Shares of Quantum Computing Inc. (QUBT) soared 7.01% in Friday's pre-market trading, following the recent quantum computing breakthrough by tech giant Alphabet Inc.'s Google. The promising development has sparked renewed investor interest in the quantum computing sector and its long-term growth potential.

Google's announcement of its Willow quantum chip, which can significantly reduce errors as more qubits (quantum computing bits) are added, has been hailed as a major milestone in the field. The Willow chip solved a benchmark computation in just 5 minutes, a task that would take today's fastest supercomputer an estimated 10 septillion years to complete.

While Quantum Computing Inc. operates in a different segment of the quantum computing market, focusing on quantum annealing technology for optimization problems, the company stands to benefit from the overall industry tailwinds. As a pioneer in this niche, QUBT already has commercial customers across various industries, providing it with a head start in real-world applications.

Wall Street analysts remain optimistic about QUBT's prospects, with the highest price target suggesting a potential upside of 45% from current levels. Analysts cite the company's revenue growth, bolstered cash position, and plans to increase investments in sales and marketing as key drivers for future growth.

With quantum computing expected to revolutionize various sectors, including finance, logistics, and cybersecurity, companies like Quantum Computing Inc. are well-positioned to capitalize on the emerging market. As the technology continues to advance, investor enthusiasm for quantum computing stocks is likely to remain high, driving further volatility in the sector.