D-Wave Quantum Inc. (NYSE:QBTS) shares are trading higher Friday in sympathy with Alphabet Inc.'s (NASDAQ:GOOGL)(NASDAQ:GOOG) Google, which announced the launch of its new quantum computing chip, Willow, earlier this week. Here's what you need to know.

What To Know: Google Quantum AI's Willow chip demonstrated progress in quantum computing by performing a task in under five minutes that would take one of the fastest supercomputers an estimated 10 septillion years to complete.

Willow incorporates advanced error correction techniques that reduce errors as the number of qubits increases. This innovation addresses one of quantum computing's long-standing challenges: error rates associated with scaling up qubits.

Why It Matters: D-Wave, which operates within the quantum computing space, may be benefiting from investor speculation that advancements such as Google's Willow could bolster interest and investment across the quantum sector.

The announcement also highlights ongoing collaborations between quantum computing firms and established technology leaders like Nvidia, which recently partnered with Google Quantum AI to advance quantum hardware development.

The significance of Willow's launch lies in its potential to accelerate quantum computing's commercial viability. With demonstrated breakthroughs in error correction and computational speed, the technology could disrupt industries ranging from finance to materials science, while influencing the competitive dynamics of quantum computing firms like D-Wave.

D-Wave Price Action: D-Wave Quantum shares were up 27.88% at $5 at publication Friday, according to Benzinga Pro.

• Is U.S. Health Insurance Failing The Sickest And Poorest? New Study Reveals 49 Million Americans Lack Proper Health Coverage

Photo: Shutterstock.