Now, D-Wave Quantum has made it official with the launch of its latest quantum computing system. This launch is a huge accomplishment for the growing, vibrant field of quantum technology. That unexpected progress has sent the company’s stock soaring since the release. Shares have already tripled since the news broke, up more than 218%. This exciting evolution comes amid intense competition. Microsoft and Nvidia, two other tech giants, are making historic strides in quantum computing as well.
Earlier this year, Microsoft announced its first quantum chip, which it called the Majorana-1. Following this breakthrough, Microsoft became a major player in the global race for quantum supremacy. Skepticism remains within the industry. For context, here’s what Nvidia’s CEO, Jensen Huang, said last year about when we might see useful applications of quantum computing. D-Wave’s CEO, Alan Baratz, countered these assertions during a recent interview with CNBC, stating that Huang was “dead wrong” regarding the potential of quantum computing. In the wake of the comments, Huang stepped down, at least temporarily, during an internal company retreat in March. These changes are symbolic—they indicate a new mood within the tech community.
Even with the progress made in quantum technology, pundits are still skeptical about when these breakthroughs will become practical solutions. The fog of the timeline for deployment of quantum computing has resulted in something close to cautious optimism among the aforementioned industry actors.
In addition to D-Wave’s success, IonQ, another player in the quantum space, reported a modest increase of 3% in its shares. The general market mood for quantum technology seems to be turning around, with investors returning to the fold.
At the same time, other major breakthroughs were happening beyond the quantum realm. Regeneron Pharmaceuticals recently announced its plan to acquire the DNA testing company 23andMe for $256 million, as part of a strategy to grow its biotech pipeline. In the world of finance, JPMorgan CEO Jamie Dimon dropped some thrilling news. Clients will soon be able to purchase bitcoin through the bank, signaling further maturation and adoption among institutional players for digital currencies.
Meanwhile, Alphabet’s Waymo just received approval to double the size of its driverless ride-hailing service to include San Jose. This shift only cements its growing supremacy in the autonomous vehicle space. On the other hand, things weren’t so hot over at Klarna, which—after recently more than doubling losses in Q1—raised serious concern over its rumored IPO.