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.

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 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,