Google's 'Willow' Quantum Chip Breakthrough Boosts Shares by 5.6%

Dec 11, 2024, 06:29 AM

Google has announced the development of 'Willow', a new quantum computing chip that represents a significant advancement in the field. The chip has achieved 105 qubits with improved error correction, allowing it to perform computations in five minutes that would take classical supercomputers longer than the age of the universe, or over 10 septillion years. This breakthrough brings practical quantum computations closer to reality. The announcement has raised concerns about the security of cryptocurrencies like Bitcoin, as advanced quantum computing could potentially break current encryption methods. However, analysts at Bernstein suggest that this threat may be decades away. Following the announcement, shares of Alphabet, Google's parent company, rose by around 5.6%, adding nearly $120 billion to its market capitalization.