Thematic Spotlight: Is Quantum Computing Becoming Real?

Quantum computing took centre stage last month, with Google’s breakthrough Willow chip drawing attention from both the scientific community and financial markets.1 Google announced that the Willow chip performed a computation in under five minutes that would take today’s fastest supercomputers over 10 septillion years, a timeframe surpassing the age of the universe.2 The milestone has been likened to another “ChatGPT moment,” driving a surge in investment interest in the burgeoning technology. But how exactly does quantum computing work, and is it ready for real-world applications?

Quantum computers work differently from traditional machines. Instead of processing information in binary bits (which turn on or off), quantum machines use “qubits” (short for Quantum Bits) that can represent multiple states simultaneously. This allows quantum computers to tackle highly complex problems at speeds that would take classical computers centuries or more – making tasks such as simulating molecules for drug discovery and perfectly modelling financial markets much more achievable. However, despite its immense potential, quantum computing faces steep challenges. Current systems only operate at extremely cold temperatures, near absolute zero, and even then, are still prone to noise that affects accuracy.3 Integrating quantum chips with existing infrastructure would also represent significant hurdles and require massive investments.

Nonetheless, big tech players like Google and Microsoft are investing heavily to overcome these obstacles.4 Many in the scientific community expect that, within the next decade, quantum computers could be powering data centers and delivering specialised services. While quantum computing is still emerging, its ability to solve problems previously thought impossible underpins its vast potential. By addressing challenges like error rates and scaling, quantum computing could redefine industries ranging from healthcare to finance, making it an area of significant interest for businesses and investors alike.

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