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Multiverse and BASF Partner to Research Quantum Use for Foreign Exchange Optimization

At first glance you might wonder why BASF, a large chemical company, would be working with Multiverse Computing to use quantum computing for a financial problem. But on closer look, you would see that BASF is a giant company with 2021 revenues of 78.6billion ($78.2B USD) and operates in over 190 countries. So they need to convert currencies in their operations all the time and even small improvements in the exchange rates that they can achieve could be worth a lot of money. The team started a small 9 month research effort in January 2022 that focused only on the trading between Euros and U.S. dollars. It will be completed shortly and the team will issue a final technical report. Presumably, if this first trial is a success the companies will move on to subsequent phases that may incorporate more currencies or more complicated scenarios. For more about this project, you can read a press release issued by Multiverse that you can access here.

August 23, 2022

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Multiverse and BASF Partner to Research Quantum Use for Foreign Exchange Optimization - Quantum Computing Report

[Editors note: Quantum Computing Will Be Bigger Than the Discovery of Fire! was previously published in June 2022. It has since been updated to include the most relevant information available.]

Its commonly appreciated that the discovery of fire was the most profound revolution in human history. And yesterday, I read that a major director at Bank of America (BAC) thinks a technology that hardly anyone is talking about these days could be more critical for humankind than fire!

Thats about as bold of a claim as you could make when it comes to technological megatrends. If true, this tech could be the most promising and lucrative investment opportunity of anyones lifetime.

The directors name? Haim Israel, head of global thematic investing research at BofA.

In his words, this technology could create a revolution for humanity bigger than fire, bigger than the wheel.

What on Earth is Mr. Israel talking about?

Two words: Quantum Computing.

Ill start by saying that the underlying physics of this breakthrough quantum mechanics is highly complex. It would likely require over 500 pages to fully understand.

But, alas, heres my best job at making a Cliffs Notes version in 500 words instead.

For centuries, scientists have developed, tested, and validated the laws of the physical world, known as classical mechanics. These scientifically explain how and why things work, where they come from, so on and so forth.

But in 1897, J.J. Thomson discovered the electron. And he unveiled a new, subatomic world of super-small things that didnt obey the laws of classical mechanics at all. Instead, they obeyed their own set of rules, which have since become known as quantum mechanics.

The rules of quantum mechanics differ from that of classical mechanics in two very weird, almost-magical ways.

First, in classical mechanics, objects are in one place at one time. You are either at the store or at home, not both.

But in quantum mechanics, subatomic particles can theoretically exist in multiple places at once before theyre observed. A single subatomic particle can exist in point A and point B at the same time until we observe it. And at that point, it only exists at either point A or point B.

So, the true location of a subatomic particle is some combination of all its possible positions.

This is called quantum superposition.

Second, in classical mechanics, objects can only work with things that are also real. You cant use an imaginary friend to help move the couch. You need a real friend instead.

But in quantum mechanics, all those probabilistic states of subatomic particles are not independent. Theyre entangled. That is, if we know something about the probabilistic positioning of one subatomic particle, then we know something about the probabilistic positioning of another. That means these already super-complex particles can actually work together to create a super-complex ecosystem.

This is called quantum entanglement.

So, in short, subatomic particles can theoretically have multiple probabilistic states at once. And all those probabilistic states can work together again, all at once to accomplish some task.

Pretty wild, right?

It goes against everything classical mechanics had taught us about the world. It goes against common sense. But its true. Its real. And, now, for the first time ever, we are leaning how to harness this unique phenomenon to change everything about everything

This is why Mr. Israel is so excited about quantum computing. Its why he thinks it could be more revolutionary than the discovery of fire or the invention of the wheel.

I couldnt agree more.

Mark my words. Over the next few years, everything will change because of quantum mechanics. And some investors are going to make a lot of money.

The study of quantum theory has led to huge advancements over the past century. Thats especially true over the past decade. Scientists at leading tech companies have started to figure out how to harness the power of quantum mechanics to make a new generation of super quantum computers. And theyre infinitely faster and more powerful than even todays fastest supercomputers.

In Mr. Israels own words: By the end of this decade, the amount of calculations that we can make [on a quantum computer] will be more than the atoms in the visible universe.

Again, the physics behind quantum computers is highly complex. But once again, heres my Cliffs Notes version.

Todays computers are built on top of the laws of classical mechanics. That is, they store information on what are called bits, which can store data binarily as either 1 or 0.

But what if you could turn those classical bits into quantum bits qubits to leverage superpositioning to be both 1 and 0 stores at once?

Further, what if you could leverage entanglement and have all multi-state qubits work together to solve computationally taxing problems?

Theoretically, youd create a machine with so much computational power that it would make todays most advanced supercomputers seem ancient.

Thats exactly whats happening today.

Google has built a quantum computer thats about 158 million times faster than the worlds fastest supercomputer.

Thats not hyperbole. Thats a real number.

Imagine the possibilities behind a new set of quantum computers 158 million times faster than even todays fastest computers

Wed finally have the level of AI that you see in movies. The biggest limitation to AI today is the robustness of machine learning algorithms, which are constrained by supercomputing capacity. Expand that capacity, and you get infinitely improved machine learning algos and infinitely smarter AI.

We could eradicate disease. We already have tools like gene editing. But its effectiveness relies of the robustness of the underlying computing capacity to identify, target, insert, cut, and repair genes. Insert quantum computing capacity, and all that happens without error in seconds allowing us to fix anything about anyone.

We could finally have that million-mile EV. We can only improve batteries if we can test them. And we can only test them in the real world so much. Therefore, the key to unlocking a million-mile battery is through simulation. And the quickness and effectiveness of simulations rest upon the robustness of underlying computing capacity. Make that capacity 158 million times bigger, and cellular simulation will happen 158 million times faster.

The economic opportunities here are truly endless.

One issue I have with emerging technological breakthroughs is that theyre usually focused on solving tomorrows problems. And we need tools to solve todays problems.

But quantum computing doesnt have that focus. Instead, it could prove mission-critical in helping us solve todays problems.

Lets revisit the making of a million-mile EV.

Were amid a global energy crisis defined by soaring oil prices. As a result, were all paying $5-plus per gallon for gas. Thats unreal. And its hurting everyone.

Of course, the ultimate fix is for everyone to buy electric vehicles. But EVs are technologically limited today. On average, they max out at about 250 miles of driving range. And theyre also pretty expensive.

Quantum computing could change that. It could allow us to create a million-mile EV rather soon. And through material simulation and battery optimization modeling, itd also dramatically reduce the costs of EV manufacturing.

In other words, with the help of quantum computing, we could be just years away from $15,000 EVs that can drive up to 1,000 miles on a single charge.

Indeed, auto makers like Hyundai (HYMTF) and Volkswagen (VWAGY) are already using quantum computers to make next-gen high-performance, low-cost EVs. These are EVs that actually drive as far as your gas car and cost less than it, too!

And those are the vehicles that will change the world, not todays $70,000 Teslas or $100,000-plus Lucid (LCID) cars. The EVs that will change the world will drive 1,000-plus miles and cost less than $15,000.

Quantum computing is the key to making those EVs.

Alas, I repeat: Quantum computing isnt a science-fiction project that will help the world in 10 years. Its a breakthrough technology that can help solve the worlds problems today!

And the most pertinent application? Electric vehicles.

Quantum computing is the most underrated, most transformational technological breakthrough since the internet.

In fact, it may be bigger than the internet. As Mr. Israel said, it may bigger than the discovery of fire itself.

The first tangible, value-additive application of quantum computing technology electric vehicles.

We truly believe that quantum computing will meaningfully accelerate the EV Revolution. Over the next few years, it will help to develop new EVs that last forever and cost next to nothing.

Forget Tesla. Focus on the next wave of EV makers that will make these quantum-enabled cars.

Believe it or not, one of those companies is Apple (AAPL).

Yep. You read that right. The worlds largest company is reportedly preparing to launch an electric vehicle very soon. Given its expertise in creating home-run-hit hardware products, we think Apples EV will drive us into an electric future.

And guess what? We found a $3 stock that we believe will become the exclusive supplier of the Apple cars most important technology.

According to our numbers, it could soar 40X from current levels.

Not 10X, 20X, or 30X 40X a potential investment that turns every $10,000 into $400,000.

Needless to say, its an opportunity that you need to hear about today.

On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Excerpt from:
Quantum Computing Will Be Bigger Than the Discovery of Fire! - InvestorPlace

NEW DELHI: India is witnessing a boom in deeptech startups in niche areas like cybersecurity, quantum computing, AI and semiconductor, and the country is now home to more than 3, 000 such startups that raised $2.7 billion in 2021 -- a 1.6 times growth over 2020 -- a new Nasscom report said on Monday.

The country added over 210 deeptech startups in 2021 alone, and Bengaluru and Delhi-NCR are leading them in the country, according to a Nasscom-Zinnov report.

"The Indian deeptech ecosystem has also fortified the job creation with over 4, 000 people being employed across 14 potential deeptech unicorns and is expected to increase by 2X in headcount by 2026, " said Debjani Ghosh, President, Nasscom.

The country is now home to 500 inventive deeptech startups, creating workforce across technologies such as drones, robotics, 3D printing and AI -- with the potential to develop new intellectual properties backed by scientific advances and fundamental research.

The deeptech ecosystem has grown at a staggering rate of 53 per cent CAGR in the last 10 years, growing at par with the Indian tech startups.

Nearly 70-75 per cent deeptech startups have at least 15 per cent of their workforce skilled in deep technologies, the report mentioned.

"Strategic partnership with the government, academia, global investors, streamlined corporate collaboration and dedicated test-bed programmes can create a massive impact on India's deeptech story, " said Ghosh.

Although in a nascent stage compared to the US, Europe, Israel and China, the Indian deeptech ecosystem is expanding fast.

The industry is witnessing more start-ups emerging to solve global mega challenges of clean tech, zero hunger, smart cities and climate actions, the report said.

In 2021, over 270 unique startups raised $2.7 billion across 319 deals, with AI and big data and analytics being the top technologies raising equity investments.

The seed stage startups have witnessed a 2.3 times growth in equity investments in 2021, as compared to 2020, raising a total of $186 million funding in 2021.

Among verticals, supply chain management (SCM) and logistics were the most funded sectors in 2021, with deeptech startups raising funding across use cases like drone delivery, autonomous delivery bots, cold chain monitoring and fleet management, the report noted.

Read the rest here:
India now home to 3K deeptech startups that raised $2.7bn in 2021 - Punjab News Express

News is first, and while it may be mid-August of 2022, NVIDIA had a bad quarter in Q2 2023 already. Not the first thing wed do if time travel was realized, but it takes all kinds. We also discuss reports of the AMD Ryzen 7000 DDR5 sweet spot, look at some re-purposed retro tech from the 2022 Hackaday Prize winners, and look into Gigabytes replacement for the Z690i Ultra mobo. Plus mandatory Intel Arc news (they went PRO), and the usual gaming quick hits and depressing security corner.

Featured this week is Kents third installment in the upgrading in mid-2022 blog, with further explorations of the major and minor components he chose, and why.

Thank you to our Patreon members both new and current ones that are bumping their patronage! Could not be doing this without you all!This show cannot go on without you you know who you are, please consider helping our efforts. It most definitely helps keep us on the air. Thank you!

See the rest here:
Podcast #689 - Ryzen 7000 RAM Speed, NVIDIA's Bad Quarter, Intel Arc Pro GPUs, Hackaday Prizes, Quantum Computing Fail and MORE - PC Perspective

This Quarterly Report on Form 10-Q contains statements that may constitute"forward-looking statements" within the meaning of Section 27A of the SecuritiesAct of 1933, as amended (the "Securities Act"), and Section 21E of theSecurities Exchange Act of 1934, as amended (the "Exchange Act"), that involvesubstantial risks and uncertainties. All statements contained in this QuarterlyReport on Form 10-Q other than statements of historical fact, includingstatements regarding our future results of operations and financial position,our business strategy and plans, and our objectives for future operations, areforward-looking statements. The words "believes," "expects," "intends,""estimates," "projects," "anticipates," "will," "plan," "may," "should," orsimilar language are intended to identify forward-looking statements.It is routine for our internal projections and expectations to change throughoutthe year, and any forward-looking statements based upon these projections orexpectations may change prior to the end of the next quarter or year. Readers ofthis Quarterly Report on Form 10-Q are cautioned not to place undue reliance onany such forward-looking statements. As a result of a number of known andunknown risks and uncertainties, our actual results or performance may bematerially different from those expressed or implied by these forward-lookingstatements. Risks and uncertainties are identified under "Risk Factors" inItem 1A herein and in our other filings with the Securities and ExchangeCommission (the "SEC"). All forward-looking statements included herein are madeonly as of the date hereof. Unless otherwise required by law, we do notundertake, and specifically disclaim, any obligation to update anyforward-looking statement, whether as a result of new information, futureevents, or otherwise after the date of such statement.You should read the following discussion and analysis of our financial conditionand results of operations together with our unaudited condensed consolidatedfinancial statements and related notes included elsewhere in this QuarterlyReport on Form 10-Q, and our audited consolidated financial statements andrelated notes for the year ended December 31, 2021, filed with the SEC onMarch 28, 2022. Unless the context otherwise requires, the terms "IonQ," "LegacyIonQ" "we," "us," "our" and similar terms refer to IonQ Quantum, Inc. prior tothe consummation of the Business Combination and IonQ, Inc. and its wholly ownedsubsidiaries after the consummation of the Business Combination. References to"dMY" refer to the predecessor company prior to the consummation of the BusinessCombination.OverviewWe are developing quantum computers designed to solve the world's most complexproblems, and transform business, society, and the planet for the better. Webelieve that our proprietary technology, our architecture, and the technologyexclusively available to us through license agreements will offer us advantagesboth in terms of research and development, as well as the commercial value ofour intended product offerings. We sell access to quantum computers, and we arein the process of researching and developing technologies for quantum computerswith increasing computational capabilities. We currently make access to ourquantum computers available via three major cloud platforms, Amazon WebServices' (AWS) Amazon Braket, Microsoft's Azure Quantum, and Google's CloudMarketplace, and to select customers via our own cloud service.We are still in the early stages of generating revenue. We have incurredsignificant operating losses since our inception. Our net losses were $5.9million for the six months ended June 30, 2022, and we expect to continue toincur significant losses for the foreseeable future. As of June 30, 2022, we hadan accumulated deficit of $151.7 million. We expect to continue to incur lossesfor the foreseeable future as we prioritize reaching the technical milestonesnecessary to achieve increasingly higher number of stable qubits and higherlevels of fidelity than that which presently exists- prerequisites for quantumcomputing to reach broad quantum advantage.

The Merger Agreement and Public Company Costs

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Table of Contents

Business and Technical Highlights

IonQ announced a paid contract with Airbus, who is using Aria to explore

critical aviation variables that make this problem particularly difficult

IonQ announced a paid contract with Dow, a global leader in chemistry and

material science, who is using Aria to explore the boundaries of quantum

computing in materials discovery research. They join other customers who

are partnering with IonQ to explore the intersection of quantum machine

IonQ announced the results of a partnership with GE Research to develop a

quantum algorithm that manages financial risk exposure. The work used a

large data set to generate risk models across up to four variables and is

broadly applicable to industries which have risk-management needs, such

computer in the world with 23 algorithmic qubits, which will be available

tomorrow to all users of Microsoft Azure Quantum. This announcement

IonQ signed a formal agreement to collaborate with the University of

Maryland on a project for the National Science Foundation. For this, IonQ

IonQ finalized a subcontract with Zapata Computing to collaborate on a

offering, representing more than a 130,000x increase in computational

IonQ announced an 8x increase in the computation power of IonQ Harmony,

which has achieved up to #AQ 9, up from a previous benchmark of #AQ 6.

Harmony systems are available to customers via all three major cloud

partners, including Microsoft Azure, Amazon Web Services, and Google

processing, or NLP. IonQ created quantum NLP algorithms to represent

linguistic qualities like ambiguity, vagueness, and novelty which are

notoriously difficult to represent in classical compute. No previously

published work has demonstrated ambiguity resolution or language

generation working on live quantum hardware. IonQ believes quantum

techniques of this nature can dramatically improve NLP performance.

IonQ has identified a facility in Seattle, Washington to host its first

after serving as Vice President of Systems Engineering at PsiQuantum and

IonQ welcomed Kathy Chou to the IonQ Board of Directors in July 2022. Ms.

Chou is currently the Senior Vice President of SaaS Engineering at

Nutanix, and brings a wealth of experience in go-to-market strategy and

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Table of Contents

Impact of COVID-19 on Our Business

Key Components of Results of Operations

Revenue

We are currently focused on marketing our QCaaS and have entered into, and arecontinuing to enter into, new contracts with customers.

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Research and development

General and administrative

General and administrative expenses consist of personnel-related expenses,including salaries, benefits and stock-based compensation, and allocatedfacility and other costs for our corporate, executive, finance, and otheradministrative functions. General and administrative expenses also includeexpenses for outside professional services, including legal, auditing andaccounting services, recruitment expenses, information technology, travelexpenses and certain non-income taxes, insurance, and other administrativeexpenses.

Depreciation and amortization

Depreciation and amortization expense results from depreciation and amortizationof our property and equipment and intangible assets that is recognized overtheir estimated lives.

Nonoperating Costs and Expenses

Change in fair value of warrant liabilities

Interest income, net

Interest income, net consists of income earned on our money market funds andother available-for-sale investments.

Other income (expense), net

Other income (expense), net consists of realized losses on ouravailable-for-sale investments and certain other expenses.

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Table of Contents

Results of Operations

41,771 17,544

(1) Cost of revenue, research and development, sales and marketing, and general

Comparison of the Three Months Ended June 30, 2022 and 2021

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Research and development expenses increased by $4.2 million, or 76%, to$9.7 million for the three months ended June 30, 2022, from $5.5 million for thethree months ended June 30, 2021. The increase was primarily driven by a$2.5 million increase in payroll-related expenses, including stock-basedcompensation of $1.7 million, as a result of increased headcount, and a$1.5 million increase in materials, supplies and equipment costs.

Sales and marketing

Depreciation and amortization

Depreciation and amortization $ 1,451 $ 502 $ 949 189 %

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Change in fair value of warrant liabilities

Change in fair value of warrant liabilities $ 16,061 $

Comparison of the Six Months Ended June 30, 2022 and 2021

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Table of Contents

Depreciation and amortization

Depreciation and amortization $ 2,717 $ 947 $ 1,770

187 %

Change in fair value of warrant liabilities

Change in fair value of warrant liabilities $ 29,509 $ - $ 29,509

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Interest income, net increased by $1.9 million to $1.9 million for the sixmonths ended June 30, 2022, from zero for the six months ended June 30, 2021.The increase was primarily driven by interest income earned on our cashequivalents and available-for-sale investments.

Liquidity and Capital Resources

Future Funding Requirements

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Table of Contents

Cash flows

The following table summarizes our cash flows for the period indicated:

Cash flows from operating activities

Cash flows from investing activities

Cash flows from financing activities

Net cash provided by financing activities during the six months ended June 30,2021, was $5.4 million primarily resulting from proceeds from stock optionsexercised.

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Table of Contents

Critical Accounting Estimates

There have been no material changes to our critical accounting estimates fromthose described under "Management's Discussion and Analysis of FinancialCondition and Results of Operations" in our Annual Report.

Recently Issued and Adopted Accounting Standards

See Note 2, Summary of Significant Accounting Policies, in the notes to ourcondensed consolidated financial statements included in Part I, Item I of thisQuarterly Report on Form 10-Q for a discussion of recent accountingpronouncements.

Emerging Growth Company and Smaller Reporting Company Status

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Table of Contents

Edgar Online, source Glimpses

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IONQ, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q) - Marketscreener.com