Quantum Computing Stock QUBT Has More Than Doubled While Bitcoin Has Dropped Since Google's 'Willow' Reveal: What Does This Mean?
Discussions around quantum computing have surged since Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) subsidiary Google teased its next-generation chip, “Willow," sparking interest in equities tied to the technology.
What happened: Shares of Quantum Computing Inc. (NASDAQ:QUBT), a company specializing in quantum machine offerings, have soared 157% since the unveil, reaching levels not seen since Jun. 2010. The stock closed at a multi-year high of $25.68 on Dec. 2018.
In doing so, QUBT outperformed the influential "Magnificent 7" cohort and even the red-hot, MicroStrategy Inc.
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Why It Matters: Google's quantum chip, Willow, can perform a standard benchmark computation in less than five minutes, a task that could take the world's fastest supercomputers forever.
The unprecedented speed represented a significant breakthrough in quantum computing, paving the way for practical applications in sectors like drug discovery and energy systems.
Apart from the Willow-induced hype, QUBT stock soared after the company secured a major contract with NASA for image and data processing support.
Interestingly, while Willow's capabilities signaled a bright prospect for quantum computing and associated investments, concerns about it breaking the cryptographic algorithms had the opposite effect on Bitcoin (CRYPTO: BTC), the world's largest cryptocurrency.
Bitcoin has dropped 3.6% since the chip unveil, reflecting a divergent trajectory.
While experts have debated whether the threat is immediate, a study estimated that the network would require over 300 days of downtime to protect against risks from quantum computing.
Price Action: Shares of Quantum Computing rallied 12.6% to close at $19.14 during Thursday's regular session, according to data from Benzinga Pro.
At the time of writing, Bitcoin was exchanging hands at $96,313.62, down 1.75% in the last 24 hours.
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Posted-In: Bitcoin Google KeyProj Quantum Computing WillowCryptocurrency News Markets
