Quantum computing nears commercial breakthrough, IBM CEO says

IBM CEO Arvind Krishna said quantum computing will begin generating meaningful revenue before the decade ends as investment in the sector accelerates, in an interview on CNBC on Thursday. Krishna said he expects the sector to begin making a measurable contribution to IBM's revenue and profit by 2028 or 2029. "By the end of the 2030s, we are now pretty convinced this is a trillion dollars of value," Krishna said, describing what he sees as the long-term economic potential of quantum computing. "A quantum computer can do things better, faster, cheaper, in a way that normal classical computers cannot do at this time," Krishna said. IBM, Alphabet, IonQ, Rigetti Computing and several startups are racing to build machines capable of solving problems that remain impractical for today's most powerful classical computers. In May, IBM announced plans for a standalone quantum chip foundry backed by a $1 billion commitment from the U.S. Department of Commerce through the CHIPS incentive program, alongside a matching $1 billion investment from the company. The technology has also drawn attention in the crypto world. Some believe a sufficiently advanced quantum computer could one day crack the encryption that protects Bitcoin wallets and other blockchain networks. Most experts, however, say that scenario is still a long way off and developers are already working on quantum-resistant cryptography.