D-Wave Quantum Inc. (NYSE:QBTS) shares are trading higher Monday amid continued momentum in the sector and in part with Google's recent announcement of its new quantum chip, Willow. Here's what you need to know.
What To Know: Willow, developed by Google Quantum AI, marks a breakthrough in quantum computing. The chip demonstrated the ability to solve a task in under five minutes that would take traditional supercomputers an estimated 10 septillion years to complete. A key feature of Willow is its error correction capabilities, which help reduce errors as the number of qubits increases—a long-standing challenge in quantum computing.
D-Wave, a player in the quantum computing industry, appears to be benefiting from investor optimism surrounding Willow's release. The excitement around Google's innovation, along with the increasing interest in quantum technology, is potentially fueling speculation that advancements in the field could boost D-Wave's prospects. The company's stock movement reflects broader investor interest in quantum computing, particularly in light of developments like Willow that highlight the potential for quantum tech to accelerate commercial applications.
Other quantum stocks also saw significant gains following the Alphabet news, with IonQ Inc. (NYSE:IONQ) up over 15%, Quantum Computing Inc. (NASDAQ:QUBT) shares up by 50% and Rigetti Computing (NASDAQ:RGTI) rising by more than 10% at last check.
The collaboration between Google and Nvidia to advance quantum hardware development also adds to the growing optimism about the future of the industry. With Willow demonstrating the practical capabilities of quantum technology, the competitive dynamics within the quantum computing market are expected to shift, potentially benefiting companies like D-Wave that operate in this space.
QBTS Price Action: D-wave Quantum shares were up 44.0% at $7.19 at the time of writing, according to Benzinga Pro.
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