Quantum News Briefs: April 8, 2024: Magnetic Shields Limited invents compact cryogenic magnetic shield for quantum computing; New Advanced Quantum Science Institute at The University of Texas at Austin Will Bridge Basic Research and Applied Science; “Hybrid Quantum Computing Systems Are Delivering Value Now”; “The 3 Most Undervalued Quantum Computing Stocks to Buy in April 2024”; and MORE!
Quantum News Briefs: April 8, 2024: Press Release Summaries below:
Magnetic Shields Limited invents compact cryogenic magnetic shield for quantum computing
Magnetic Shields Limited (MSL), in collaboration with the University of Nottingham and SEEQC, has developed a new magnetic shielding system designed for cryogenic conditions, marking a significant advancement in quantum computing and satellite technology. Utilizing thin metal coils integrated into the shielding, this innovative system actively cancels out magnetic interference at temperatures near absolute zero, thus eliminating the need for traditional bulky metal housings. Particularly beneficial for quantum computing, the shield extends the life and efficiency of qubits, which are highly sensitive to external disturbances and are essential for calculations within quantum platforms. Additionally, this lightweight and small-scale solution has profound implications for satellites by significantly reducing the launch costs associated with the heavy metal layers currently needed to protect against space’s harsh magnetic fields. MSL’s invention promises enhanced performance and efficiency across multiple technologies, acting similarly to noise-canceling headphones by measuring and neutralizing disturbances electronically.
New Advanced Quantum Science Institute at The University of Texas at Austin Will Bridge Basic Research and Applied Science
The University of Texas at Austin has announced the establishment of the Texas Quantum Institute, underscoring its enhanced focus on quantum science and engineering. This move aims to capitalize on the field’s potential to revolutionize computing, communication, diagnostics, and environmental observation through quantum advancements. Highlighting the University’s existing quantum research ecosystem and Austin’s innovative technology scene, officials are optimistic about leading transformative quantum discoveries. The institute will unite over 30 researchers, offer fellowships and grants, and build new labs co-directed by professors Elaine Li and Xiuling Li. It seeks to expand collaboration across academia, industry, and national labs, leveraging UT’s strong quantum computing, materials science, and measurement tool development. This initiative aligns with UT’s broader goals to advance quantum technology and the quantum economy, supported by partnerships with leading technology firms and integration into the global quantum technology landscape.
In Other News: EE Times Europe article: “Hybrid Quantum Computing Systems Are Delivering Value Now”
As quantum expert Florian Neukart highlights in a new EE Times Europe article, Hybrid quantum computing, merging the robustness of classical computing with quantum technology’s problem-solving capabilities, is emerging as a vital solution for industries worldwide facing complex computational challenges. This approach is not merely a temporary fix but a sustainable model designed to evolve alongside advancements in quantum processing. It uniquely addresses the current limitations of quantum systems, such as error rates and qubit coherence, through optimized algorithms that allow for immediate, practical commercial applications. Integrating quantum and classical computing involves sophisticated strategies to ensure efficient, high-speed communication and data exchange, tackling scalability, latency, and memory challenges. Hybrid quantum computing is already delivering real-world business value with applications ranging from automotive to pharmaceuticals, finance, logistics, chemical production, and satellite navigation. It represents a forward-thinking method to harness the quantum leap in computation, bridging today’s technological capabilities and the vast potential of quantum advancements.
In Other News: Yahoo Finance article: “Quantum Computing Market worth $5.3 billion by 2029 – Exclusive Report by MarketsandMarkets™”
The quantum computing market is poised for rapid expansion, with its valuation projected to grow from USD 1.3 billion in 2024 to USD 5.3 billion by 2029, reflecting a compound annual growth rate (CAGR) of 32.7%, highlights a recent Yahoo Finance article. This growth is largely fueled by quantum computers’ potential to surpass classical computers in solving specific complex problems, including large number factoring and precise quantum system simulations. The demand for quantum computing solutions is increasing across various industries, seeking to address intricate challenges. According to a report by MarketsandMarkets™, significant growth drivers include technological advancements, rising investments, and the scalability of superconducting qubits, which are pivotal for constructing practical quantum computers. The healthcare and pharmaceutical sector is anticipated to benefit immensely, exhibiting the highest growth rate within the market. Additionally, the trend towards on-premises quantum computing highlights the desire for enhanced data security and control, marking a significant shift in deployment preferences towards maintaining data and processes within an organization’s own infrastructure.
In Other News: Investor Place article: “The 3 Most Undervalued Quantum Computing Stocks to Buy in April 2024”
According to a recent Investor Place article, in April 2024, the quantum computing sector presents investment opportunities in undervalued stocks with promising futures, as highlighted by the industry’s early stage and the uncertain timeline for widespread commercial adoption. IonQ (IONQ) is focusing on expanding its quantum computing systems across major public clouds, with ambitious revenue and bookings growth forecasted for 2024 despite a short-term EBITDA loss, suggesting it’s undervalued given its long-term prospects. Rigetti Computing (RGTI), despite a recent dip in revenue, is seen as significantly undervalued based on its market cap and potential for growth. Amazon (AMZN), with its AWS Braket service, emerges as an underappreciated entity in the quantum computing race, providing a platform for quantum experimentation and leveraging its market dominance in cloud services to lead in quantum computing potentially. These companies represent key players in a market set for significant expansion, driven by quantum computing’s potential to solve complex problems beyond the reach of classical computers, offering long-term wins for investors.
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.
