How JPMorgan Chase is prepping for Q Day:
The bank is developing algorithmic models that will be ready to take advantage of quantum computers when they become ...
americanbanker.com/news/how-jpmorgan-chase-is-prepping-for-q-day
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JPMorgan Chase prepares for quantum computingThe bank is developing algorithms and strengthening encryption against future quantum attacks.
Key FactsJul 24, 2024 · Reading time: ~45 sec.
Summary created with AI assistance · Source: americanbanker.com
Summary created with AI assistance · Source: americanbanker.com
- JPMorgan Chase is developing, documenting and maintaining quantum algorithms for financial applications that are intended for production once suitable computers become available.
- Marco Pistoia identifies portfolio optimization, fraud detection and Monte Carlo simulations as possible early applications, while he says financial problems currently require hundreds of qubits and a low error rate.
- To counter a possible Q Day, when quantum computers could break RSA encryption, JPMorgan Chase is adopting post-quantum cryptography and quantum key distribution.
- In June, the bank and Quantinuum demonstrated a quantum computer performing a random circuit sampling task that, according to both companies, performed 100 times better than Google's Sycamore in 2019, while IBM criticized Google's analysis of quantum supremacy.
The financial industry would benefit 100% from quantum. We think it's going to be the first industry sector to benefit from quantum.— Marco Pistoia, global head of quantum computing at JPMorgan Chase, in an interview
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Key FactsPsiQuantum plans large photon-based quantum computer
Jul 14, 2026 · Reading time: ~45 sec.
Summary created with AI assistance · Source: technologyreview.com
Summary created with AI assistance · Source: technologyreview.com
- The proposed machine does not yet exist and would route photons through optical switches and beam splitters.
- PsiQuantum raised $1 billion in 2025 and connected three cabinets with 250 chips each at its Milpitas facility.
- The company expects its Australian facility to be operational by the end of 2027, but does not thereby promise that a large computer will be complete.
- PsiQuantum has been assessed by the US research agency DARPA since 2023 and entered the program’s third stage in 2025.
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Key FactsFuture Q-Day Could Break Digital Encryption
Apr 30, 2024 · Reading time: ~45 sec.
Summary created with AI assistance · Source: smh.com.au
Summary created with AI assistance · Source: smh.com.au
- Q-Day is the point when quantum computers could crack encryption; predictions range from 10–15 years to more than two decades.
- The funding aims to advance the world’s first commercial-scale quantum computer; PsiQuantum plans to base its headquarters in Brisbane.
- The largest current system has 1121 qubits, while existing quantum computers remain limited by errors and near-absolute-zero cooling.
- In 2022, NIST unveiled four quantum-resistant algorithms; three use lattices, after a contrary study was withdrawn over an error.
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