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.

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,