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Google Shares Surge 12% to $181.50 as Piper Sandler Names It Top Pick After Quantum Chip Reveal

Dec 10, 2024, 01:43 PM

Google has announced a breakthrough in quantum computing, revealing the most powerful quantum computing chip ever created. This development has led to a surge in Google's stock price, with shares of $GOOG rising by over 12%, reaching $181.50 and approaching all-time highs. Analysts, including Piper Sandler, have responded positively; their PSC 2025 Ad Buyer Survey indicates that spend growth and AI tools are driving an optimistic view for the company. Google was named a top mega-cap stock to own in 2025 by Piper Sandler. The company maintains its dominant 85% market share in search, and its new AI products like Gemini and Performance Max were voted as having significant potential to improve next year and drive incremental spend in 2025. Google's stock is leading among the "Magnificent 7" stocks, making it the best-performing stock in the S&P 500 today, experiencing its best day outside of an earnings report in over two years. This surge comes after the market digested the quantum computing news announced on Monday, highlighting Google's potential resurgence driven by product growth in artificial intelligence and quantum computing.