Quantum computing stocks advanced on Thursday after Microsoft launched a new chip that indicated the technology is not "decades away" as stated by the top boss of AI chip bellwether Nvidia. Microsoft unveiled its Majorana 1 chip on Wednesday and said it is less prone to errors than rivals,

Microsoft Corp. announced its first quantum computing chip, a major step in the company’s effort to produce devices that might someday solve problems beyond the reach of modern computers.

Its Majorana 1 chip, made of a new material, can perform high-level computing tasks with greater speed and accuracy, Microsoft says.