Alphabet (GOOG, GOOGL) stock jumps on news of Google's new quantum computing chip, Willow. The Futurum Group chief market strategist Cory Johnson joins Julie Hyman and Josh Lipton to discuss what the news means for Alphabet and the quantum computing space.

"It's insane," Johnson tells Yahoo Finance, saying, "A product with absolutely no release date or any concept of what it could be used for... adds a couple hundred billion dollars in market cap for this company."

Johnson calls the new hardware "a neat science project": "It has not created $150 billion worth of value. And there's no indication that it will."

The strategist explains that quantum computing "in theory, will be able to do incredible things... It could someday be able to do just incredible things that are hard to imagine here. And [the] science has to happen long before a product can happen. But there's no sense that any product is going to happen anytime soon."

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