Quantum stocks accelerate on Google’s Willow chip
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Quantum computing stocks surged Tuesday following Google’s (NASDAQ:GOOG)(NASDAQ:GOOGL) announcement on Monday of Willow, a potentially revolutionary quantum chip.
Rigetti Computing (NASDAQ:RGTI) led the pack skyward as it rocketed 45%, while Quantum Computing (NASDAQ:QUBT) edged up 1.8% and D-Wave Quantum (NYSE:QBTS) increased 0.4%. Google climbed 5% higher to close the day at $186. Google is closing in on its all-time high of $192 that it reached on July 10, 2024.
James Foord, Investing Group Leader for The Pragmatic Investor, said in an analysis today that Willow could revolutionize computing and lead to breakthroughs in artificial intelligence, health care and other disciplines.
“Willow’s advancements in quantum error correction and processing power are significant, completing tasks in minutes that would take classical computers septillions of years,” he said.
“The largest beneficiary of Quantum computing will be, undoubtedly, healthcare and specifically drug discovery,” Foord noted. “This is already being revolutionized by AI, and paired with QC, this field will be completely revolutionized. Quantum Computers would be able to run millions of incredibly accurate simulations on various new drugs and treatments, leading to exponential advancement in the field.”