The power of quantum computing lies in its capacity – and its potential is not just a game-changer, but a world-changer.
In the decades since the introduction of the supercomputer, researchers have had one goal: to beat it. And that grand innovative tradition of one breakthrough begetting more has pushed us closer to the arrival of the next technological revolution, the quantum computer.
In 2023, a quantum computer – still an imperfect, “noisy” model according to its own architects – beat a conventional supercomputer in a test to calculate the behavior of an ever-increasing number of particles. In December of 2024, a new quantum chip performed a benchmark calculation in five minutes that would take a supercomputer 10 septillion years. For comparison, the universe is estimated to be around 14 billion years old.
The potential for quantum computing is not just a game-changer, but a world-changer.
“From a macro perspective, it’s going to drastically change a lot,” says John Chan, a director of technology at Raymond James. “Harnessing this level of computational power will have exponential implications for virtually any industry that requires a lot of data processing.”
If the supercomputer is the chess master, the quantum computer is playing in 4-D.
“Currently, we’re bound by zero and one, the binary system that forms the basis for all computing,” Chan says. “The goal of quantum computing is to operate in the vast space between zero and one.”
In traditional computers, transistors drive processing with small units of digital information called bits – binary digits. Each bit operates as a one or a zero, essentially, the “on” or “off” states of a current. While the same bit can serve as either number, it can only act as one number – or be in one state – at a time.
Quantum computing uses the principles of quantum physics, leveraging the power of fundamental particles like photons and electrons, to open the door to an entirely new kind of processing. Instead of being in one state or the other, quantum bits (qubits) have the ability to be in superposition, occupying a continuum of states between zero and one at once. This supercharges the speed with which data can be processed.
Currently, many quantum systems are operating in terms of hundreds of qubits. The aforementioned 2023 quantum computer, for example, is a 127-qubit machine. As the number of qubits increases, so does the power and the probability of outperforming legacy systems. One company in the space said it sees 100,000-qubit capacity as the technology’s “inflection point,” and as quantum systems are networked, that point might not be too far off.
Because of the energy requirements – quantum computers must be kept near absolute zero, or -459.67 degrees Fahrenheit, for optimal function – quantum computation isn’t a fit for the simpler, day-to-day tasks performed by systems that can operate at higher temperatures, like our desktop computers, laptops and smart devices.
The potential for quantum computing exists in its capacity. Its ability to process enormous volumes of data positions it as an accelerator technology for other systems.
Chan foresees artificial intelligence being quantum’s largest “consumer,” with the potential to enhance AI’s efficacy across industries.
“The applicability in AI will be broad. For example, in cancer research, AI is used to do lots of trial and error – probably millions of trials and errors in seconds – but it’s still not enough, because the data set for cancer is too large and too complex. That’s an area where more processing power is going to be a game-changer.”
From a market perspective, investors should be watching industries where data is the driver – technology, healthcare, finance, manufacturing – and looking for early adopters that are able to begin applying the technology quickly. However, safety and energy consumption concerns should be factored into the equation.
“The hope is that quantum computers will actually be able to solve their own safety and resource issues, but those are definitely things investors should be paying attention to,” Chan says.
Some experts believe we’re 15 to 20 years out from large-scale implementation, but there are also companies signing contracts to offer quantum computing services right now.
“How far off is debatable,” Chan says. “We still have significant technology challenges to get through. The most important thing when it comes to quantum computing is to make it stable, and as of today, there’s a lot of instability.”
But with multiple tech giants all approaching the quantum equation from different angles, stability could come rapidly.
“Think about the first prototypes of the steam engine. The early models didn’t work or failed quickly. But that just shows you where the improvements are needed.”
Sources: New Scientist, Forbes, MIT
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