Alphabet Ends 2024 on High With Help From Quantum Tech Leap
- Breakthrough isn’t a revenue driver but showed tech prowess
- The shares are up 40% this year and are trading near a record
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Alphabet Inc. is ending 2024 on a high, with a quantum computing breakthrough spurring a stock rally late in the year despite having no near-term commercial potential.
Shares in the Google parent have jumped more than 30% from a September low, with a chunk of those gains coming after news about the capabilities of its quantum computer, which runs on its Willow chip. Quantum computing has provided a positive narrative amid worries about Alphabet falling behind AI-focused rivals like OpenAI as well as fears about antitrust risks, helping the stock re-establish itself as a megacap outperformer. It’s now among the top 20 Nasdaq 100 stocks this year.