The fast-growing world of quantum computing took a shocking turn this week, as a former industry leader revealed some unexpected news.
Over the past few weeks, many quantum computing stocks have performed extremely well, boosted by a few clear catalysts that have generated significant momentum. This list includes companies such as D-Wave Systems and Quantum Computing.
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Fellow quantum computing leader IonQ made headlines recently when it announced a major acquisition, sending shares up. But more recently, a former giant of the tech sector revealed ambitious plans to step into the quantum computing market and offered a timeline for its vision.
Even as the sector has grown recently, companies in the quantum computing space have often been overshadowed by their peers in the artificial intelligence (AI) field. However, these recent developments suggest that industry tides could be about to shift as tech leaders double down on quantum.
IMB CEO Arvind Krishna has big plans to help the company conquer the quantum computing market.
Quantum computing has another major leap forward
Quantum computing leverages the principles of quantum mechanics to perform computational tasks at an extremely fast rate. This is accomplished by utilizing quantum bits (qubits) of information, enabling quantum computers to solve problems more efficiently than classical machines.
Related: Nvidia CEO sends blunt 7-word message on quantum computing
One company known for producing classical computing machines has just announced a major pivot into the quantum industry, though. IBM, (IBM) one of the first companies to dominate the personal computing space, has revealed that it is working on building the world’s first large-scale quantum computer that can operate with no errors.
Stephen Guilfoyle, a veteran Wall Street trader who correctly predicted the rise of quantum computing last year, recently discussed IBM’s new venture in an analysis for TheStreet Pro, highlighting what it means for the company and industry.
“This upcoming system, to be known as “IBM Quantum Starling,” will be expected to perform up to 20,000 times more operations than what we currently refer to as quantum computers, he states. “Complex quantum states far beyond our current capabilities and even current imagination will be tackled by this system.”
He adds that if IBM’s plan progresses, the quantum Starling system will have the power to “access the computational power required for its processes by running 100 million quantum operations using 200 logical qubits,” ultimately paving the way for IBM Quantum Blue Jay, a system capable of executing one billion quantum operations.
News of IBM’s quantum computing plans sent IMB stock to a new record high, while boosting other quantum stocks such as Quantum Computing Inc and integrated circuit producer Rigetti Computing. While not all companies in the sector experienced this momentum, it is clear that IBM’s announcement is seen as a bullish indicator for the industry.
More Quantum Computing News:
- Veteran analyst who predicted quantum computing stocks rally unveils IonQ stock price target
- IonQ CEO’s strong 4-word message sends stock soaring
- Analyst flags new quantum computing stocks to buy
“Our expertise across mathematics, physics, and engineering is paving the way for a large-scale, fault-tolerant quantum computer — one that will solve real-world challenges and unlock immense possibilities for business,” states CEO Arvind Krishna.
The Starling plan isn’t IBM’s only step toward quantum dominance
This news has overshadowed another recent announcement regarding IBM and quantum computing. But SEEQC, a company that produces scalable and efficient quantum technologies, has revealed a strategic collaboration with IBM, as part of the U.S. Defense Advanced Research Projects Agency’s (DARPA) Quantum Benchmarking Initiative (QBI).
Related: Quantum computing news sends D-Wave Quantum’s stock price surging
SEEQC founder and CEO John Levy shared with TheStreet that he sees this collaboration as having major implications for both companies, as well as for the quantum computing field. He notes that the company’s roadmap offers IBM a path to launch the fault-tolerant quantum computer it is planning.
“We’re working together to explore how our ultra energy-efficient digital chips can help power IBM’s quantum systems, and if successful, it will be a major leap forward to building practical, scalable quantum computers — not just in research labs, but in real-world data centers for businesses and government,” he states.
Levy describes IBM as a leader in the quantum computing field, adding that his company sees its supercomputer plans as a “turning point for the industry.” Nvidia CEO Jensen Huang recently made a similar statement, revealing that he believes it is reaching an “inflection point” in the fairly near future.