Microsoft says it has developed a breakthrough quantum processor based on a new state of matter, giving it a clear path to achieve quantum computing’s long-term promise of solving some of the world’s most difficult problems.

With the development, Microsoft is raising the stakes in what is set to be the next big technological contest.

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

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,

With its ‘topological’ quantum computers, Microsoft aims to reach useful scales faster than competing technologies