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Quantum News Briefs: May 9, 2024: News From Quantum Machines and SKKU • Illinois, PsiQuantum and the Chicago Quantum Exchange • D-Wave • and the quantum computing stock market

IQT News — Quantum News Briefs
By Kenna Hughes-Castleberry posted 09 May 2024

Quantum News Briefs: May 9, 2024: press release summaries below: 

Quantum Machines’ New OPX1000 Controllers Power the Quantum Computing Lab at SKKU, Seoul

Quantum Machines (QM) has announced the deployment of three OPX1000 quantum controllers at Sungkyunkwan University (SKKU) in Seoul, South Korea, as part of the country’s national project to enhance its quantum computing capabilities. The advanced controllers will significantly upgrade the research facilities at SKKU’s Quantum Computing lab, led by Prof. Yonuk Chong. This initiative is backed by a $45 million government investment and aims to develop a skilled quantum workforce, support quantum computing cloud usage, and establish a robust quantum device production infrastructure. The OPX1000’s scalability and processing power make it an essential tool for the Quantum Information Research Support Center at SKKU, facilitating the development of new quantum computer architectures within the national project’s scope.

Illinois Considers $20 Billion Quantum Manhattan Project Says Report

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Illinois Governor Jay Robert Pritzker is reportedly considering a massive $20 billion quantum-focused initiative in the Chicago area, resembling a Quantum Manhattan Project. Photonics quantum computer developer PsiQuantum is poised to be the anchor client for a 150-acre complex, with discussions ongoing with other companies. According to Crane’s Chicago Business, the project could create 1,000 construction jobs and 500 permanent jobs in the quantum industry. This initiative follows Governor Pritzker’s February proposal of a $500 million investment in quantum technologies, emphasizing the region’s burgeoning status as a quantum development hub. The Chicago area, already home to a robust quantum ecosystem, including the Chicago Quantum Exchange, is set to solidify further its position as a leader in the quantum field. Funding details for the new project are still under wraps, making it uncertain how soon this ambitious plan will come to fruition.

D-Wave to Showcase Quantum Computing Advancements at 19th Annual Needham Technology, Media and Consumer Conference

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D-Wave, a leading quantum computing company, announced its participation in the upcoming Needham Technology, Media, and Consumer Conference. Dr. Alan Baratz, CEO of D-Wave, will engage in a fireside chat on May 16, 2024, at 1:30 PM ET, discussing the company’s recent advancements and strategic direction and the tangible benefits that quantum computing is currently providing to businesses. The session will be available via a live webcast, and an archived version will later be accessible on D-Wave’s Investor Relations page. Additionally, D-Wave invites investors and interested parties to arrange one-on-one meetings during the conference by contacting their Needham representative or directly via D-Wave’s email.

In Other News: Investor Place article: “3 Quantum Computing Stocks With the Potential to Make You an Overnight Millionaire” 

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The quantum computing sector is experiencing significant growth and investor interest, highlights a recent Investor Place article. IonQ reported a 98% increase in revenue to $22 million and a 166% increase in bookings to $65.1 million for the full year 2023. Meanwhile, D-Wave Quantum received a buy rating from Needham with a $2.50 price target. The Defiance Quantum ETF offers a diversified investment option in the quantum computing industry with an expense ratio of 0.40%. These developments reflect the expanding influence of quantum computing in various sectors, bolstered by considerable investments from the U.S. and China, promising a potential market growth from $928.8 million in 2024 to over $6.5 billion by 2030.

Categories: quantum computing, research

Tags: Chicago Quantum Exchange, D-Wave, Illinois, PsiQuantum, Quantum Machines, SKKU, South Korea, stocks

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