Financial Insights That Matter
Shares in Alphabet surged on Tuesday, closing the session more than 5% in the green, after Google unveiled a new quantum computing chip called Willow.
Hartmut Neven, founder and lead at Google Quantum AI, said in an announcement on Monday that the chip offers “state-of-the-art performance across a number of metrics”.
He said the chip enabled two achievements, one of which that the chip “can reduce errors exponentially as we scale up using more qubits”, which refers to a basic unit of information in quantum computing.
Read more: FTSE 100 LIVE: Stocks head lower as traders await US inflation figures
“This cracks a key challenge in quantum error correction that the field has pursued for almost 30 years,” said Neven.
“Second, Willow performed a standard benchmark computation in under five minutes that would take one of today’s fastest supercomputers 10 septillion (that is, 1025) years — a number that vastly exceeds the age of the universe,” he added.
Neven said that the Willow chip represented a “major step” in the company’s journey in this space.
Investment bank Morgan Stanley (MS) raised its price target on Tesla to $400 (£314.32) from $310 and maintained an “overweight” rating on the stock.
The firm also reaffirmed its top-pick status for the electric vehicle (EV) manufacturer.
Analyst Adam Jonas suggests that the potential Trump-era backlash against electric vehicles will be short-lived, as the US aims to maintain its leadership in autonomous driving technology.
Meanwhile, data from Tesla China showed that the carmaker had sold 21,900 EVs in China in the first week of December, which was the highest weekly sales in the fourth quarter this year, Reuters reported.
Read more: Pound, gold and oil prices in focus: commodity and currency check, 11 December
Tesla has reportedly sold 556,000 units of its Model Y car in China over the past year, which was said to be its best-selling passenger vehicle.
Shares in Tesla closed Tuesday’s session nearly 3% in the green but were little changed in pre-market trading on Wednesday morning.
The stock has been on the rise more recently as Tesla CEO Elon Musk prepares to assume an advisory role in president-elect Donald Trump’s incoming administration, having been appointed to co-lead the extra-governmental Department of Government Efficiency (DOGE).
Shares in US pharmacy group Walgreens soared nearly 18% on Tuesday, following a report that private-equity firm Sycamore Partners in is talks to buy the company.
#1a73e8;">Boost Your Financial Knowledge and Achieve Stability
Discover a growing online community dedicated to delivering financial news, tips, and strategies designed to help you manage money effectively, save smarter, and grow your investments with confidence.
#1a73e8;">Top Financial Tips for Saving and Investing
- Personal Finance Management: Master the art of budgeting, expense tracking, and building a strong financial foundation.
- Investment Opportunities: Stay updated on market trends, learn about stocks, and explore secure ways to grow your wealth.
- Expert Money-Saving Advice: Access proven techniques to reduce expenses and maximize your financial potential.