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A complex quantum computing approach to complex financial risk

A new quantum algorithm could eventually make it easier for banks to manage the systemic risk that helped bring down the financial system more than a decade ago.Why it matters: Major financial institutions spend huge computing resources in calculating the systemic risk that may be contained in their portfolios. Replacing classical computing with a quantum architecture could allow them to do it faster and cheaper.What's happening: Zapata Computing, a Massachusetts-based quantum software company, and the Spanish bank BBVA are collaborating to develop a quantum algorithm to target credit valuation adjustment (CVA).CVA is a change to the market value of derivative adjustments that account for credit risks from counterparties. It was introduced as a new requirement for banks following the 2007–2008 financial crisis, when the banking system was almost...

28 May 2021

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Xanadu Lands $100 Million as Investments Pour Into Quantum Computing

Xanadu Quantum Technologies Inc., which aims to commercialize quantum computing using particles of light, has raised $100 million in new funding as investor interest in the industry heats up.On Tuesday, Xanadu announced a Series B funding led by Bessemer Venture Partners, one of Silicon Valley’s oldest such firms. Funding to date for the five-year-old company now totals $145 million, said Christian Weedbrook, founder and chief executive of Xanadu. Quantum computing has the potential to solve some problems many millions of times faster than a conventional computer, which is why major technology companies and startups are working to commercialize it using various approaches. Traditional computers store information as either zeros or ones. Quantum computers use quantum bits, or qubits, which represent and...

25 May 2021

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Quantum computers could crack today’s encrypted messages. That’s a problem

20191023 google quantum computer lab 010

Google plans to make million-qubit quantum computers by 2029 that are much more powerful than this system it showed in 2019. Stephen Shankland/CNET Quantum computers, if they mature enough, will be able to crack much of today's encryption. That'll lay bare private communications, company data and military secrets.Today's quantum computers are far too primitive to do so. But data surreptitiously gathered now could still be sensitive when more powerful quantum computers come online in a few years.The computing industry is well aware of this potential vulnerability. Some companies have embarked on an effort to create, test and adopt new encryption algorithms impervious to quantum computers. Some of...

24 May 2021

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Google Aims for Commercial-Grade Quantum Computer by 2029

Alphabet Inc.’s Google plans to spend several billion dollars to build a quantum computer by 2029 that can perform large-scale business and scientific calculations without errors, said Hartmut Neven, a distinguished scientist at Google who oversees the company’s Quantum AI program. The company recently opened an expanded California-based campus focused on the effort, he said.“We are at this inflection point,” said Dr. Neven, who has been researching quantum computing at Google since 2006. “We now have the important components in hand that make us confident. We know how to execute the road map.” Chief Executive Sundar Pichai announced the timeline and introduced the new Google Quantum AI campus in Santa Barbara County on Tuesday at Google’s annual developer...

18 May 2021

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Amazon’s Bid to Recover JEDI Cloud Computing Contract Stays Alive

WASHINGTON— Amazon. com Inc.’s bid to win back the Pentagon’s JEDI cloud computing contract stayed alive Wednesday as a federal judge rejected motions by the Defense Department and Microsoft Corp. to dismiss much of Amazon’s challenge of the contract award. Judge Patricia Campbell-Smith of the U.S. Court of Federal Claims rejected the motions, according to a court docket entry. Her opinion and order in the case weren’t made public immediately, making the extent of the government’s legal defeat unclear. The move is significant nonetheless because it opens the door to continued protracted court battles over the Joint Enterprise Defense Infrastructure, or JEDI, contract. ...

28 April 2021

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A student’s physics project could make quantum computers twice as reliable

A student's tweak in quantum computing code could double its ability to catch errors, piquing the interest of Amazon's quantum computing program. The new code could be used to build quantum computers that live up to the promises of lightning-fast processing time and the ability to solve more complex problems than traditional computers could handle. So far, only two computers have reached "quantum supremacy," or the ability to complete a quantum calculation faster than the fastest supercomputer. But neither of those computers used error correction codes that will be necessary to scale up quantum computing for widespread, reliable use, the researchers on the new study said. Regular computing depends on "bits," which are like switches that can toggle between the "on" or "off" position. The position of the bits encodes information. Quantum computing...

22 April 2021

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Quantum Computing. From test tube computers to qubits in… | by Carly Anderson | Prime Movers Lab

From test tube computers to qubits in the cloudThere are some applications beyond breaking internet encryption that quantum computers will be good at. We know that quantum computers will be particularly simulating nature (chemistry, materials, complex physical systems). Additionally, there are optimization problems that are “classically hard but quantumly easy”, and identifying more is an active area of research.The first quantum computers that appeared in the 2000s were simply chemicals in a test tube, programmed with radiofrequency pulses (similar to an MRI scan).Since then, scientists. engineers and researchers have made qubits (quantum bits) out of many types of particles — single atoms, single ions, electrons, or photons (particles of light), and from the relationships between particles. Quantum computers based on all of these are being...

22 February 2021

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Will Quantum Computers Truly Serve Humanity?

From the very earliest times in recorded human history, new technologies have been used for both positive and negative reasons. Scientists such as Robert Oppenheimer, whose work ultimately led to the development of nuclear weapons, have been only too aware of how technology can be harnessed by society in ways that raise ethical challenges. Our experience with computers is no different. New technologies have made life easier in many ways, yet we can see that when controls are lacking it can lead to unforeseen societal outcomes. We are now on the threshold of a new computer technology era more powerful than anything that preceded it: the age of quantum computing. However, this time we have a chance to stop and think carefully about the ethical use of a transformative technology today while we can still shape the future. Nicholas Niggli, deputy...

17 February 2021

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New technology could boost quantum computers

Beyond their actual property, superconductors are remarkable and likewise valuable. They’re found in clinical imaging, quantum PCs, and cameras utilized with telescopes. However, superconducting gadgets can be finicky. Frequently, they’re costly to produce and inclined to err from environmental noise. A recent study could change that. Scientists from Karl Berggren’s group in the Department of Electrical Engineering and Computer Science are developing a superconducting nanowire, enabling more efficient superconducting electronics. The nanowire’s potential benefits derive from its simplicity. In 1956, MIT electrical Dudley Buck published a depiction of a superconducting computer switch called the cryotron, a device that was little more than two superconducting wires: One was straight, and the other was curled around it. The cryotron goes...

11 February 2021

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IBM promises 100x faster quantum computers through new software foundations

In this IBM quantum computer, the processor is in the canister at the bottom. Stephen Shankland/CNET IBM unveiled on Wednesday improvements to quantum computing software that it expects will increase performance of its complex machines by a factor of 100, a development that builds on Big Blue's progress in making the advanced computing hardware.In a road map, the computing giant targeted the release of quantum computing applications over the next two years that will tackle challenges such as artificial intelligence and complex financial calculations. And it's opening up lower level programming access that it expects will lead to a better foundation for...

3 February 2021

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