Quantum Computing Stocks Jump as Google's Willow Chip Launch Sparks Rally

Quantum computing stocks surged after Google's launch of its quantum chip, Willow. Rigetti Computing led the rise with a 13% increase, while D-Wave Quantum and Quantum Computing also saw significant gains. IonQ Inc rose by nearly 10% despite Google's stock dipping 0.4%. The chip's impact has boosted market sentiment, with Google's stock rising nearly 10% since the announcement.

The quantum computing industry experienced a significant surge in stock prices following Google's announcement of its latest breakthrough in quantum chip technology. Google's parent company, Alphabet (GOOGL, GOOG), saw its shares rise by over 5% [1], with key players in the industry, such as Rigetti Computing, D-Wave Quantum, and Quantum Computing, experiencing even more substantial gains [2].

Google's Willow chip, unveiled in a blog post on Monday, represents a significant step forward in quantum error correction. Historically, quantum chips have produced more errors the more qubits (units of information computation in quantum computing) are used [2]. However, Willow's ability to reduce errors exponentially as it scales up marks a significant breakthrough [1].

Moreover, Willow demonstrated its potential for solving complex problems beyond the reach of classical computers by performing a computation in under five minutes that would take a supercomputer 10 septillion years [1]. This achievement underscores the potential of quantum computers to revolutionize fields like medicine, energy, and artificial intelligence [2].

Rigetti Computing, a leading player in the quantum computing industry, experienced a 13% increase in its stock price following the announcement [2]. D-Wave Quantum and Quantum Computing also saw significant gains, with D-Wave's stock price rising by over 8% and Quantum Computing's by over 5% [2]. IonQ Inc, another player in the industry, rose by nearly 10% despite a slight dip in Google's stock [2].

Google's stock price has risen nearly 10% since the announcement, reflecting the market's sentiment regarding the potential of quantum computing [1]. As the industry continues to develop and commercialize quantum computing technology, we can expect to see further developments and potential breakthroughs that could drive stock prices even higher [2].

References:

[1] Investopedia. (2023, March 22). Alphabet Stock Jumps on Google's Breakthrough Quantum Chip Willow. https://www.investopedia.com/alphabet-stock-jumps-google-touts-breakthrough-quantum-chip-willow-8759223

[2] Google. (2023, March 21). Google Willow Quantum Chip. https://blog.google/technology/research/google-willow-quantum-chip/