- New paper benchmarks quantum algorithms on
IonQ’s new quantum computer, demonstrating the viability of the
approach and providing a roadmap to commercial usage
- Use of quantum computers in Monte Carlo
simulations has relevance in many areas of finance, science, and
engineering
- The high performance of IonQ’s quantum
hardware was critical for this demonstration and the experiment ran
on IonQ’s proprietary Evaporated Glass Trap technology
Goldman Sachs, QC Ware and IonQ, Inc. (“IonQ”) today 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.”
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).
About IonQ
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.
Important Information About the Merger and Where to Find
It
This communication may be deemed solicitation material in
respect of the proposed business combination between dMY III and
IonQ (the “Business Combination”). The Business Combination has
been submitted to the stockholders of dMY III and IonQ for their
approval. In connection with the vote of dMY’s stockholders, dMY
III Technology Group, Inc. III has filed relevant materials with
the SEC, including a registration statement on Form S-4, which
includes a proxy statement/prospectus. This communication does not
contain all the information that should be considered concerning
the proposed Business Combination and the other matters to be voted
upon at the annual meeting and is not intended to provide the basis
for any investment decision or any other decision in respect of
such matters. dMY III’s stockholders and other interested
parties are urged to read the definitive proxy statement, dated
August 12, 2021, and any other relevant documents that are filed or
furnished or will be filed or will be furnished with the SEC
carefully and in their entirety in connection with dMY III’s
solicitation of proxies for the special meeting to be held to
approve the Business Combination and other related matters, as
these materials will contain important information about IonQ and
dMY III and the proposed Business Combination. On or about
August 12, 2021, dMY III mailed the definitive proxy
statement/prospectus and a proxy card to each stockholder entitled
to vote at the special meeting relating to the transaction. Such
stockholders are also be able to obtain copies of these materials,
without charge, at the SEC’s website at http://www.sec.gov, at the
Company’s website at https://www.dmytechnology.com/ or by written
request to dMY Technology Group, Inc. III, 11100 Santa Monica
Blvd., Suite 2000, Los Angeles, CA 90025.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements may be made directly in this
communication. Some of the forward-looking statements can be
identified by the use of forward-looking words. Statements that are
not historical in nature, including the words “anticipate,”
“expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,”
“targets,” “projects,” “should,” “could,” “would,” “may,” “will,”
“forecast” and other similar expressions are intended to identify
forward-looking statements. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) the risk that the transaction may not be completed
in a timely manner or at all, which may adversely affect the price
of dMY’s securities; (ii) the risk that the transaction may not be
completed by dMY’s business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by dMY; (iii) the failure to satisfy the conditions to
the consummation of the transaction, including the approval of the
merger agreement by the stockholders of dMY, the satisfaction of
the minimum trust account amount following any redemptions by dMY's
public stockholders and the receipt of certain governmental and
regulatory approvals; (iv) the lack of a third-party valuation in
determining whether or not to pursue the proposed transaction; (v)
the inability to complete the PIPE transaction; (vi) the occurrence
of any event, change or other circumstance that could give rise to
the termination of the merger agreement; (vii) the effect of the
announcement or pendency of the transaction on IonQ’s business
relationships, operating results and business generally; (viii)
risks that the proposed transaction disrupts current plans and
operations of IonQ; (ix) the outcome of any legal proceedings that
may be instituted against IonQ or against dMY related to the merger
agreement or the proposed transaction; (x) the ability to maintain
the listing of dMY’s securities on a national securities exchange;
(xi) changes in the competitive industries in which IonQ operates,
variations in operating performance across competitors, changes in
laws and regulations affecting IonQ’s business and changes in the
combined capital structure; (xii) the ability to implement business
plans, forecasts and other expectations after the completion of the
proposed transaction, and identify and realize additional
opportunities; (xiii) the risk of downturns in the market and the
technology industry including, but not limited to, as a result of
the COVID-19 pandemic; and (xiv) costs related to the transaction
and the failure to realize anticipated benefits of the transaction
or to realize estimated pro forma results and underlying
assumptions, including with respect to estimated stockholder
redemptions. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the “Risk Factors” section of the
registration statement on Form S-4 and other documents filed by dMY
from time to time with the SEC. These filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and dMY and IonQ
assume no obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither dMY nor IonQ gives any
assurance that either dMY or IonQ, or the combined company, will
achieve its expectations.
No Offer or Solicitation
This communication is for informational purposes only and does
not constitute an offer or invitation for the sale or purchase of
securities, assets or the business described herein or a commitment
to the Company or the IonQ with respect to any of the foregoing,
and this communication shall not form the basis of any contract,
nor is it a solicitation of any vote, consent, or approval in any
jurisdiction pursuant to or in connection with the Business
Combination or otherwise, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in contravention of
applicable law.
Participants in Solicitation
dMY III and IonQ, and their respective directors and executive
officers, may be deemed participants in the solicitation of proxies
of dMY III’s stockholders in respect of the Business Combination.
Information about the directors and executive officers of dMY III
is set forth in the Company’s Form dMY III’s filings with the SEC.
Information about the directors and executive officers of IonQ and
more detailed information regarding the identity of all potential
participants, and their direct and indirect interests by security
holdings or otherwise, are set forth in the definitive proxy
statement/prospectus for the Business Combination. Additional
information regarding the identity of all potential participants in
the solicitation of proxies to dMY III’s stockholders in connection
with the proposed Business Combination and other matters to be
voted upon at the special meeting, and their direct and indirect
interests, by security holdings or otherwise, are included in the
definitive proxy statement/prospectus.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210921005441/en/
For IonQ: ionq@missionnorth.com
For QC Ware: qc_ware@sparkpr.com
For Goldman Sachs: Avery.Reed@gs.com
For dMY III: Investor Contact: Niccolo de Masi dMY
Technology Group, Inc. III niccolo@dmytechnology.com
310-600-6667
Media Contact: ICR Inc. dmypr@icrinc.com
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