Alphabet's new quantum computing chip Willow boosts stock price, potential for double-digit growth

From Nasdaq: 2024-12-11 18:13:00

Alphabet’s GOOGL stock reaches new 52-week highs with the introduction of its cutting-edge quantum computing chip, Willow. Willow drastically reduces errors and outperforms supercomputers, sparking a surge in Alphabet’s stock price to nearly $200 per share. This breakthrough could revolutionize fields like medicine and AI capabilities.

Alphabet’s stock performance mirrors Amazon’s after the announcement of their respective advanced chips. Willow’s success has propelled Alphabet’s stock to break above key moving averages, with a 16% increase in December and 40% gains for the year. Willow’s potential for commercial quantum computing applications has attracted technical traders and investors.

Alphabet’s Willow chip has the potential to drive double-digit growth for the company, but its current Zacks Rank #3 (Hold) status may limit immediate gains. The positive earnings estimate revisions for fiscal years 2024 and 2025 suggest a possible buy rating in the future. Investors are advised to monitor Alphabet’s valuation and future market dominance.

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Read more at Nasdaq: Can the Rally in Alphabet (GOOGL) Stock Continue with New Quantum Computing Chip?