(MENAFN- Baystreet.ca) The U.S. Department of Energy will provide $625 million over the next five years for five newly formed quantum information research hubs as it tries to stay ahead of China in the area of quantum computing.
The funding is part of $1.2 billion earmarked in the National Quantum Initiative Act of 2018. Researchers believe quantum computers could operate millions of times faster than today's advanced supercomputers, making possible potential tasks ranging from mapping complex molecular structures and chemical reactions to boosting the power of artificial intelligence.
"It's absolutely imperative the United States continues to lead the world in AI and quantum. We know our adversaries around the world are pursuing their own advances," U.S. Chief Technology Officer Michael Kratsios said during a White House press briefing announcing the quantum information research funding.
The five research hubs are each led by the Energy Department's Argonne, Brookhaven, Fermi, Lawrence Berkeley and Oak Ridge national laboratories. The hubs are comprised of top research universities, other national labs and big tech companies in the quantum computing space such as International Business Machines Corp. (NYSE:IBM), Intel Corp. (NASDAQ:INTC), Microsoft Corp. (NASDAQ:MSFT), and quantum computer start-ups Rigetti & Co and ColdQuanta Inc.
Missing from the list are Google parent Alphabet Inc. (NASDAQ:GOOGL), considered one of the top firms in quantum computing, and Honeywell International Inc. (NYSE:HON), which unveiled its quantum computing business last year. The Energy Department spokesperson declined to comment on whether they had been part of a proposal that didn't receive funding.

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