Google’s parent company, Alphabet’s stock, is surging in the charts as it spiked by nearly 5.5% on Wednesday. It opened the day’s trade at $186 and stood at a high of 196.71 at the closing bell. The sudden spurt in price made investors jump on the bandwagon to make the most out of the rally.
The tech giant Google’s Alphabet stock is among the top-performing assets in the market this week. It has surged more than 10% in a week overall and is attracting bullish sentiments in the charts. This article will highlight why the stock soared in December’s indices.
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Why Is Google’s Alphabet Stock Rising? Explained
Alphabet stock surged in price on Wednesday after Google’s announcement on a technological breakthrough chip. The spike came after the tech giant made public its new quantum computing chip ‘Willow’ which is hailed as a game-changer in the industry. The chip is regarded as the next frontier that advances error corrections, which was a long-standing challenge in quantum computing.
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The announcement sent ripples across the stock market, causing Google’s Alphabet to surge in price. The chip is seen as a benchmark in tech as it addresses and solves critical bottlenecks in scaling quantum systems. Sundar Pichai, CEO of Google, explained that the Willow chip can eventually perform tasks that are impossible for conventional computers.
The strong language of problem-solving and the ability to do the impossible in tech made Google’s Alphabet stock the talk of the town. “We’re working on eventually making quantum hardware, tools, and applications available to customers and partners, including through Google Cloud, so that they can harness the power of quantum in new and exciting ways,” Pichai said.
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Therefore, Google’s Alphabet stock could hit higher levels when the Willow chip is officially rolled out. Taking an entry position now when its price is below the $200 mark could prove beneficial in the long term. In addition, Piper Sandler analyst Thomas Champion identified Alphabet as a top pick for 2025.
