Quantum News Briefs: February 15, 2024: Quanscient Awarded First Prize in Fujitsu’s Global Quantum Simulator Challenge; Quantum Flagship Unveils New roadmap to position Europe as the ‘Quantum Valley’ of the world; Quantum Computing Inc. Awarded Fourth Subcontract from NASA; and MORE!
Quantum News Briefs: February 15, 2024:
Quanscient Takes Significant Leaps in Quantum Algorithms – Awarded First Prize in Fujitsu’s Global Quantum Simulator Challenge
Finnish quantum technology company Quanscient has been declared the Fujitsu $100,000 Quantum Simulator Challenge first prize winner, showcasing its innovative approach to fluid dynamics through quantum algorithms. This competition, designed to push the boundaries of quantum computing research, saw Quanscient leverage Fujitsu’s 39 qubit quantum simulator to enhance multiphysics simulations, particularly in fluid dynamics, with applications ranging from vehicle manufacturing to biomedicine. Quanscient, known for its advanced simulation technology, Quanscient Allsolve, is pioneering the integration of quantum computing into cloud-based multiphysics simulations, promising significant advancements in computational fluid dynamics (CFD) and broader R&D processes. The company’s focus on developing quantum algorithms like the quantum lattice Boltzmann method (QLBM) highlights its role as a leader in quantum computing applications, aiming to revolutionize industries with more efficient simulations and lower CO2 emissions.
Quantum Flagship Unveils New roadmap to position Europe as the ‘Quantum Valley’ of the world
The Quantum Flagship has announced a new roadmap to establish Europe as the first “Quantum Valley,” aiming for self-reliance in developing essential quantum components and hardware. Presented in Brussels, the Strategic Research and Industry Agenda SRIA 2030 outlines Europe’s ambition to become a global leader in quantum technologies, emphasizing economic and technological sovereignty. The agenda, resulting from contributions by over 300 experts, aims to consolidate Europe’s position by leveraging its innovation hubs, research centers, startups, and significant public funding. The roadmap seeks to unify various quantum research and industrialization efforts into a single coherent strategy, enhancing Europe’s capabilities in quantum computing, simulators, communications, and the future quantum internet. It also focuses on expanding the quantum workforce and fostering collaboration across industrial and academic sectors to integrate quantum technologies into high-performance computing, communications, and the semiconductor industry. With a collective investment exceeding €5.7 billion over the past five years, the SRIA aims to optimize future quantum investments and position Europe at the forefront of global quantum technology innovation by 2030.
Quantum Computing Inc. Awarded Fourth Subcontract from NASA
Quantum Computing Inc. (QCi), a leader in quantum optics and nanophotonics, has received its fourth project from NASA, awarded through Analytical Mechanics Associates, to apply its unique Entropy Quantum Computing (EQC) technology to denoise LiDAR spectral information by removing sunlight noise. This advancement promises a cost-effective solution for NASA to accurately measure the physical properties of clouds and aerosols in lower earth orbit, enhancing space mission preparations at any time of day. Unlike traditional noise reduction methods that rely on larger lasers and restrictive bandwidth filtering, EQC offers a more efficient alternative, requiring less size, weight, power, and cost. QCi’s CEO, Dr. William McGann, highlights this project as an example of EQC’s broad applicability in spectral sensing measurements and aligns with QCi’s launch of the Dirac-3, a new Entropy Quantum Machine expected to surpass competing technologies in speed, resolution, and performance. This collaboration underlines the federal government’s substantial investment in LiDAR technologies for space exploration.
In Other News: Yahoo Finance article: “Global Quantum AI Market Size To Worth USD 3900 Million By 2033 | CAGR Of 32.40%:”
According to a recent Yahoo Finance article, the Global Quantum AI Market, valued at USD 239.4 million in 2023, is projected to surge to USD 3900 million by 2033, growing at a CAGR of 32.40%, according to Spherical Insights & Consulting. This remarkable growth is driven by integrating artificial intelligence with quantum computing to tackle problems beyond the scope of current technologies. The report highlights significant investments from both the private sector and governments worldwide, including the U.S., China, the EU, and Australia, in quantum AI technology development. Despite challenges such as high setup costs and technical issues like scalability and qubit stability, the market sees potential in various applications, including machine learning, cryptography, and quantum internet. The hardware segment, crucial for quantum computing’s advancement, is expected to dominate the market. North America, led by the U.S.’s tech giants and research institutions, is poised to hold the largest market share. At the same time, Asia Pacific, with countries like China and South Korea investing heavily in quantum AI, is anticipated to experience the fastest growth.
In Other News: IEEE Spectrum article: “Alibaba and Baidu Cash Out on Quantum Computing Stakes But Tencent and Beijing double down”
The departure of Chinese tech giants Alibaba and Baidu from the quantum computing sector, marked by the shutdown of their research units and the donation of their equipment to academic institutions, has sparked discussions on the implications for China’s quantum computing ambitions, highlights a recent IEEE Spectrum article. Despite these exits, experts caution against interpreting the moves as a decrease in China’s interest in the field. The closures, occurring just over a month apart, have led to speculation about potential government intervention aiming to consolidate control over this strategic technology. Meanwhile, other companies like Tencent continue to highlight their quantum computing initiatives, and the Chinese government remains committed to advancing quantum technology, as evidenced by strategic plans emphasizing quantum cloud platforms and industrial applications. The significant investments and achievements in quantum communications and computing by China suggest a continued strategic priority despite the private sector’s challenges and recalibrations. The situation underscores the complex interplay between government objectives, corporate strategy, and the evolving landscape of quantum technology development in China.
In Other News: Simply Wall St. article: “Quantum Insiders Forfeit On 25% Gains After Selling Stock”
Quantum Corporation (NASDAQ: QMCO) shareholders have seen a significant 25% increase in stock value this past week, contrasting with insiders who sold shares in the past year and missed out on higher returns, explains a recent Simply Wall St. article. The largest insider sale was by Chairman James Lerner, who sold US$170k worth of shares at US$1.07 each, significantly above the current share price of US$0.48. This sale suggests insiders might not have pessimistic views about the stock’s future, given the sale occurred at a higher price point. Despite this, there has been no insider purchasing activity over the last year, raising questions about insider confidence in the company’s growth prospects. Insider ownership stands at 5.7%, valued at around US$2.6m, which is considered modest. This situation, combined with a lack of recent insider buying, leaves investors with a mixed view of Quantum’s investment appeal, emphasizing the importance of monitoring insider behaviors alongside other risk assessments before making investment decisions in Quantum Corporation.
Kenna Hughes-Castleberry is the Managing Editor at Inside Quantum Technology and the Science Communicator at JILA (a partnership between the University of Colorado Boulder and NIST). Her writing beats include deep tech, quantum computing, and AI. Her work has been featured in National Geographic, Scientific American, Discover Magazine, New Scientist, Ars Technica, and more.
