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.

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,

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,