Weather

86°F3:45 PM

Business

1 read

US Government Invests $2 Billion in Quantum Computing Innovation

KVIA•Thursday, May 21, 2026 at 1:57 PM•CNN Newsource

City skyline representing business and economy news

Want the full story?

Read the complete article at KVIA

AI Summary

The US Department of Commerce is allocating $2 billion to enhance the capabilities of American quantum-computing companies, with IBM receiving half of the funding. This initiative aims to advance the development of supercomputers capable of addressing complex global challenges. IBM's new venture, Anderon, will receive $1 billion to establish the first dedicated quantum foundry in the country. The investment is expected to generate significant economic value, with projections of up to $850 billion by 2040. Smaller companies like D-Wave Quantum and Rigetti Computing will also benefit, receiving up to $100 million each to accelerate their growth in the quantum space. This funding comes under the CHIPS and Science Act, marking a pivotal moment in the US's commitment to leading in quantum technology.

Key Details: • IBM to receive $1 billion for its new quantum foundry, Anderon. • D-Wave Quantum and Rigetti Computing to receive up to $100 million each. • Investment aims to generate up to $850 billion in economic value by 2040. • Funding disbursed under the CHIPS and Science Act. • Total of nine firms to benefit from this government initiative.

technology investment innovation ibm quantum-computing

People & Organizations

Howard LutnickIBMAlan BaratzSubodh KulkarniUS Department of CommerceD-Wave QuantumRigetti Computing

Related Articles

OpenAI Unveils Custom Chip 'Jalapeño' to Enhance AI Performance

OpenAI has introduced its first custom AI chip, named Jalapeño, developed in collaboration with Broadcom to improve the efficiency of ChatGPT and Codex. This chip aims to handle the growing demands of AI workloads and is specifically designed for large language models, moving away from reliance on general-purpose chips like those from Nvidia. The announcement comes as OpenAI prepares for a potential initial public offering, which could value the company at a staggering trillion dollars. By optimizing its infrastructure, OpenAI hopes to make its AI services more affordable and accessible to consumers.

IRS Workforce Reduction Affects Tax Season Performance in El Paso

The IRS has seen a significant decrease in its workforce, dropping from approximately 102,000 employees at the start of 2025 to around 74,000 by the end of the tax season. This reduction, driven by the Department of Government Efficiency, has raised concerns about the agency's ability to handle taxpayer inquiries effectively. While the IRS performed better than anticipated in processing returns, the sharp decline in staff has led to challenges, particularly in phone support for taxpayers. El Paso residents may experience longer wait times and reduced assistance during tax-related inquiries.

Middle East Oil Production Faces Challenges as Operations Resume

As the Strait of Hormuz reopens, Middle Eastern oil producers are preparing to restart operations that were halted due to recent conflicts. This situation raises concerns about potential damage to oil wells and infrastructure, as prolonged shutdowns can lead to underground pressure imbalances. Analysts suggest that while fears of catastrophic explosions may be exaggerated, the process of resuming production will require careful management to avoid leaks and ensure safety. The complexities of restarting oil production could take weeks, involving significant coordination among various countries and companies to maintain stability in the region's oil fields.

Trump's Aviation Legacy: Customizing Air Force One with Personal Touches

Donald Trump, known for his extensive background in aviation, is now customizing three Boeing 747-800 jets for presidential use, including one donated by Qatar. This initiative reflects his long-standing interest in air travel, having previously owned an airline and designed luxury features for his private jets. The modifications prioritize mission-critical requirements over aesthetics, ensuring the aircraft meet operational needs. Trump's personal connection to aviation is also highlighted by the story of his late brother, Fred Trump Jr., who aspired to be a pilot but was pressured into the family business. This development is significant as it showcases Trump's unique influence on presidential travel and his branding strategies.