D-Wave Quantum shares soar 30% as company releases latest computing system

D-Wave Quantum's latest quantum computing system has hit the market, the company said Tuesday. The company's shares popped 30%.

The quantum computer, known as Advantage2, marks its sixth iteration and most advanced system, the company said.

"It's an engineering marvel, with substantial technical advancements that highlight D-Wave's progress in scaling quantum technology to meet industry demands for growing computational processing power while maintaining energy efficiency," said CEO Alan Baratz in a press release.

D-Wave said the computer, accessible through its cloud service, offers a 40% boost in energy scale, and reduces noise by 75%. Advantage2 also uses an updated system with 20-way connectivity that can use fewer qubits to solve problems. A qubit, or quantum bit, refers to a unit used to encode data in quantum computers.

Recent quantum announcements from major technology giants have boosted optimism in the sector that promises to solve intricate computing tasks unachievable by regular computers.

Google debuted its latest quantum computing chip known as "Willow" in December, while Microsoft launched its first quantum chip earlier this year.