- New paper describes how quantum machine
learning algorithms have exponential advantage over classical
counterparts in financial analysis
- Algorithm leverages copulas--a common data
analysis technique--to better describe the complex relationships
between several variables, such as stock prices
- Algorithm has been demonstrated on IonQ’s
latest quantum computer and outperformed equivalent algorithm based
on classical machine learning
- Quantum algorithms can be applied to
statistical problems in several industries, expanding the near-term
opportunity for quantum computing
IonQ, Inc. (“IonQ”), a leader in quantum computing, today
announced the release of a new paper in collaboration with Fidelity
Center for Applied Technology (FCAT) that demonstrates how its
quantum computers can outperform classical computers to generate
high-quality data for use in testing financial models. Financial
institutions commonly use models for asset allocation, electronic
trading, and pricing, and require testing data to validate the
accuracy of these models. The new technique, demonstrated by FCAT
on IonQ’s latest quantum computers, has the potential to be the
first class of quantum machine learning models to be deployed for
broad commercial use.
Today, many financial institutions generate data with classical
machine learning to test their financial models. These classical
approaches are often limited because real-world dependencies
between variables--for example, in a portfolio of stocks--are too
complex for them to model. IonQ and FCAT demonstrated that data
generated with quantum machine learning algorithms is more
representative of these real-world dependencies and is therefore
better at accounting for edge cases like black swan events.
The technique invented by IonQ and FCAT leverages copulas, a
method often used in statistical models to describe relationships
between large numbers of variables. For instance, large financial
institutions use copulas to understand relationships between stock
prices (if the price of X is within a particular range, then the
price of Y tends to go up). By using quantum computers to implement
copulas, IonQ and FCAT demonstrated the ability to construct
complex models beyond the capability of classical computers.
“This research, performed on IonQ hardware, shows quite clearly
that leveraging quantum computing can lead to superior financial
modeling results. The application of quantum machine learning to
other industries, ranging from climate science to geopolitics,
means that a quantum-shaped future is just around the corner,” said
Peter Chapman, CEO and President of IonQ. “Fidelity has long been a
leader in understanding how new technologies will shape markets and
industries, and we’re excited to work with them in this space.”
The copula method underlying FCAT and IonQ’s work can
potentially be applied to any industry dealing with complex systems
that involve several correlated variables. In the near future, it
is expected that quantum machine learning may be applied to climate
research, medical imaging, and recommendation systems. In finance,
the first quantum machine learning methods using copulas are likely
to be applied to risk management and portfolio optimization.
“At FCAT, we track new and emerging technologies and trends to
help Fidelity meet the changing needs of our customers and
associates,” said Adam Schouela, Head of Emerging Technology, FCAT.
“Classical computing enabled breakthroughs in the financial
services space, and we expect quantum computing’s impact to be no
less significant. We’re thrilled that our latest research with IonQ
can help demonstrate quantum’s potential in this space.”
The news continues a year of considerable momentum for IonQ. Its
trapped-ion quantum computers were recently added to Google Cloud
Marketplace, making IonQ the only supplier whose quantum computers
are available via all of the major cloud providers. In addition,
IonQ’s co-founders joined the White House’s National Quantum
Initiative Advisory Committee to accelerate the development of the
national strategic technological imperative.
About IonQ, Inc.
IonQ, Inc. is the leader in quantum computing, with a proven
track record of innovation and deployment. IonQ’s next-generation
system 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 Fidelity Investments
Fidelity’s mission is to inspire better futures and deliver
better outcomes for the customers and businesses we serve. With
assets under administration of $11.2 trillion, including
discretionary assets of $4.2 trillion as of July 31, 2021, we focus
on meeting the unique needs of a diverse set of customers: helping
more than 38 million people invest their own life savings, 22,000
businesses manage employee benefit programs, as well as providing
more than 13,500 wealth management firms and institutions with
investment and technology solutions to drive growth. Privately held
for 75 years, Fidelity employs more than 52,000 associates who are
focused on the long-term success of our customers. For more
information about Fidelity Investments, visit
https://www.fidelity.com/about-fidelity/our-company.
About Fidelity Center for Applied Technology
The Fidelity Center for Applied Technology (FCAT) is a catalyst
for breakthrough ideas that advance Fidelity’s market leadership
and enhance every customer’s experience. FCAT teams track emerging
social and tech trends, test product concepts and ideas, and build
scalable solutions that propel Fidelity forward. For more
information about FCAT, visit www.fcatalyst.com.
About dMY Technology Group, Inc. III
dMY III is a special purpose acquisition company founded by
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.
“Fidelity Investments,” “Fidelity,” and/or “Fidelity Center for
Applied Technology” refer collectively to FMR LLC, a U.S. company,
and its subsidiaries.
Fidelity Investments® is an independent company, unaffiliated
with IonQ. Fidelity Investments is a registered service mark of FMR
LLC. 995606.1.0
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version on businesswire.com: https://www.businesswire.com/news/home/20210922005347/en/
For IonQ: Katie Pesek ionq@missionnorth.com
Media Contact: ICR Inc. dmypr@icrinc.com
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