Amazon.com Inc (AMZN.O), Google (GOOGL.O), and Microsoft Corp (MSFT.O) are set to attend a Biden administration symposium on quantum technology on Tuesday, as the United States attempts to combat hacking threats and corner a rising growth market. The event will be hosted by the White House Office of Science and Technology Policy (OSTP) and will focus on key applications of quantum computing, which is predicted to run millions of times faster than today’s best supercomputers. According to an ad, Boeing Co (BA.N), Honeywell International Inc, International Business Machines Corp (IBM.N), Intel Corp (INTC.O), and Northrop Grumman Corp (NOC.N) are among the companies likely to participate.
The technology, which is based on fundamental physics principles, is still in its early stages, but it has become a hot topic among investors hoping to improve healthcare, banking, artificial intelligence, weather forecasting, and other fields.
The administration of President Joe Biden is particularly concerned about the national security implications of quantum technology, which promises the capacity to easily breach current encryption standards.
China, Washington’s main international foe, has made substantial attempts to develop the technology as well. According to Tahan, the Biden administration also hopes to attract more students to the sector and improve cybersecurity surrounding private research and development to prevent snooping.
Hundreds of millions of dollars have already been channeled into the business by Congress, including quantum research centers, and proposals currently under consideration might add billions more.ColdQuanta, D-Wave, IonQ, QC Ware, Quantum Economic Development-Consortium, Rigetti Computing, Vector Atomic, and Zapata will also be present at the White House meeting.
