Alphabet shares rose Tuesday after the company's unveiling of "Willow," its latest quantum computing chip. When quantum computing matures, it is expected to be useful for large-scale simulations and code breaking,

Shares of Google parent Alphabet rose about 5% on Tuesday after it unveiled a new generation chip that the company said helped overcome a key challenge in quantum computing.

Shares of Google parent Alphabet surged to their highest level since July on Tuesday after the company unveiled a chip it said can complete computations in minutes that would take some of today's fastest supercomputers 10 septillion years.