Microsoft has announced a groundbreaking advancement in quantum computing with the introduction of its Majorana 1 chip. This innovative chip promises to bring the dream of quantum computing closer to reality in a matter of years rather than decades.

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.