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 Inc. shares (GOOG) surged 6.3% Tuesday, marking the biggest jump since October, following the announcement of a significant quantum computing milestone. The Google parent introduced the Willow quantum chip,

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.