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.

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

Microsoft says its researchers have created a new quantum computer processor that relies on a never-before-seen state of matter. The technological leap—called Majorana 1—represents a major step forward towards an era of powerful quantum computers that unlock currently unachievable advancements across artificial intelligence,