Willow quantum chip ‘underscores ongoing innovation at Google,’ says BofA

BofA notes that Alphabet (GOOG) (GOOGL) announced two major milestones in quantum computing around its Willow quantum chip in a blog post yesterday, namely that it is exponentially reducing the rate of errors when adding more units of computation and performing a standard benchmark computation at rates much faster than existing technology. While stating that practical applications do not exist today, the firm adds that “some press reports suggest that Google’s achievements are a significant computing milestone” and argues that advancements with Willow, illustrating that Alphabet remains at the leading edge of technology innovation, are “important for stock sentiment.” Following the news, Alphabet stock was up about 5%, noted the analyst, who maintains a Buy rating and $210 price target on shares of Google’s parent.