Quantum Computing Inc. (QUBT) stock soared 9.77% in the intraday trading session on Thursday, outperforming the broader market. The rally was fueled by major updates in the quantum computing space, including a groundbreaking quantum chip unveiled by Google and a new contract for QUBT from NASA.

Quantum computing stocks have been surging this year, with QUBT skyrocketing over 1,830% year-to-date. The excitement around quantum computing has been driven by the potential for these advanced systems to solve complex calculations much faster than traditional supercomputers.

Wall Street analysts have also taken note of the quantum computing segment, with several firms initiating coverage on companies like IonQ and Rigetti Computing with bullish ratings and price targets. Analysts cite the growing inadequacy of classical computing for complex problems and the potential for quantum computing to address the next generation of computational workloads.