Alphabet Inc. ( GOOG ) shares are trading higher Tuesday following Google’s unveiling of a new quantum computing chip with breakthrough capabilities. Here’s what you need to know.

What To Know: Google ( GOOG ) unveiled its new quantum chip “Willow” this week. Willow is part of Google’s Quantum AI initiative and reportedly addresses a key challenge in quantum computing: error correction.

In a blog post on Monday, Google ( GOOG ) announced that Willow achieved an exponential reduction in error rates as the number of qubits increased, marking a major milestone in the development of reliable quantum systems.

The company also said the chip completed a standard benchmark computation in under five minutes, a process that it says would take the world's fastest supercomputers approximately 10 septillion years to complete.

"This mind-boggling number exceeds known timescales in physics and vastly exceeds the age of the universe," the company said in the post.

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Willow features 105 qubits and was built using advanced fabrication methods. Willow's capabilities were validated through tests which suggest Willow is a “strong” prototype for scalable quantum systems and could lead to practical applications beyond what is possible with classical computing, the company said.

Investors appear to be responding favorably to the announcement given the long-term potential of quantum computing. A quantum system is thought to have the potential to dramatically impact areas like artificial intelligence, medicine, science and energy.

“The next challenge for the field is to demonstrate a first ‘useful, beyond-classical’ computation on today’s quantum chips that is relevant to a real-world application. We're optimistic that the Willow generation of chips can help us achieve this goal,” the company said.

GOOG Price Action: Alphabet shares were up 4.31% at $184.76 at the time of publication, according to Benzinga Pro.

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