first time, AWS researchers integrated cat qubits technology with other quantum error correction components on a microchip and leveraged microelectronics manufacturing processes to achieve scalable chip production."

Quantum computing-related stocks rose slightly overnight after Amazon's announcement. As of the time of writing, D-Wave Quantum (QBTS.US) rose 1.98%, Quantum Computing (QUBT.US) rose 0.57%, Rigetti Computing (RGTI.US) rose 2.74%, Arqit Quantum (ARQQ.US) rose 1.2%, and SkyWater Technology (SKYT.US) rose 1.2%.