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.

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,

Alphabet shares rose a day after Google said it developed a new chip that moves a step forward in the tech industry’s longtime dream of developing commercially relevant quantum computing. The chip, called Willow,