Author: Owen Murphy
Graphics: Michelle Yuan
Quantum computing marks the next step forward in technology, offering solutions once thought impossible but now a near possibility.
We are living in a moment where technology is beginning to go beyond the limits of what our current computers can solve. Quantum computing represents the next technological innovation, one with the potential to reshape science, medicine, security, and industry at a global scale.
What Exactly Is Quantum Computing?
When we talk about quantum computing, we are referring to a computer that uses the strange behavior of particles at the smallest scale, using atoms and electrons, to process information. Unlike today’s computers, which store data as either a 0 or a 1, quantum computers use “qubits,” which can simultaneously be both at the same time. This allows them to explore many possibilities at once, reconstructing how we would currently go about problem-solving, making it dramatically faster. The promise is not that quantum computers will replace all current tech devices, but rather that they will handle complex problem-solving tasks that regular computers cannot, especially in fields that involve intricate challenges, like medicine discovery, advanced chemistry, battery design, and climate modeling.
Why It Matters for the Future
Quantum computing is expected to speed up discoveries that could otherwise take years or not be possible at all. McKinsey & Company estimates that quantum applications in pharmaceuticals, chemicals, and finance alone could generate up to $1.3 trillion in economic value by 2035. Meanwhile, governments are heavily invested in the race to the industry, with various countries such as the U.S. and China committing billions of dollars to quantum research initiatives. These early actions to implement quantum computing into national economies highlight just how impactful this technology will be. By being among the first to master quantum systems, these countries will help reshape industries, boost innovation, and incentivize competitiveness.
The Race to Build Quantum Computers
The competition to build quantum computers is led by major research and technology companies. IBM has taken a significant step forward with the release of its 1,121-qubit processor, demonstrating promising progress in innovating the hardware. Google’s Quantum AI division is focused on developing “error-corrected” systems, which are designed to perform long and reliable calculations. Companies like IonQ and Quantinuum are already offering access to their quantum processors through cloud platforms, allowing researchers and businesses to test early applications. Meanwhile, D-Wave has taken a different approach by building machines specifically for optimization problems, which are already being used in manufacturing environments. These developments mark a transition from prototypes to support real-world tasks.
What Industry Leaders Are Saying
NVIDIA CEO Jensen Huang, whose company builds the high-performance chips used in AI, has emphasized that quantum and AI will work together, not compete. Huang stated on June 11, “Quantum computing is reaching an inflection point,” describing that the field is moving from slow, experimental progress to a stage where progress begins to accelerate much more quickly. This reflects a promising state for the industry, and we could experience its potential very soon.
What Comes In The Near Future?
Most experts believe we will see the first useful quantum computing systems by the early to mid-2030s. The companies and governments investing now are doing so because those who learn quantum computing will likely shape the foreseeable future of some of the most lucrative and consequential industries like pharmaceutical innovation, national security, artificial intelligence, and energy solutions. Quantum computing is no longer a technological fantasy, but rather a long-term work in progress, with the potential to transform industries and solve problems that have challenged us for decades.
Take-Home Points
- Quantum computing uses qubits rather than 0-1 bits to solve problems far beyond current methods that could revolutionize our entire economy.
- Global companies and various countries are leading the race to be the first to implement quantum systems within the next decade.
- Experts estimate that quantum computing could generate upwards of $1.3 trillion in value by 2035.
- Industry leaders such as NVIDIA’s Jensen Huang believe that quantum computing is currently at an “inflection point”, believing it has unlimited potential once we implement it into our society.
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