PRESS RELEASE — Goldman Sachs, QC Ware and IonQ, Inc. announced a significant step forward in the real-world application of quantum computing for the financial services industry. Specifically, a new research paper shows how IonQ’s quantum computers are now powerful enough to demonstrate a state-of-the-art quantum algorithm from Goldman Sachs and QC Ware that could one day speed up Monte Carlo simulations. These simulations are key for problem solving in many industries, including finance, telecommunications, robotics, climate science, and drug discovery.
As part of our firm’s focus on delivering ever-increasing value for our clients, our research group has been making fundamental contributions to quantum technology. We are working toward enterprise use cases that could have significant impact on strategic investing decisions,” said William Zeng, Head of Quantum Research, Goldman Sachs. “Working with IonQ has been essential for accessing the best quantum technology and accelerating our timeline.”
The quantum algorithm theorized by QC Ware and Goldman Sachs for Monte Carlo simulations has now been demonstrated in practice on the latest IonQ quantum computer. Together, the teams are designing quantum algorithms intended to let firms evaluate risk and simulate prices for a variety of financial instruments at far greater speeds than today, which, if successful, could transform the way financial markets worldwide operate.
“This is a demonstration of how the combination of insightful algorithms that reduce hardware requirements and more powerful near-term quantum computers has now made it possible to start running Monte Carlo simulations,” said Iordanis Kerenidis, Head of Quantum Algorithms – International, QC Ware. “While QC Ware has designed novel practical quantum algorithms and software for enterprise implementation, IonQ has built unique hardware with quantum gates of high enough quality to run these algorithms.”
“Most people are tracking quantum hardware progress, but they often miss that quantum software is accelerating at similarly breakneck speeds. The convergence of hardware and software will enable a quantum future sooner than most think, and our work with Goldman Sachs and QC Ware is a great example of that.”
This experiment was performed on the newest generation IonQ quantum processing unit (QPU), which features an order of magnitude better performance in terms of fidelity and greatly enhanced throughput compared to previous generations. This allows for deeper circuits with many shots to be run over a significantly shorter period of time than previously possible. The combination of these features makes it possible for the first time to run algorithms of this nature. Technical details are outlined in a recently released research paper.
“To get to useful solutions in quantum computing today, we must bring together state-of-the-art quantum hardware and best-in-class quantum algorithms,” said Peter Chapman, CEO and President of IonQ. “Most people are tracking quantum hardware progress, but they often miss that quantum software is accelerating at similarly breakneck speeds. The convergence of hardware and software will enable a quantum future sooner than most think, and our work with Goldman Sachs and QC Ware is a great example of that.”
The news follows on the heels of a number of notable developments from IonQ. The company recently announced a partnership with the University of Maryland to create the National Quantum Lab at Maryland (Q-Lab), the nation’s first user facility that enables the scientific community to pursue world-leading research through hands-on access to a commercial-grade quantum computer. IonQ also debuted two breakthroughs in quantum computing that lay the foundation for increases to qubit count into the triple digits on a single chip. Finally, IonQ anticipates becoming the first publicly-traded, pure-play quantum computing company via a merger with dMY Technology Group III (NYSE: DMYI).
IonQ, Inc. is the leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s next-generation quantum computer is the world’s most powerful quantum computer, and IonQ has defined what it believes is the best path forward to scale. IonQ is the only company with its quantum systems available through Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Chris Monroe and Jungsang Kim based on 25 years of pioneering research at the University of Maryland and Duke University. To learn more, visit www.IonQ.com.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About QC Ware
QC Ware is a leading quantum-as-a-service company focused on the development of applications for near-term quantum computing hardware. With a team composed of some of the industry’s foremost experts in quantum computing, QC Ware is growing rapidly and generating substantial revenue from global enterprise and government sector customers including Aisin Group, Airbus, BMW Group, Equinor, Goldman Sachs, and Total. QC Ware Forge, the company’s flagship quantum computing cloud service, is built for data scientists with no quantum computing background. It provides unique, performant, turnkey implementations of quantum computing algorithms. QC Ware is headquartered in Palo Alto, California and supports its European customers through its subsidiary in Paris. QC Ware also organizes Q2B, the largest annual gathering of the international quantum computing community.
About dMY Technology Group, Inc. III
dMY III is a special purpose acquisition company formed by dMY III Technology Group (NYSE: DMYI), Harry L. You and Niccolo de Masi for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets.
Source: Business Wire