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Nvidia CEO: Quantum Computers Won't Be Very Useful for Another 20 Years

3 months 3 weeks ago
Nvidia CEO Jensen Huang said quantum computers won't be very useful for another 20 years, causing stocks in this emerging sector to plunge more than 40% for a total market value loss of over $8 billion. "If you kind of said 15 years for very useful quantum computers, that'd probably be on the early side. If you said 30, is probably on the late side. But if you picked 20, I think a whole bunch of us would believe it," Huang said during a Q&A with analysts. PCMag reports: The field of quantum computing hasn't gotten nearly as much hype as generative AI and the tech giants promoting it in the past few years. Right now, part of the reason quantum computers aren't currently that helpful is because of their error rates. Nord Quantique CEO Julien Lemyre previously told PCMag that quantum error correction is the future of the field, and his firm is working on a solution. The errors that qubits, the basic unit of information in a quantum machine, currently make result in quantum computers being largely unhelpful. It's an essential hurdle to overcomeâ"but we don't currently know if or when quantum errors will be eliminated. Chris Erven, CEO and co-founder of Kets Quantum, believes quantum computers will eventually pose a significant threat to cybersecurity. "China is making some of the largest investments in quantum computing, pumping in billions of dollars into research and development in the hope of being the first to create a large-scale, cryptographically relevant machine," Erven tells PCMag in a statement. "Although they may be a few years away from being fully operational, we know a quantum computer will be capable of breaking all traditional cyber defenses we currently use. So they, and others, are actively harvesting now, to decrypt later." "The 15 to 20-year timeline seems very realistic," said Ivana Delevska, investment chief of Spear Invest, which holds Rigetti and IonQ shares in an actively managed ETF. "That is roughly what it took Nvidia to develop accelerated computing."

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Wall Street Job Losses May Top 200,000 As AI Replaces Roles

3 months 3 weeks ago
An anonymous reader quotes a report from Bloomberg: Global banks will cut as many as 200,000 jobs in the next three to five years as artificial intelligence encroaches on tasks currently carried out by human workers, according to Bloomberg Intelligence. Chief information and technology officers surveyed for BI indicated that on average they expect a net 3% of their workforce to be cut, according to a report published Thursday. Back office, middle office and operations are likely to be most at risk, according to Tomasz Noetzel, the BI senior analyst who wrote the report. Customer services could see changes as bots manage client functions, while know-your-customer duties would also be vulnerable. "Any jobs involving routine, repetitive tasks are at risk," he said. "But AI will not eliminate them fully, rather it will lead to workforce transformation." Nearly a quarter of the 93 respondents predict a steeper decline of between 5% and 10% of total headcount. The peer group covered by BI includes Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. The findings point to far-reaching changes in the industry, feeding through to improved earnings. In 2027, banks could see pretax profits 12% to 17% higher than they would otherwise have been -- adding as much as $180 billion to their combined bottom line -- as AI powers an increase in productivity, according to BI. Eight in ten respondents expect generative AI to increase productivity and revenue generation by at least 5% in the next three to five years. Results from a recent World Economic Forum survey also predicted a reduction in the workforce due to AI. According to the survey, 41% of employers intend to downsize their workforce as AI automates certain tasks. Unlike the survey results from 2023, this year's report did not say that most technology, including AI, were expected to be a "net positive" for job numbers.

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