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These leaders are charging forward in the fast growing quantum computer sector

Quantum computing is a scientific field that uses quantum mechanics to solve complex problems faster than traditional computers. Its a lesser-known are of technology that is growing by leaps and bounds.

In fact, consulting firm McKinsey & Co. forecasts that the market for quantum computing could reach $1.3 trillion by 2035. Industries within automotive, chemicals, financial services, and life sciences would be the main beneficiaries of the technological advances. Given the huge, largely untapped market, it should come as no surprise that companies are racing to capitalize on the opportunity. Both small start-ups and the most powerful tech firms worldwide are competing to develop the most advanced quantum computers of today and tomorrow.

Lets explore the top three quantum computing stocks to buy while they are on the dip this month.

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IonQ (NYSE:IONQ) is a pure-play quantum computer concern. The company is developing a trapped ion quantum computer and also makes quantum circuits for use by third parties.

IonQ is widely viewed as one of the best ways for investors to gain exposure to the quantum computing sector. Evidence lies in the 93% gain in the companys share price over the last 12 months. However, IONQ stock has pulled back 14% year to date (YTD). Therefore, a prime buying opportunity for investors is present.

The decrease in IONQ stock can be blamed on the fact that the company remains unprofitable. It reported a net loss of $44.8 million in last years Q3. However, sales grew 122% year over year (YOY) to $6.1 million, and its customer bookings now exceed $100 million. Also, rumors circulate that IonQ could become a takeover target as larger tech companies look for ways to capitalize on the emergence of quantum computing.

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IBM (NYSE:IBM) has its hands in a lot of pots. One of the biggest pots is quantum computing. Last December, IBM unveiled what is being called the worlds most advanced quantum computer at its Thomas J. Watson Research Center.

Called the The IBM Quantum System Two, the computer is capable of solving the most complex mathematical problems. Further, this would be achieved in a fraction of the time that it would take the worlds fastest supercomputers.

Also, IBM unveiled a new quantum computing chip in December. Taken together, the Quantum System Two and chip, combined with new code, could lead to IBM producing a series of quantum machines by 2033. Recently, IBMs Director of Research Dario Gil appear on the TV show 60 Minutes. He believes the IBMs quantum computers could solve problems in physics, chemistry, engineering, and medicine within minutes. That would take todays silicon-based supercomputers millions of years to compute.

IBM stock has gained 35% in the last 12 months, including a 14% year-to-date increase.

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In addition to being an artificial intelligence (AI) leader, Alphabet (NASDAQ:GOOG/NASDAQ:GOOGL) leads the pack in quantum computing.

The companys scientists and engineers have been responsible for several major breakthroughs in quantum computing over the years. In 2019, the company announced that it had achieved whats known as quantum supremacy. Thats when a quantum computer solves a problem that a traditional computer couldnt.

In Alphabets case, one of its quantum computers solved a calculation in three minutes and 20 seconds. In contrast, todays most powerful supercomputers would need thousands of years to achieve it. Additionally, Alphabet has successfully demonstrated for the first time that errors in quantum computing could be reduced by increasing the number of qubits used in processing. This overcomes what was previously viewed as a major stumbling block for quantum computers. GOOGL stock has risen 34% in the last 12 months.

On the date of publication, Joel Bagloleheld a long position in GOOGL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

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3 Quantum Computing Stocks to Buy on the Dip: February 2024 - InvestorPlace

SHEFFIELD, England, Feb. 7, 2024 Aegiq, a Sheffield-headquartered technology start-up, is one of the winners of a 30 million quantum testbed competition funded by the National Quantum Computing Centre (NQCC), designed to drive innovation in quantum computing and enhance the UKs capabilities.

Aegiq is among the seven companies delivering different types of quantum computers to be installed at the NQCC facilities. These technologies were chosen to accelerate the growth of the UKs supply base, increase adoption of quantum computing, and to explore understanding of technology readiness by both private and public sector.

The contract will be used to deliver Artemis, Aegiqs compact photonic quantum computer and a dedicated user interface for integration with NQCC testbed ecosystem. The Artemis hardware is based on Aegiqs proprietary integrated photonic chip technology as well as utilizing low-loss silicon nitride platform from QuiX Quantum. Artemis will provide a starting point to tackle problems that cannot be solved by conventional computers, impacting most sectors including energy, finance and defense. It will be built over the next 14 months and installed by Q1 2025 at the NQCC, ready for operation.

We are very excited to unveil our quantum computing system Artemis and announce the NQCC as a launch customer for it, said Aegiq CEO Maksym Sich. This marks an important milestone on our technology development roadmap for making practical quantum systems solving real-life problems. Last year, we published our seven-point plan, which focused on the importance of the UK Government being the first customer of quantum technologies. We firmly believe that government-backed capital, as a strategic partner, is the key to turbocharging the UK quantum industry and competing on the global scale. Competitions like this one will stimulate confidence among private customers and encourage investment.

The 30 million competition has been delivered through Innovate UK under the Small Business Research Initiative (SBRI) framework. During the project duration, the lead contractors will undertake activities which include R&D, building, testing, and validating their integrated quantum computing testbed solutions for the NQCC.

Co-founded in 2019 by a leadership team consisting of Maksym Sich, Andrii Iamshanov and Scott Dufferwiel, Aegiq has its roots in the technology developed at the Sheffield Quantum Centre, where Scott and Max completed PhDs, as well as in Ukraine, where Max and Andrii are originally from.

The NQCC competition results are part of the 45 million government investment into the quantum technology sector announced this week.

About Aegiq

A spin-out from the University of Sheffield, Aegiq is a quantum computing and networking company on a mission to deliver customer value using quantum & integrated photonic technology. Using hybrid integrated photonics, Aegiq created a platform for scalable and practical quantum applications ranging from photonic quantum computing to quantum network interconnects and quantum cryptographic communications directly compatible with existing infrastructure. Aegiqs unique approach allows building powerful yet compact and energy-efficient quantum systems, which the company supplements with application specific toolkits.

Source: Aegiq

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Aegiq Wins Competition to Deliver Its Photonic Quantum Computer to UK's National Quantum Computing Centre - HPCwire

The UK government has earmarked 45m to accelerate the use of quantum computing for the UK economy, focusing on energy, healthcare, and transport.

Projects targeted for funding include a navigation system for trains that will improve safety by installing quantum sensors in tunnels and a brain scanner that is potentially capable of diagnosing epilepsy and dementia.

The National Quantum Strategy [pdf], published in March 2023, committed 2.5bn in funding over ten years from this year, 2024, with more than 1bn expected to be added by private sector investment as projects progress. The Strategy, described by the government as bold and ambitious, will develop the UKs capabilities in hardware, supply chains, imaging, and communications.

The recent 45m investment comprises 30m from the UK Research and Innovation (UKRI) Technology Missions Fund and the UKs National Quantum Computing Centre (NQCC), and will be joined by 15m from the Quantum Catalyst Fund, a fiscal body aimed at leveraging quantum technologies by government agencies.

The UK Science Minister Andrew Griffiths visited Cerca Magnetics on February 5th, 2024, to highlight the announcement. The company is a tertiary body formed as a spin-off from publicly funded research at the University of Nottingham. The Minister said:

This further 45 million in funding underscores our commitment to support bright UK innovators who are pushing boundaries and seizing the potential of this technology to transform our public services. Cutting-edge work on a quantum-enabled brain scanner, which will be a beacon of hope for those battling neurological conditions, is just one example. The UK is already a global leader in quantum and to maintain that position, this government will continue to invest in this transformational technology propelling the UK into a new era of technological prowess and economic growth.

IBM quantum computer by IBM Research is licensed under CC BY-ND 2.0.

The UKRI and NQCC partnership focuses not on the theoretical possibilities of quantum technologies but on bringing practical examples of use cases to the point of validation. It chose projects for its funding from a competition of proposals from UK organizations.

There are currently seven projects going forward on that basis that are considering superconductivity, photonics, neutral atoms, and trapped ion processors that hold qubits in electromagnetic fields.

Director of the NQCC, Dr Michael Cuthbert, said: Over the coming 15 months, these prototype quantum computing platforms will be deployed into the newly established NQCC facility, giving us a valuable insight into the maturity, characteristics and capabilities available across a range of hardware architectures. This next phase of the NQCC will be one of huge promise, establishing a unique state-of-the-art facility with on-premises access to a range of qubit modalities at scale.

Professor Will Drury, executive director, digital and technologies at Innovate UK, said, This could be transformative for life in the UK and will create new, well-paid jobs that will boost our future economy.

Quantum technologies rely on quantum states of very small amounts of matter, which exist, in computing terms, as both 0 and 1 until observed (superposition). Pairs of entangled quanta reflect one anothers state, making data transfer instantaneous. A major challenge for developers of quantum computing is preventing external influences (such as heat) from affecting a quantum bit (qubit), so it resolves into a static state until such a change is required.

However, when stable, groups of qubits in superposition are capable of massively parallel processing as the bits can represent a huge number of possible outcomes. Results from quantum computers are probabilistic, so they require a deterministic co-processor, usually a traditional computer, to interpret results.

Research and project development, therefore, is highly complex due to the number of required components for any practical deployment. That fact is reflected in the collaborative nature of many ongoing quantum projects and the broad-brush approach to the UK governments quantum technology investments in this type of advancement.

The 2.5bn commitment spread over ten years represents an annual outlay of 0.02% of the UK governments managed expenditure annually. By comparison, the net cost of catering at the UKs Houses of Parliament for the financial year 2021-2022 was 7.5m, so the governments desire for quantum projects ranks ~33 times higher than feeding and watering its Members of Parliament [pdf].

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Quantum technology investment in the UK in 2024 - TechHQ

QuEra has dramatically reduced the error rate in qubits with its first commercially available machine using this technology launching with 256 physical qubits and 10 logical qubits.

The worlds first commercial fault-tolerant quantum computer with logical qubits may run before the year ends.

Logical qubits physical quantum bits, or qubits, connected through quantum entanglement reduce errors in quantum computers by storing the same data in different places. This diversifies the points of failure when running calculations.

The new machine, which has 256 physical and 10 logical qubits, will launch in late 2024, representatives from QuEra, the startup that is building it, said in a statement.

The announcement follows a new study, published Dec. 6, 2023, in the journal Nature, in which researchers from Harvard, QuEra, and several other institutions demonstrated a functioning quantum computer that contained 48 logical qubits the largest number of logical qubits tested to date.

It is the first machine with quantum error correction, study co-author Harry Zhou, a physicist at QuEra and Harvard University, told Live Science in an email.

While this computer doesnt have enough power to be useful on its own, it provides a platform on which software programmers can start testing code for future quantum computers, Zhou said.

While conventional computers store information in bits with a value of either 0 or 1, quantum computers use qubits which are a superposition between 0 and 1, thanks to the laws of quantum mechanics.

Qubits can also be stitched together using quantum entanglement to exist in multiple states simultaneously. This enables them to perform many calculations much faster than classical computers assuming you can build a quantum computer with enough of them. But qubits can easily be disturbed, making them notoriously error-prone. Roughly 1 in 1,000 fail, versus 1 in 1 billion billion bits in conventional computers.

Quantum computers could outpace the best supercomputers if they incorporate millions of qubits, but the largest quantum computer built so far only has around 1,000 qubits, and qubits high failure rate limits potential scale-up. Error correction could counteract qubits tendency to fail, and building logical qubits is one way of doing it.

The new error-correction system relies on data redundancy, where the same piece of data is stored in multiple places, Zhou said. Logical qubits perform the same calculations across several physical qubits vastly reducing error rates if one or more physical qubits fail, because the data is available elsewhere so calculations can continue.

To make the logical qubit, researchers applied error-correcting computer code to regular qubits. They then set up logical gates, or circuits, between the qubits to entangle them. The quantum computer then calculates the syndrome a measure of whether its likely an error has occurred or not. Using this information, the quantum computer corrects the errors and proceeds to the next step.

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The new qubits represent a significant advance over past efforts. In 2023, the Google Quantum AI Lab demonstrated a 2.9% error rate using three logical qubits; Queras error rate is 0.5% with 48 logical qubits. The world leader is the University of Oxford, which has achieved error rates of less than 0.01% but only between two-qubit gates.

Last year, IBM also demonstrated error-correction technology in its 127-qubit Heron chip which reduced error rates fivefold compared with its other chips. But its first commercial fault-tolerant machine isnt expected until 2029.

QuEra plans to launch several quantum computers in the coming years, starting with a 30-logical-qubit, 3,000-physical qubit machine coming out in 2025. Its monster, a machine with more than 10,000 physical qubits and 100 logical qubits, is scheduled for 2026. At 100 logical qubits, the [2026] machine can perform correct calculations that exceed the capability of todays supercomputers, Zhou said.

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World's 1st fault-tolerant quantum computer launching this year ahead of a 10000-qubit machine in - Medium

LONDON, Feb. 6, 2024 Rigetti UK Limited, a wholly owned subsidiary of Rigetti Computing, Inc., a pioneer in full-stack quantum-classical computing, has announced that it was awarded a Small Business Research Initiative (SBRI) grant delivered by Innovate UK and funded by the National Quantum Computing Centre (NQCC) to develop and deliver a quantum computer to the NQCC.

Rigetti proposes to deploy a 24-qubit quantum computer based on the Companys fourth generation Ankaa-class architecture. The system will be deployed at NQCCs Harwell Campus, which is due to open in 2024 and will serve as NQCCs landmark facility to support world-class quantum computing research in the UK.

The proposed system will feature the hallmarks of Rigettis recently launched 84-qubit Ankaa-2 system, including tunable couplers and a square lattice. This new chip architecture enables faster gate times, higher fidelity, and greater connectivity compared to Rigettis previous generations of quantum processing units (QPUs). The Ankaa-2 system has achieved a 98% median 2-qubit fidelity, a 2.5x improvement in error performance compared to the Companys previous QPUs, and a 2-qubit gate time of 68 nanoseconds the shortest gate time demonstrated by a Rigetti QPU.

Rigettis software development tools for designing and running quantum programs will be deployed with the 24-qubit system, giving NQCC researchers access to pyQuil to create and execute quantum computing algorithms, Quilc to compile and optimize algorithms, and Quil-T for pulse-level control. The 24-qubit system will also include Tsunamis, Rigettis industry-leading control systems. Tsunamis are cloud-ready and tuned for hybrid performance. The system will be made available over Rigetti Quantum Cloud Services (QCS).

Its a great honor to be one of the first quantum computing companies awarded with the contract to establish a quantum computer at the NQCCs landmark facility. We are thrilled that the NQCC selected our Ankaa-class system to pursue world-class research to push the boundaries of quantum technology. We believe that the speed at which we are reducing error rates on our Ankaa systems shows us that we have a clear path towards our goal of hitting 99% fidelity, says Dr. Subodh Kulkarni, Rigetti CEO.

As part of the implementation, in addition to Rigettis Tsunami control systems, Riverlane plans to integrate elements of its Quantum Error Correction Stack, including a new generation of its quantum computer control system Deltaflow.Control, to execute the individual control and readout of Rigettis 24-qubit system. Riverlane also plans to develop and deliver a new software platform Aqueduct designed to conduct the automation and efficient data management of complex, scalable quantum experiments.

Controlling qubits is a complex challenge but one that we must tackle to correct the errors found in quantum computers and allow them to scale to the point where they do something useful for society. By integrating our control system Deltaflow.Control with Rigettis system, we hope to gain a deeper understanding of how to build scalable quantum error correction technologies tailored to large-scale systems like Rigettis, says Steve Brierley, Riverlane Founder & CEO.

Congratulating the testbed competition winners, Dr. Michael Cuthbert, NQCCs Director, commented, NQCC seeks to accelerate the development of the UKs quantum computing capabilities and infrastructure. There is a growing realization across the industry that quantum developers need access to the hardware to engineer scalable solutions for a full-stack quantum computer. Once built, these system-level prototypes will help the NQCC and its collaborators to understand the unique characteristics of different hardware approaches, establish appropriate metrics for each qubit architecture, and explore the types of applications that benefit most from each technological approach. That will feed directly into the NQCCs ongoing engagement with organizations across academia, industry and government to develop use cases for early-stage quantum computers, and to identify the innovations that will be needed to accelerate the development and adoption of this transformative technology.

Once the Rigetti quantum computer is operational it will be made available to NQCC researchers for testing, benchmarking, and exploratory applications development.

About Rigetti

Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The Companys proprietary quantum-classical infrastructure provides high performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industrys first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industrys first dedicated and integrated quantum device manufacturing facility. Learn more at http://www.rigetti.com.

Source: Rigetti

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Rigetti Computing Wins Innovate UK Competition to Deliver 24-qubit Quantum Computing System to NQCC - HPCwire