QUANTUM SPEAK
Like many futuristic ields, quantum computing
comes with its own complex vocabulary.
The following are some key terms to know.
Qubits
Not the biblical unit of measure, though it’s pronounced
the same. Qubits are “quantum bits,” a turbocharged ver-
sion of classical computing’s bits. Composed of atoms,
photons, or other materials, they are the basis of quantum
computing’s exponential potential.
Superposition
Whereas classical bits, or “binary digits,” encompass just
two states—often represented as “0” and “1”—qubits
can assume any shade in between. Peculiarly, qubits can
maintain this state only when no one is looking.
Entanglement
This flavor of superposition describes a shared state in
which one qubit’s fate depends on another’s. Quantum-
computer makers hope they’ll be able to harness en-
tanglement to one day achieve bewilderingly fast, parallel
processing power in their machines.
Noisy
Today’s quantum computers aren’t loud, per se, but they
are error-prone (or in scientific lingo, “noisy”). That’s
partly because qubits are highly sensitive, even to the
mildest disturbances, like a glancing photon.
Quantum supremacy
A theoretical milestone that describes a quantum com-
puter performing a calculation no classical computer can
replicate in any reasonable amount of time. Google claims
to have achieved it last year, but IBM argues otherwise.
40 FORTUNE DECEMBER 2020 /JANUARY 2021
puters are still largely
inferior to today’s basic
desktop computers, the
experiments give custom-
ers a taste of what’s pos-
sible. The challenge will be
to improve the machines
enough in the coming
years so that they produce
better results at a lower
cost than any other kind of
computer.
Quantum computers
are designed to harness
the strange and powerful
physics properties of so-
called qubits (pronounced
“cubits”), or quantum bits.
Traits such as “superposi-
tion” and “entanglement,”
when combined with “in-
terference,” have the po-
tential to solve problems
in science and industry
that are otherwise intrac-
table, even to state-of-the-
art supercomputers.
Experts expect full-
blown quantum comput-
ers to be ready in a decade,
or longer. But in the
meantime, the machines
being built now could pro-
vide an edge—a “quantum
advantage,” as IBM likes
to say—in certain scenari-
os as soon as 2023.
The quantum comput-
ing industry is currently
small in terms of revenue,
but it could grow very big
over time. The total mar-
ket for quantum hardware
rentals is projected to
rise to $9 billion in 2030
from $260 million today,
according to research firm
Tractica.
The real value, how-
ever, lies in the potential
business opportunities
that quantum technology
is poised to unlock. For
that reason, and for fearof falling behind rivals like
China, the federal govern-
ment along with private
businesses in August prom-
ised to pour $1 billion into
the fledgling industry.
Major tech companies
are already tussling for
quantum dominance. And
those that got an early
start have a growing list of
customers; IBM has more
than 130 of them across
business, academia, and
government, for example.
“Some people ask, ‘When
are we going to have a real
industry? When is com-
mercial quantum going to
be real?’ ” says Dario Gil,
director of IBM research,
during my visit to his
mad- scientist-like lab in
September. “That’s already
started.”
Cloud-computing behe-
moths are latching onto the
trend. Microsoft, which is
working on its own moon-
shot quantum-computing
hardware, started offering
select Azure customers
remote access to other
partnering companies’
quantum computers in
May. “We’re making this
technology really accessible
and lowering the barriers
to adoption,” says Julie
Love, Microsoft’s head of
quantum computing busi-
ness development.
Amazon opened the
quantum gates in August
to all customers of its huge
Amazon Web Services
cloud-computing division.
The offering, which, like
Microsoft’s, uses partners’
hardware, has made it
easier than ever for just
about anyone to gain access
to the technology.
Another member of thedustrial giant Honeywell,
which considers quantum
computing to be a huge
business opportunity.
And recently thatopportunity—requir-
ing years of painstaking
tinkering on the necessary
technology—is starting to
generate revenue. Time
on Honeywell’s quantum
computer is fully booked
for months. “You can talk
about all the innovation
you have and how great
your technology is, but if
no one is willing to pay
for it, how valuable is
it?” says Honeywell CEO
Darius Adamczyk.
The half dozen or
so companies that are
serious about develop-
ing quantum computers,
including Google, IBM,
and Intel, plus startups
such as Rigetti and IonQ,
are reaching an important
new phase: Customers are
lining up and paying to
use their machines.
While quantum com-THE BRIEF COMPUTING