Surge in Quantum Computing Stocks Amid Google's 'Willow' Announcement

Interest in quantum computing has significantly increased following the reveal of Google's next-generation chip, known as "Willow". This announcement has sparked a wave of interest in stocks related to this cutting-edge technology.

What transpired: Shares of Quantum Computing Inc. (QUBT), a company focused on quantum machine offerings, have skyrocketed by 157% since the unveiling of Willow. The stock has reached heights that have not been seen since June 2010, hitting a multi-year high of $25.68 in December 2018.

This remarkable performance has placed QUBT ahead of major tech players in the so-called "Magnificent 7" and even outperformed the rapidly climbing shares of MicroStrategy Inc..

Why this matters: The capabilities of Google's quantum chip, Willow, allow it to execute a standard benchmark computation in under five minutes—a task that would take the fastest supercomputers millions of years to complete. This groundbreaking efficiency signals a transformative potential for practical applications across various sectors including drug discovery and renewable energy systems.

In addition to the buzz generated by Willow, QUBT's stock price surged again after the company secured a significant contract with NASA to provide image and data processing support.

On the flip side, while the announcement of Willow highlights the promising future of quantum computing, it has also raised concerns about the potential impact on cryptocurrencies, particularly Bitcoin (BTC/USD). Following the chip's reveal, Bitcoin has experienced a decline of 3.6%, illustrating an opposing trend.

Experts are divided on whether this threat from quantum computing is imminent. A study suggests that the Bitcoin network would need over 300 days of downtime to properly mitigate risks associated with quantum computing advances.

Market activity: Recently, shares of Quantum Computing closed with a gain of 12.6%, resulting in a price of $19.14 during the regular session, as reported by financial analytics platforms. Meanwhile, Bitcoin's price currently stands at $96,313.62, having dropped by 1.75% within the past 24 hours.

quantum, stocks, Google