Microsoft and Google have made breakthroughs in quantum computing, a technology that could revolutionize drug discovery and other fields.

The race to shape the future of computing is heating up among tech companies, with Microsoft saying on Wednesday it has made a major breakthrough in quantum computing, potentially paving the way for the technology to address complex scientific and societal challenges.

Quantum computing stocks rose in premarket trading 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.