Daily Management Review

Financial giants and US government turn to quantum computers


Last Monday, the US presidential administration introduced a draft budget that provides for a nearly two-fold – up to almost $ 1 billion - increase in the allocation for the study and application of quantum computer technologies. In January, it became known that financial corporations JP Morgan Chase, Goldman Sachs and Citigroup set to actively studying the practical application of these technologies in the financial sector. According to the forecasts of P&S Intelligence research company, in the next 10 years, the global market for quantum computers will grow by an average of 56% each year, increasing from $ 500 million in 2019 to $ 65 billion by 2030.

Anita Fors (Chalmers)
Anita Fors (Chalmers)
Last Monday, President Trump’s administration presented a draft budget for 2021, which pays special attention to the study and development of the latest technologies, including artificial intelligence (AI) and quantum computing. Until 2022, it is proposed to double the budget for AI and quantum computer technology "to ensure the leading role of the United States in these areas of the near future." Only in 2021, it is proposed to allocate $ 237 million from the budget for the development of quantum computer technologies, and in 2021–2022, according to WSJ, this figure can be raised up to $ 860 million.

Back in 2018, the White House administration introduced the “National Strategic Review of Quantum Information Science,” which outlined the importance of these technologies for the development of American industrial, scientific and technological potential. The review was attended by representatives of the National Council for Science and Technology, the National Security Agency, the ministries of energy, defense, health, agriculture, NASA and other departments.

Not only the state is paying close attention to the quantum computer technology. In January, it became known that the leading US financial corporations - JP Morgan Chase, Goldman Sachs and Citigroup – set to actively studying their own research in the field of quantum computers and their application in the financial industry. In an interview with FT, Goldman Sachs senior researcher Paul Burkhardt noted that last year the bank stepped up work on its five-year plan for this technology, seeing that its entry into the commercial market is already close. “In our opinion, the possibility that these technologies will become critical is very high,” he said.

source: bloomberg.com, ft.com