Quantum News briefs: May 6, 2024: News From The Quantum Economic Development Consortium (QED-C) • Australia’s Quantum Computing Projects • and the quantum computing market
Quantum News Briefs: may 6, 2024: press release summaries below:
The Quantum Economic Development Consortium (QED-C®) Showcases Technology Innovations to Raise Awareness on Capitol Hill
The Quantum Economic Development Consortium (QED-C) showcased the cutting-edge advancements of twenty-two member companies in quantum technology during its inaugural Quantum Technology Showcase on Capitol Hill, drawing attention from legislative offices, federal agencies, and industry stakeholders. Hosted by the U.S. Senate Committee on Commerce, Science, and Transportation, the event emphasized the vital role of private-sector innovation and federally funded research, coinciding with the U.S. National Science Foundation’s Quantum Research Showcase. Senator Marsha Blackburn highlighted the significance of U.S. quantum investment amid global competition, echoing sentiments regarding the pending reauthorization of the National Quantum Initiative. With companies like IBM, Google Quantum AI, and D-Wave among the participants, the showcase underscored the tangible impact of quantum technologies on U.S. competitiveness and national security, reinforcing the importance of continued support for quantum research and development initiatives.
In Other News: Defense One article: “Will Australia’s giant quantum project bring militaries’ fears to life?”
According to a recent Defense One article, an Australian project, backed by a $620 million government contract with PsiQuantum, has set the stage for potentially significant advancements in quantum computing, aiming to unveil the “world’s first utility-scale, fault-tolerant quantum computer” by 2027. While quantum computers already exist, PsiQuantum’s ambitious endeavor seeks to harness the technology’s potential for revolutionizing fields like pharmaceuticals and cryptography. The move signifies a significant departure from traditional research-based efforts as governments worldwide scramble to prepare for the impending quantum era. Amidst mounting concerns over China’s technological dominance, the race for quantum supremacy intensifies, highlighting the urgent need for global readiness against the disruptive implications of quantum computing on national security and digital privacy.
In Other News: Investor Place article: “Stock Market Crash Warning: Don’t Get Caught Holding These 3 Quantum Computing Stocks”
Investors eyeing quantum computing stocks are advised to tread cautiously, with some companies facing operational risks and overhyped expectations, highlights a recent Investor Place article. Despite strategic collaborations, Rigetti Computing (RGTI) grapples with financial burn and increasing share dilution. IBM (IBM) struggles to translate hefty quantum investments into substantial returns, while D-Wave Systems (QBTS) faces a limited market due to its focus on quantum annealing. As speculative fervor surrounds Elon Musk’s “Project Omega,” investors are urged to seek undervalued options and exercise caution amidst the volatile quantum computing landscape, where potential often outweighs practicality.
