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Quantum Campus shares the latest in quantum science and technology. Read by more than 1,900 researchers, we publish on Fridays and are always looking for news from across the country. See something interesting? Be sure to share it.
Bank of Montreal
Bloomberg ran a conversation with Bank of Montreal’s Chief AI and Quantum Officer Kristin Milchanowski, discussing their use of AI and quantum to help predict earthquakes and respond to wildfires. The bank has already received a provisional patent for a quantum algorithm for earthquake prediction.
Bank of Montreal is one of North America’s ten largest banks, with more than $1.5 trillion in assets under management.
“Over 60 percent of our clients are in a territory where they could be impacted by earthquakes, both in Canada and in the US,” Milchanowski said. “Down the road, we absolutely can use our own research to better inform our insurance positions, and we can do that even with the wildfire work that we’re doing.”
The article also covers the security and implementation challenges that banks and insurance companies will face as they expand their AI and quantum footprints.
Read the Bloomberg article.
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Intel and QuantWare
Dutch quantum fabrication company QuantWare announced a funding round worth about $178 million last week. It is led by Intel and includes IQT, a deep tech venture firm that is funded largely by the CIA.
The raise will help finance what the company says will be the world’s largest dedicated quantum open architecture fab, increasing the company’s production capacity by 20 times. QuantWare claims it will have a 10,000-qubit system available for purchase in 2028.
Read the coverage in Bloomberg. Intel’s CEO, Lip-Bu Tan, also joined the board of PsiQuantum, according to an announcement last week. Tan is the former CEO of Cadence Design Systems.
Permanent magnets
IEEE Spectrum covered Alice & Bob’s work to develop a permanent magnet that does not rely on rare-earth elements. Strong, expensive, and widely used in electronics, the global supply of rare-earth permanent magnets is all-but monopolized by China.
Magnetism and other properties are the result of “the local behavior of each electron. But each electron’s behavior is highly, highly correlated with how its neighbors behave. And this is what makes the problem extremely difficult, because you cannot treat each of those electrons individually,” Alice & Bob’s CEO Théau Peronnin said.
“You have to consider all the possible superpositions of states of those electrons. And so here, the combinatorial space is just ridiculously large. It’s 2 to the, I don’t know, 40th or 50th power. It’s absolutely tremendous.”
Read the full article in IEEE Spectrum.
Image from Alice & Bob.
Quantum Campus is edited by Bill Bell, a science writer and marketing consultant who has covered physics and high-performance computing for more than 25 years. Disclosure statement.
