Category Archives: Quantum Computing

Apple unveiled PQ3, the most significant cryptographic security upgrade in iMessage history, for iOS 17.4 on Feb. 21.

With the new protocol, Apple becomes one of only a handful of providers featuring post-quantum cryptography for messages. Signal launched a quantum resistant encryption upgrade back in September 2023, but Apple says its the first to reach level 3 encryption.

According to the Cupertino-based company:

Apples iMessage has featured end-to-end encryption since its inception. While it initially used RSA encryption, the company switched to Elliptic Curve cryptography (ECC) in 2019.

As of current, breaking such encryption is considered infeasible due to the amount of time and computing power required. However, the threat of quantum computing looms closer every day.

Theoretically, a quantum computer of sufficient capabilities could break todays encryption methods with relative ease. To the best of our knowledge there arent any current quantum computing systems capable of doing so, but the rapid pace of advancement has caused governments and organizations around the world to begin preparations.

The big idea is that by developing post-quantum cryptography methods ahead of time, good actors such as banks and hospitals can safeguard their data against malicious actors with access to cutting-edge technology.

Theres no current time frame for the advent of quantum computers capable of breaking standard cryptography. IBMclaims it will have hit an inflection point in quantum computing by 2029, while MIT/Harvard spinout QuEra says it will have had a 10,000-qubit error-corrected system by 2026.

Unfortunately, bad actors arent waiting until they can get their hands on a quantum computer to start their attacks. Many are harvesting encrypted data illicitly and storing it for decryption later in whats commonly known as a HNDL attack (harvest now, decrypt later).

Related: Oxford economist who predicted crypto going mainstream says quantum economics is next

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Apple is future-proofing iMessage with post-quantum cryptography - Cointelegraph

The Monetary Authority of Singapore has told the country's financial institutions to make sure they are prepared for the rising cybersecurity risks posed by quantum computing.

Experts predict that over the next decade cryptographically relevant quantum computers will start posing cybersecurity risks. These computers will break commonly-used asymmetric cryptography, while symmetric cryptography could require larger key sizes to remain secure.

A recent DTCC white paper warned that quantum computing could "create significant new risks for financial firms by making even the most highly protected computer systems vulnerable to hacking".

In an advisory to FS firms, MAS says this means the sector needs to attain 'cryptoagility' to be able to efficiently migrate away from the vulnerable cryptographic algorithms to post-quantum cryptography without significantly impacting their IT systems and infrastructure.

To help them prepare, the regulator says companies should be monitoring ongoing quantum computing developments; making sure management and third party vendors are up to speed on the subject; and working with vendors to assess IT supply chain risks.

Firms should be maintaining an inventory of cryptographic assets, and identifying critical assets to be prioritised for migration to quantum-resistant encryption, says the MAS.

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Singapore warns banks to prepare for quantum computing cyber threat - Finextra

Apple says there's a real risk that future quantum computers could be able to decrypt and read content sent via its iMessage app, so it developed a new protocol to combat the potential threat.

To create the new iMessage protocol, which is called PQ3, Apple says it rebuilt its cryptographic protocol "from the ground up" to redesign iMessage from a security standpoint. PQ stands for post-quantum, and Apple says PQ3 brings a third level of protection to its end users. It's also able to conceal the size of messages, the company says.

Content on iMessage is currently end-to-end encrypted, meaning messages from both the sender and receiver are encrypted so that not even Apple can view your messages.

"The rise of quantum computing threatens to change the equation," Apple's Security Engineering and Architecture (SEAR) team wrote Wednesday.

While some quantum computers already exist and are in use, the Technical University of Denmark said last year that such machines aren't that powerful yet. Researchers estimate that quantum computers may not be able to crack end-to-end encryption for years to come, mainly because current quantum computers simply aren't big enough.

"Even though they cant decrypt any of this data today, they can retain it until they acquire a quantum computer that can decrypt it in the future, an attack scenario known as Harvest Now, Decrypt Later," Apple's SEAR team says.

But Apple's proactive solution aims to alleviate such concerns. Apple will roll out PQ3 on iMessage to fully replace its existing protocol sometime this year. Once Apple users install the software update that includes PQ3, their messages will be protected by it going forward.

PQ3 will launch with iOS 17.4, which is expected in March, as well as iPadOS 17.4, macOS 14.4, and watchOS 10.4, according to Apple. This means Apple plans to add its next-gen security feature to all its devices that offer iMessage, from its iPhones to tablets, computers, and wearables.

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Apple Ramps Up iMessage Security to Fight Looming Quantum Computing Threat - PCMag

Traditional computers use binary bits, but quantum computers leverage qubits, enabling faster processing. Conventional semiconductors operate on a binary system, like Nvidia H100s, where each transistor represents a 1 or 0.This will become a central part of this IONQ stock outlook later on.

Quantum computing, however, operates on a different principle, utilizing quantum bits (qubits) that can exist in multiple states simultaneously. This allows quantum systems to perform exponentially more calculations than classical systems.

IonQs (NYSE:IONQ) recently achieved a significant milestone in quantum technology, hinting at its potential to revolutionize computing. Its trapped ion tech minimizes QPU size, enhancing power and reducing costs and errors.

As IonQ emerges as a top contender in the quantum computing stocks arena, it has marked a remarkable 117% surge in share price over the past year. Despite a modest 10% gain year-to-date, it presents a suitable entry point for investors.

IonQ, a quantum computing leader, unveiled the USs inaugural quantum computing manufacturing hub in Bothell, WA. The expanded facility accommodates research, development, and production.

The company inaugurated the first US-based factory producing replicable quantum computers for client data centers, enhancing technology innovation and manufacturing in the Pacific Northwest. CEO Peter Chapman highlighted IonQs commitment to commercializing quantum computing.

Sen. Maria Cantwell was also there to show her unending support for IonQ during the ribbon-cutting ceremony. She noted the companys hard work and dedication in innovating quantum computing. She emphasized quantum computings transformative potential in various fields. This is central to this IONQ stock outlook.

IonQ continues its streak of success, achieving milestones like #AQ35 ahead of schedule and expanding partnerships with Amazon Braket and QuantumBasel. It collaborates with global giants and secures projects with the US Air Force Research Lab.

In other news, IonQ renews its partnership with SKKU in South Korea, offering continued access to IonQs quantum systems. This fosters innovation and strengthens South Koreas position in quantum computing.

SKKU Professor Yonuk Chong expressed satisfaction with IonQs research outcomes and commitment to future collaboration. South Korea aims to lead in quantum computing, supported by IonQs tangible contributions. This announcement aligns with IonQs broader efforts in South Korea, including partnerships with Hyundai Motors and the government.

In Q3 2023, IonQ achieved significant year-over-year revenue growth of 122%, signaling strong performance and technological advancements. It also showed several bookings totaling to $26.3 million. This surpassed expectations and demonstrated how in demand IonQ is.

When 2023 closed, IONQ achieved its target to $100 million of cumulative bookings since 2021. The company also altered its revenue forecast to $22 million, showing its confidence in achieving such targets through contract milestones.

Moreover, it raised its 2023 booking guidance to $60-63 million, reflecting sustained demand. IONQ introduced Forte Enterprise and Tempo systems to target diverse market needs, emphasizing compactness and compatibility with existing infrastructure.

Milestones achieved, such as reaching AQ 29, underscore IONQs forefront position in trapped-ion quantum computing.

IonQs major clients comprise research labs and government bodies like the U.S. Air Force Research Lab and QuantumBasel in Switzerland. Collaborations with Seoul National University in South Korea indicate expansion into academia, and these tie ups suggest theres some powerful money and minds behind IonQ and its innovative goals.

While the roadmap to profitability may take years to play out, I do think IonQ remains intriguing as a speculative buy. I wouldnt recommend any investor put all their chips behind this stock. Its far too risky a bet, and should be lumped in with other high-potential growth stocks in the riskier end of a portfolios barbell strategy.

But for those seeking the next big thing beyond AI, quantum computing is a space to consider for long-term growth. Right now, IonQ looks like a company that could be a winner in this space, though time will tell. This concludes my IONQ stock outlook.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

Chris MacDonalds love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

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IONQ Stock Outlook: Why This Quantum Computing Play Could Be a Long-Term Winner - InvestorPlace

iMessage is set to receive a substantial security upgrade as Apple plans to introduce a post-quantum cryptographic protocol called PQ3.

Those are some five-dollar words, but what do they mean? In a nutshell, PQ3 is a new type of encryption tech that can locally generate encryption keys for an iMessage text on an iPhone. The text is sent to Apple servers where a fresh key is made and sent back to the device. So if a hacker somehow gets their hands on one of these messages, they cant use its key to gain access to your conversation. The locks have been changed, so to speak. Thats the gist of PQ3. A post on Apples Security Research Blog goes into way more detail. For the sake of brevity, well keep things short. But the breakdown talks about the cryptography behind everything, how rekeying works, the padding process, as well as the extensive reviews done by cybersecurity experts.

The reason Apple is doing all this is to protect its service from future threats, namely sophisticated quantum [computing] attacks. Such attacks arent exactly widespread in 2024 as computers capable of bypassing modern high-end cryptography techniques dont exist yet. Security experts have sounded the alarm, warning companies around the world of an event known as "Q-Day". This is where a quantum computer powerful enough to crack through the internet's encryption systems and security is built. And Apple has decided to listen.

The average hacker probably wont have access to this type of technology, but it may be found in the hands of a foreign adversary. Apple is particularly worried about an attack scenario called Harvest Now, Decrypt Later (also known as Store Now, Decrypt Later) which sees hackers collect as much encrypted data as possible, then sit on this treasure trove of information until the day comes where quantum computers are strong enough to break through the protection.

Support for PQ3 is scheduled to launch with the public releases of iOS 17.4, iPadOS 17.4, macOS 14.4, and watchOS 10.4. Apple is covering all of its bases here. The company claims the boosted protection is available right now on the current developer and beta builds, however, that may not be the case. We havent seen people talking about receiving PQ3 on social media or reports from other publications detailing their experiences apart from a brief mention by MacRumors. Its possible the patch could roll out to more people soon.

When PQ3 does officially launch, it could give iMessage a huge edge over other messaging platforms. Apple, in its blog post, boasts its service has Level 3 security because it has PQC (Post-Quantum Cryptography) protection. To put that into perspective, WhatsApp is Level 1 as it has end-to-end encryption but is vulnerable to quantum computing attacks. Signal is Level 2 because it has PQC although it lacks the key refresh mentioned earlier. There are plans to further improve PQ3 by implementing something called PQC authentication.

We reached out to Apple asking what this means and when people can expect the release of PQ3. This story will be updated at a later time.

In the meantime, check out TechRadar's roundup of the best iPhone for 2024.

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Apple future-proofing iMessage to protect against the scary future of quantum computing hacking - TechRadar

Tech giant Apple has announced a significant upgrade to its iMessage platform, introducing a new encryption protocol, PQ3, in a proactive move to fortify its messaging service against potential advancements in quantum computing technology. The unveiling of PQ3 underscores Apples strategic response to the looming threat posed by future breakthroughs in quantum computing, which could render current encryption methods vulnerable to exploitation. The new protocol represents a comprehensive overhaul of the iMessage cryptographic framework, signaling a proactive approach to preemptively safeguarding user communications.

In a blog post released on Wednesday, Apple emphasized the proactive nature of its initiative, highlighting the complete reconstruction of the iMessage cryptographic protocol from the ground up. The company asserts that PQ3 will replace the existing protocol across all supported conversations throughout the year, ensuring enhanced security for users.

While Apple affirms the robustness of its current encryption algorithms and notes no successful attacks thus far, concerns linger among government officials and scientists regarding the potential disruptive impact of quantum computers. Quantum computing, leveraging the properties of subatomic particles, could theoretically compromise existing encryption standards, prompting tech firms to take preemptive measures to mitigate future risks.

A Reuters investigation conducted last year shed light on the intensifying competition between the United States and China in preparing for the advent of quantum computing, a phenomenon colloquially referred to as Q-Day. Both nations have ramped up investments in quantum research and post-quantum cryptography standards, amid allegations of intercepting encrypted data in anticipation of future vulnerabilities.

Acknowledging the imperative for early preparation, the U.S. Cybersecurity and Infrastructure Security Agency underscored the importance of preemptive measures in safeguarding data against potential threats that may emerge with the proliferation of quantum computing technology.

Apples deployment of PQ3 incorporates a novel array of technical safeguards aimed at mitigating the potential vulnerabilities posed by quantum computing advancements, reinforcing the companys commitment to data security and privacy.

Michael Biercuk, founder and CEO of Q-CTRL, a quantum technology company, lauded Apples proactive stance, characterizing it as a vote of confidence in acknowledging the transformative potential of advanced computing technologies and the imperative to fortify existing security measures against future threats.

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Apple Bolsters iMessage Encryption Amid Quantum Computing Threats - Telecom Lead

This article looks at several undervalued quantum computing stocks for investors to consider. Quantum computing is an innovative technology that utilizes the principles of quantum mechanics to tackle highly intricate problems beyond the capabilities of classical computers. With the availability of real quantum hardware, a concept envisioned only 30 years ago, hundreds of thousands of developers now have access.

Engineers consistently release increasingly potent superconducting quantum processors, accompanied by pivotal advancements in software. This collective effort aims to achieve the speed and capacity required to revolutionize various industries.

In laymans terms, quantum machines differ significantly from classical computers that have existed for over half a century, marking a transformative era in computational capabilities.

Supercomputers, comprising thousands of classical CPU and GPU cores, are the go-to for scientists and engineers facing complex challenges. However, their reliance on binary code and 20th-century transistor technology limits their effectiveness, especially for highly intricate problems involving numerous interacting variables.

Classical computers often falter when dealing with complexity, such as modeling atomic interactions or detecting subtle fraud patterns. Quantum computers, leveraging quantum physics principles, offer a promising alternative.

Operating with quantum bits (qubits) that exist in multiple states simultaneously, they present a potential solution to problems deemed unsolvable by classical computers. As the real world operates on quantum physics, quantum computing emerges as a revolutionary tool for tackling previously insurmountable tasks.

Quantum computers need to operate in an extremely cold operating environment, as low as -272C, to prevent interference from thermal noise.

Lets dive into the three most undervalued quantum computing stocks in January.

IonQ (NYSE:IONQ) is a leading player in quantum computing, offering cutting-edge solutions. Utilizing trapped ions as qubits, IonQ stands out for its advanced quantum hardware. The company aims to deliver practical quantum computing power for various applications, ranging from optimization problems to complex simulations.

Last September, IonQ reported third-quarter results with $6.1 million in revenue, surpassing the upper end of its previously-communicated range. The outlook for 2023 full-year revenue and bookings has been raised once again.

The third quarter saw bookings of $26.3 million, bringing the year-to-date bookings to $58.4 million as of Q3. The company demonstrated robust growth in its commercial pipeline. It achieved a significant milestone with $100 million in cumulative bookings within the initial three years of its commercialization efforts, showcasing the strong demand for IonQs quantum computing solutions.

Shares are down about 24% over the last three months. IONQ has a market cap of $2.33 billion.

FormFactor (NASDAQ:FORM) is one of the three undervalued quantum computing stocks, is a prominent semiconductor testing and measurement solutions provider. Specializing in advanced wafer probe cards, FORM facilitates the evaluation and testing of semiconductor devices during manufacturing. The companys cutting-edge technologies contribute to developing high-performance electronic devices, including quantum computing products, across various industries.

Approximately 25% of FormFactors revenue falls under the systems category, encompassing machines utilizing probe cards. CEO Mike Slessor highlighted on an earnings call that these systems collaborate with fab customers, contributing to R&D efforts for advancing wafer and chip manufacturing techniques, particularly for materials like silicon carbide (SiC) and gallium nitride (GaN).

Notably, FormFactors quantum cryogenics systems, included in this unit, cater to the unique requirements of quantum computers, which operate in a closely monitored environment. FormFactor is vital in supporting companies developing quantum computers and chipmakers testing advanced chips and materials for extreme conditions.

For the third quarter of 2023, the company reported record systems segment revenue. Shares are up 16% over the past three months, with a market cap now at just over $3 billion.

Source: Laborant / Shutterstock.com

IBM (NASDAQ:IBM) said recently that it has developed hardware and software solutions reaching a groundbreaking point. This enables the execution of quantum circuits with 100 qubits and 3,000 gates, devoid of known answers. Accordingly, this marks a pivotal moment where quantum becomes a practical computational tool.

I like to say users are using quantum computing to do quantum computing, and we are adding capabilities that open up quantum to an extended set of users that includes what we refer to as quantum computational scientists. We think this is proof enough that weve entered a new era, the company said in a blog post.

IBM recently unveiled IBM Condor, a remarkable leap in quantum processing with a 1,121 superconducting qubit quantum processor. Built on cross-resonance gate technology, Condor achieves a 50% increase in qubit density, pushing the boundaries of chip design scalability and yield. Despite its significantly expanded scale, Condors performance remains comparable to its predecessor, the 433-qubit Osprey.

IBM stock is up about 20% over the past three months. However, its multi-year performance still lags other Big Tech stocks, leaving room for shares to re-rate higher on the companys increasing exposure to next-gen technologies like quantum computing, AI, ML, etc.

On the date of publication, Shane Neagle did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

Shane Neagle is fascinated by the ways in which technology is poised to disrupt investing. He specializes in fundamental analysis and growth investing.

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The 3 Most Undervalued Quantum Computing Stocks to Buy in January - InvestorPlace

Want to keep track of the largest startup funding deals in 2024 with our curated list of $100 million-plus venture deals to U.S.-based companies? Check out The Crunchbase Megadeals Board.

This is a weekly feature that runs down the weeks top 10 announced funding rounds in the U.S. Check out last weeks biggest funding rounds here.

The second full week of the new year got a big jolt near the end of it with Flexports huge raise. That round, combined with an even bigger raise by a quantum computing startup and along with a handful of $75 million rounds made it a pretty solid week.

1. Quantinuum, $300M, quantum: Quantinuum locked up a fresh $300 million equity fundraise at a pre-money valuation of $5 billion, as investors are clearly excited about the possibilities of quantum computing. The new funding was led by JPMorgan Chase. The Broomfield, Colorado-based company was spun out of Honeywell in 2021 and merged with Cambridge Quantum Computing. Quantinuum says it has now raised approximately $625 million. Last year, funding to quantum computing startups hit nearly $1.2 billion, per Crunchbase data. That number dwarfed the less than $800 million raised in 2022 making quantum one of the few sectors to see an increase in venture funding in 2023. While its too early to say venture funding will again increase in the sector this year, it is evident investors see the potential in both quantum technology and its ability to produce big financial returns.

2. Flexport, $260M, logistics: The news broke late Friday logistics giant Flexport is raising $260 million from partner and e-commerce titan Shopify after burning through hundreds of millions of dollars last year, per a report in The Information. The huge fundraising event is just the latest headline for the San Francisco-based startup that hit a peak valuation of $8 billion almost exactly two years ago after raising a massive $935 million round. Flexport and Shopify are no strangers to making deals with each other. Last May, Flexport announced the acquisition of the assets of Shopifys logistics business for a 13% equity interest in the private company. Shopify also gave Flexport a $40 million cash infusion as part of the deal, per The Information report. Of course, that was far from the only reason Flexport was in the news last year. In September, the big news hit that Flexports then-CEO Dave Clark was abruptly leaving the company after just a year and founder Ryan Petersen was coming back to take the reins as the company struggled with shipping volume declines after the pandemic boom. Flexport also made headlines in November after acquiring the assets of shuttered Jeff Bezos-backed digital freight startup network Convoy. Flexport had raised nearly $2.4 billion in equity and debt before the new Shopify round. Some of its noteworthy investors include Andreessen Horowitz, MSD Partners and the SoftBank Vision Fund.

3. (tied) Cleveland Diagnostics, $75M, biotech: There have not been a lot of big raises so far this year, but the few we have seen are usually related to biotech. Cleveland Diagnostics is the latest example, locking up a $75 million round led by Novo Holdings. The Cleveland-based biotech is developing diagnostic tests for the early detection of cancers and will use some of the new proceeds to grow the use of its novel IsoPSA prostate cancer test. Founded in 2013, the company has raised $111 million, per Crunchbase.

3. (tied) Comanche Biopharma, $75, biotech: Like we said, theres been several big rounds in biotech. Concord, Massachusetts-based Comanche Biopharma locked up a $75 million Series B led by New Enterprise Associates. The startup is looking at therapies for preeclampsia, a serious pregnancy complication that affects approximately 10 million women globally each year, according to the company. The issue can lead to complications for both the mother and the baby, including multiorgan damage and seizures. Founded in 2020, the company has raised $111 million, per Crunchbase.

3. (tied) DailyPay, $75M, fintech: Waiting for payday can be a drag. New York-based DailyPay just raised a fresh $175 million so you dont have to do that. The company partners with employers to allow employees to track, transfer, spend or save their pay as they earn it. The new round was made up of $100 million in an expanded credit facility and more than $75 million in equity financing led by Carrick Capital Partners. The round valued the company at $1.75 billion on a pre-money basis. Founded in 2015, the company has raised $1.2 billion, per Crunchbase.

3. (tied) Tr1X, $75M, biotech: We are not quite done with the big biotech raises yet. San Diego-based Tr1X popped out of stealth this week and announced a $75 million Series A led by The Column Group. The company is developing therapies for autoimmune and inflammatory diseases. Founded in 2018, this is the companys first round with a disclosed amount, per Crunchbase.

7. Digital Onboarding, $58M, SaaS: Boston-based Digital Onboarding, a customer relations platform for financial services, closed a $58 million investment from Volition Capital. Founded in 2015, the company has raised nearly $63 million, per Crunchbase.

8. Forta, $55M, health care: San Francisco-based Forta, which uses AI to help with access to quality care, raised a $55 million Series A led by Insight Partners. Founded in 2021, this is the companys first round with a disclosed amount, per Crunchbase.

9. Ratio Therapeutics, $50M, biotech: Boston-based Ratio Therapeutics, a pharmaceutical startup developing radiopharmaceuticals for the treatment and monitoring of cancers, closed a $50 million Series B from various investors including Bristol Myers Squibb. Founded in 2021, Ratio has raised more than $90 million, per the company.

10. SmartLabs, $48M, biotech: Boston-based SmartLabs, which provides laboratory infrastructure and resourcing as-a-service to companies, locked up a $48 million Series C from several investors including Conversion Venture Capital. Founded in 2015, the company has raised more than $400 million, per Crunchbase.

The biggest deal of the week came from the Red Dragon.

We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of Jan. 13 to 19. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman

Clarification: This story has changed since its original publication to add Flexports $260 million raise.

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

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The Week's 10 Biggest Funding Rounds: Quantinuum And Flexport Lock Up Huge Rounds - Crunchbase News

Users from Bulgaria, Singapore, Japan, Russia and Canada were among those who logged in, but the US led the tally, it said, without providing specific numbers.

The machine had completed 33,871 quantum computing tasks for global users since it became operational on January 6, the report added.

Named after the Monkey King of Chinese mythology, Origin Wukong is Chinas first home-grown third-generation superconducting quantum computer.

It is Chinas latest and most advanced programmable and deliverable machine of its kind, according to the Science and Technology Daily.

Chinese scientists claim record smashing quantum computing breakthrough

Origin Quantum, the company behind the feat, was founded in 2017 by Guo Guoping and Guo Guangcan leading quantum physicists at the University of Science and Technology of China (USTC) in southeastern Anhui province.

US quantum computers are not open to China, Guo Guoping told the Post. But, adhering to the notion of scientific exploration without borders, we are willing to open our services to users around the world, including the US, to jointly promote the concept of quantum computing for the benefit of mankind.

Quantum computing is seen as a disruptive technology. It uses elementary particles called qubits, short for quantum bits, as its basic unit of information equivalent to the digital bits used in traditional computing.

China and the United States are among major world powers racing to be No 1 in utilising the key technology, which has the potential to transform many fields, including healthcare, finance and data security.

Origin delivered its first superconducting quantum computer to the domestic market in 2020. The countrys first practical quantum computer was also from Origin the 24-qubit Wuyuan second generation machine that was delivered to an undisclosed user in 2021.

The feat made China the third country after Canada and the US to gain the capability to deliver a complete quantum computing system.

The Wukong is powered by a 72-qubit home-made superconducting quantum chip, also called the Wukong chip.

Jia Zhilong, a director in charge of quantum chip research and development at Origin, said the launch of this locally made chip and computer was akin to an entry ticket to the field of superconducting quantum computer manufacturing.

He said it showed that China was capable of independently producing scalable quantum computer chips and systems of a certain size, local newspaper Anhui Daily reported earlier this month.

China sells quantum chips to Middle East and West in show of growing influence

Kong Weicheng, another researcher at Origin, told the paper that the companys latest powerful machine could send out and execute up to 200 quantum circuits at one time, giving it a greater speed advantage.

Despite these advances, the quantum gap between Chinese players and their Western counterparts remains wide.

In November 2022, Americas IBM launched its 433-qubit Osprey processor, the worlds fastest quantum computer at the time. In October last year, Californian start-up Atom Computing left the Osprey behind with the debut of its first quantum computer with more than 1,000 qubits. Two months later, IBM unveiled the Condor with 1,121 superconducting qubits.

Although having more qubits does not necessarily mean better performance, large numbers will be needed to build error-free quantum computers that would be more useful than todays noisy research machines, involving a certain probability of errors during the calculation process.

Chinese scientists acknowledge the gap with the West.

In late 2022, Zhang Hui, general manager of Origin Quantum, said China was at the forefront of global quantum science research but relatively behind in quantum computing.

The development of quantum computers involves many advanced engineering issues, Zhang told Chinese news outlet Guancha.cn. This includes the production of superconducting chips and traditional semiconductors both crucial hi-tech areas where China lags behind the US and the West.

He added that there was a huge gap between China and the US in the industrial applications of quantum computing.

Leading players such as IBM and Google started exploring industrial applications as early as the 1990s. But its only since the establishment of Origin Quantum in 2017 that we started exploring industrial applications, Zhang said.

However, whether featuring 72 or more than 1,000 qubits quantum computers are not about to replace conventional ones soon. At this stage, they can only perform very specific tasks for short periods of time in a protected environment.

Numerous technical challenges, such as the ability to correct errors, have led some scientists to forecast that a practical quantum computer is still years, if not decades, away.

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US users top list after Chinas state-of-the-art quantum computer goes global - South China Morning Post

Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) made a US$50M investment in Quantinuum ("Quantinuum", Head Office: Broomfield, Colorado, U.S.A., CEO: Rajeeb Hazra), a leading global quantum computing company. This investment is part of Quantinuum's US$300M equity fundraise, and was completed alongside JPMorgan Chase, Honeywell and Amgen. The investment will accelerate Quantinuum's path toward developing the world's first universal fault-tolerant quantum computers*1, while also extending the company's leading quantum software offerings.

Mitsui and Quantinuum have also entered into a distributorship agreement to introduce Quantinuum's solutions to the Japanese and Asia-Pacific markets. Mitsui will jointly propose and provide Quantinuum's knowledge, know-how and solutions, starting with the quantum cybersecurity field, to advanced users in the region that are leveraging the power of quantum computing.

By 2035, it is forecasted that quantum computing will grow to become a US$450B - $850B*2 market worldwide, in fields such as new material development, healthcare, financial services, cybersecurity, and logistics optimization. Development and utilization of the technology is accelerating worldwide.

Mitsui and Quantinuum will further deepen their strategic partnership through investment and business collaboration to accelerate the development of use cases, create new business models, and enhance customer offerings by integrating Mitsui's business knowhow in a wide range of global industrial sectors with Quantinuum's advanced quantum technology.

Notes *1 A quantum computer that can automatically correct errors that occur even with a sufficient number of qubits and accurately calculate while correcting them. (FTQC: Fault-Tolerant Quantum Computer) *2 Source: Boston Consulting Group "Quantum Computing Is Becoming Business Ready" (May 2023)

http://www.quantinuum.com/

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Mitsui to invest in Quantinuum, a leading global quantum computing company, and sign a distributorship agreement for ... - Mitsui