barclays _ Quantum_计算_游戏_在线

Quantum Computing: The race is SIGNATURE Recent breakthroughs in error rates, scalability and classicalintegration signal that the next five years could redefine theboundaries of computational power, as quantum computingapproaches a pivotal inflection-point. We identify 45 public Thematic Investing Laia Marin i Sola, CFA+ 44 (0)20 3134 2531laia.marin@barclays.comBarclays, UK Siddharth Gupta+91 22 6175 2540siddharth.gupta1@barclays.comBarclays, UK Hiral Patel+44 (0)20 3134 1618hiral.patel@barclays.comBarclays, UK Katherine Ogundiya+44 (0)20 3134 1391katherine.a.ogundiya@barclays.comBarclays, UK Amy Lian+44 (0)20 3134 0179amy.lian@barclays.comBarclays, UK William Thompson+1 212 526 8641william.s.thompson@barclays.com Listen The race for quantum advantage and fault-tolerant quantum computing is accelerating.In thenext 12-24 monthswe expect to see demonstration of quantum superiority over classicalsystems on useful problems.By 2029/2030, the industry's ability to progress on chip scalability, Hannah Greenberg+1 212 526 2457hannah.greenberg@barclays.com Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider this European Technology Hardware Rohan Bahl+44 (0)20 7116 9488rohan.bahl@barclays.comBarclays, UK This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. Simon Coles, CFA+44 (0)20 3555 4519simon.coles@barclays.comBarclays, UK This is a Special Report that is not an equity or a debt research report under U.S. FINRA Rules2241-2242. This author is a debt research analyst in the Fixed Income, Currencies and CommoditiesResearch department and is neither an equity research analyst nor subject to all of theindependence and disclosure standards applicable to analysts who produce debt research FOR ANALYST CERTIFICATION(S) PLEASE SEE PAGE 65.FOR IMPORTANT EQUITY RESEARCH DISCLOSURES, PLEASE SEE PAGE 65.FOR IMPORTANT FIXED INCOME RESEARCH DISCLOSURES, PLEASE SEE PAGE 66.Completed: 18-Nov-25, 14:45 GMTReleased: 18-Nov-25, 16:45 GMT of useful systems, in our view. For investors, this momentum matters: we introduce ourQuantum Modalities Benchmarking model to compare performance of current quantumprocessing units (QPUs). We also identify45 listed and >80 private players across the HOW DO QUANTUM COMPUTERS WORK?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Defining quantum technology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 PATH TO COMMERCIALITY – FAULT-TOLERANT QUANTUM COMPUTING (FTQC). . . .12 The current state: Noisy intermediate-scale quantum (NISQ). . . . . . . . 13 The next five years: Advantage & fault-tolerant are two key milestones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Resolving three challenges across the quantum computing stack. . . . 15 Challenge 1) Hardware industrialisation & scalability. . . . . . . . . . . . . . . 16 Challenge 2)Softwareinfrastructure development & algorithms. . . . . 19 Challenge 3) Integrating quantum and classical systems. . . . . . . . . . . . 22 Case study: Can Quantum ML solve the 'powering AI' challenge?. . . . . 26 SIZING THE MARKET. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Impact of quantum computing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29Quantum economics: Easier to understand than the physics. . . . . . . . . 31 THREE SIGNS OF A 'QUANTUM RACE'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351) Signs of first-mover advantage and talent war are emerging. . . . . . . 352) Increased public investment & accelerated policies. . . . . . . . . . . . . . . 37 3) Increasing competitive risk from China could intensify the quantum race. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 INVESTOR GUIDEBOOK & COMPANY LANDSCAPE (PUBLIC/PRIVATE). . . . . . . . . . . . . 45Investment Area #1: Quantum processors. . . . . . . . . . . . . . . . . . . . . . . . . . 49Barclays Quantum Modality Benchmarking. . . . . . . . . . . . . . . . . . . . . . . . 51Investment Area #2: Suppliers across the quantum computing stack.57Investment Area #3: Quantum chip design & manufacturing. . . . . . . . . 59 Executive Summary Reliable quantum computing could solve problems beyond the reach of classicalsystems, unlocking additional competitive advantage and economic impactacross multiple sectors. Industry players early in R&D and securing top talentare already gaining first-mover advantage