{"id":15697,"date":"2026-05-20T10:41:38","date_gmt":"2026-05-20T14:41:38","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/?p=15697"},"modified":"2026-05-20T10:41:39","modified_gmt":"2026-05-20T14:41:39","slug":"quantum-computing-and-the-next-technology-contest","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/quantum-computing-and-the-next-technology-contest","title":{"rendered":"Quantum computing and the next technology contest"},"content":{"rendered":"\n<div class=\"well b-blue-tint-4 mb-4\">\n  <h2 class=\"h5\">Key points<\/h2>\n  <ul class=\"list-spaced\">\n    <li>\n      Quantum computers enable the simultaneous exploration of multiple\n      solutions, unlike AI, which excels at pattern recognition from large\n      datasets.\n    <\/li>\n    <li>\n      The possibility that quantum computing may break global encryption systems\n      protecting the defence and finance industries has motivated governments to\n      treat it as a strategic priority.\n    <\/li>\n    <li>\n      The technology is not yet commercially viable as formidable technical\n      barriers remain, though progress is being made.\n    <\/li>\n    <li>\n      While still at the pre-commercial stage, the technology is shaping\n      research ecosystems and geopolitical alignment, and it will likely present\n      attractive investment opportunities in the decades ahead.\n    <\/li>\n  <\/ul>\n<\/div>\n\n<p>\n  Quantum computing\u2019s potential to undermine the encryption systems that secure\n  global finance, communications and defence \u2013 and the prospect that the\n  technology can usher in breakthroughs in materials science, pharmaceuticals\n  and logistics \u2013 has propelled it into mainstream policy and boardroom\n  discussions.\n<\/p>\n<p>\n  We review the technology\u2019s fundamentals, contrast it with AI, and assess the\n  remaining technical and commercial challenges before turning to the\n  geopolitical competition shaping its development and considering why quantum\n  computing warrants investor attention.\n<\/p>\n<!-- SECTION -->\n<h2>Quantum computing 101<\/h2>\n<p>\n  Quantum computers are machines that use the properties of quantum physics \u2013 the\n  laws that govern how particles behave at the atomic and subatomic levels \u2013 to\n  store data and perform computations. A comparison to a traditional computer\n  and using an analogy to a light switch can help clarify the concept.\n<\/p>\n<p>\n  A traditional computer works much like a very fast light switch. Each piece of\n  information is stored as a basic unit of information, or a bit, that is either\n  off (0) or on (1). Even the most powerful supercomputers are essentially\n  performing massive numbers of these on\/off calculations every second.\n<\/p>\n<p>\n  A quantum computer uses quantum bits, or qubits, as the basic building blocks\n  to store and process information. But instead of simple on\/off units of\n  information, or just (0) or (1), qubits can exist in a combination of both at\n  the same time, behaving more like a dimmer switch than a light switch. That\n  is, in quantum mechanics, subatomic particles can exist in various states at\n  the same time, a property called \u201csuperposition.\u201d\n<\/p>\n<p>\nIn practice, qubits can be physically realized using various quantum\nsystems such as: superconducting circuits on specialized chips, trapped\nions (individual charged atoms trapped in electromagnetic fields), or\nphotons (particles of light), each of which must be carefully controlled.\n<\/p>\n<p>\n  Thanks to superposition, a quantum computer can explore many possible\n  solutions simultaneously, instead of checking them one by one. This enables\n  the computer to coordinate calculations efficiently in ways traditional\n  computers cannot.\n<\/p>\n<p>\n  That doesn\u2019t mean that quantum computers are faster at every task. In fact,\n  for everyday uses like spreadsheets they are not more useful. Rather, quantum\n  computers are powerful explorers of possibilities.<strong> <\/strong>They are\n  particularly adept at tackling specific problems where the number of possible\n  answers is too large to test one by one, because they can explore many\n  possible solutions simultaneously \u2013 for example, in optimizing traffic flows or\n  analysing security codes.\n<\/p>\n\n<p>\n  Solving these types of problems overwhelm today\u2019s computers even in the age of\n  AI.\n<\/p>\n\n<!-- BOX -->\n<div class=\"well spacer-40 b-warm-grey-tint-2\">\n  <h3>Potential benefits and risks of quantum technologies<\/h3>\n  <p>\n    <strong>Potential benefits:<\/strong>\n    Quantum technologies may deliver significant productivity gains and\n    competitive advantages across multiple sectors.\n  <\/p>\n  <ul class=\"list-spaced\">\n    <li>\n      <strong>Medicine and health care: <\/strong>Improved medical imaging for\n      early tumour detection; accelerated DNA sequencing and drug discovery.\n    <\/li>\n    <li>\n      <strong>Materials science: <\/strong>Enhanced defect detection and quality\n      inspection; development of stronger, lighter materials.\n    <\/li>\n    <li>\n      <strong>Energy and extractive industries: <\/strong>Better resource\n      location and early fault identification for equipment; improved\n      carbon-capture and grid operations.\n    <\/li>\n    <li>\n      <strong>Chemistry: <\/strong>By simulating molecular reactions, a deeper\n      understanding of molecular interactions can be achieved.\n    <\/li>\n    <li>\n      <strong>Finance: <\/strong>Enhanced risk analysis, portfolio optimization\n      and transaction settlement.\n    <\/li>\n    <li>\n      <strong>Transportation and logistics: <\/strong>Solutions to routing and\n      scheduling problems.\n    <\/li>\n    <li>\n      <strong>Communications: <\/strong>Strengthened data security for critical\n      infrastructure via secured quantum networks.\n    <\/li>\n  <\/ul>\n  <p>\n    <strong>Potential risks:<\/strong> Quantum technologies pose a number of\n    threats that need to be addressed.\n  <\/p>\n  <ul class=\"list-spaced\">\n    <li>\n      <strong>The undermining of current encryption standards: <\/strong>Quantum\n      computers could compromise encryption methods that protect financial\n      systems and critical infrastructure. In response, post-quantum\n      cryptography standards are being developed.\n    <\/li>\n    <li>\n      <strong>Increased surveillance: <\/strong>Quantum sensors could raise\n      privacy concerns as they can bypass physical boundaries such as walls.\n    <\/li>\n    <li>\n      <strong>National security: <\/strong>Advances in cryptanalysis and broader\n      weapons and military sensing capabilities could undermine national\n      security, prompting countries to accelerate the race to develop quantum\n      technologies.\n    <\/li>\n  <\/ul>\n  <p class=\"disclaimer\">\n    Source &#8211; RBC Wealth Management; OECD, \u201cAn overview of national strategies\n    and policies for quantum technologies\u201d (Dec. 2025)\n  <\/p>\n<\/div>\n\n<!-- SECTION -->\n<br>\n<h2>Quantum technology versus AI<\/h2>\n<p>\n  Today\u2019s AI is very good at solving problems where there is a lot of data and\n  clear patterns. AI can recognize images, understand language, predict trends\n  and recommend actions because it has learnt from millions of past examples.\n<\/p>\n<p>\n  Quantum computers, by contrast, are useful for searching through an enormous\n  number of possible combinations, where there may not be a clear pattern to\n  learn, and where testing each possibility one by one would take much too\n  long \u2013 even for the fastest supercomputer.\n<\/p>\n<p>\n  AI and quantum computing can be complementary, rather than competing, tools.\n  In practice, AI might help narrow down promising options, while a quantum\n  computer could explore those options more efficiently.\n<\/p>\n<p>\n  Unlike modern AI development, which depends heavily on massive investments in\n  specialized chips, cloud infrastructure, and large data centres, quantum\n  technologies today are driven by scientific breakthroughs rather than by\n  scale.\n<\/p>\n<p>\n  This is because the technology is still at a research-heavy stage. Progress\n  remains constrained by fundamental scientific challenges such as keeping\n  qubits stable, reducing error rates and controlling and measuring quantum\n  systems with sufficient precision. Currently, a breakthrough in physics or\n  engineering is enough to improve the technology\u2019s prospects. Small, highly\n  specialized teams, academic laboratories and startups can all be at the\n  forefront of quantum research and development.\n<\/p>\n<!-- SECTION -->\n<h2>Challenges with quantum technology<\/h2>\n<p>\n  Quantum computing technology is advancing rapidly, but several fundamental\n  scientific, engineering and ecosystem challenges remain before it can be\n  deployed reliably.\n<\/p>\n<!-- SUB -->\n<h3>The physics of it<\/h3>\n<p>\n  Quantum systems are extremely fragile and sensitive to the most minute\n  environmental disturbances such as tiny temperature fluctuations, the\n  slightest vibration and stray radiation. When disturbed, qubits lose their\n  quantum properties.\n<\/p>\n<p>\n  To reduce this risk, quantum systems must operate in highly controlled\n  environments, often at ultralow temperatures (-269 degrees Celsius or -452\n  Fahrenheit, levels close to absolute zero, the theoretical lowest possible\n  temperature) and inside heavily shielded systems such as metal boxes and\n  special lab environments. However, even under such conditions, maintaining\n  stable qubits remains one of the key scientific challenges in quantum\n  computing.\n<\/p>\n<!-- SUB -->\n<h3>Scaling up<\/h3>\n<p>\n  Even if scientists can make individual qubits stable, building large, reliable\n  quantum computers introduces a new set of engineering and manufacturing\n  challenges. Quantum calculations require not only many qubits, but also for\n  those qubits to work together and remain stable long enough to complete a\n  calculation. Today, qubits typically stay stable only for very short periods,\n  which means errors can still occur frequently.\n<\/p>\n<p>\n  As researchers attempt to scale the technology by adding more qubits, the\n  greater the challenge becomes because each additional qubit introduces new\n  potential sources of interference.\n<\/p>\n<p>\n  To improve reliability, scientists use quantum error correction techniques,\n  which involve combining many physical qubits together into a single logical\n  qubit to detect and correct mistakes during calculations. This is a similar\n  approach to that of the Global Positioning System (GPS), which utilizes\n  signals from a network of satellites to determine an accurate location, rather\n  than relying on a single signal. While this improves reliability, it also\n  increases the number of qubits required, making systems much larger and harder\n  to engineer.\n<\/p>\n<p>\n  In addition, as quantum machines require sophisticated cooling systems,\n  specialized materials and highly controlled environments, moving from small\n  experimental systems to machines that can be produced reliably at scale and at\n  a reasonable cost is a significant challenge for the industry.\n<\/p>\n<p>\n  With many of these challenges not entirely resolved, there is no agreed\n  winning architecture for quantum computers, much like the diverse,\n  experimental nuclear reactor designs in the 1950s, or semiconductor materials\n  in the 1960s. Despite recent breakthroughs, it remains unclear which approach\n  will ultimately scale reliably, be it superconducting qubits, trapped ions,\n  photonics or other emerging technologies.\n<\/p>\n<!-- SUB -->\n<h3>Immature ecosystem<\/h3>\n<p>\n  The wider quantum computing ecosystem is still developing, with few people\n  globally having the specialized skills needed to design, build and operate\n  quantum systems. At the same time, the number of proven real-world business\n  applications remains limited, and software development is still catching up\n  with hardware progress. As this uncertainty makes it difficult for private\n  companies to be invested at a large scale, quantum computing is one of the few\n  frontier technologies today where early progress is still strongly shaped by\n  public research funding, even in countries like the U.S. where private sector\n  investment is robust.\n<\/p>\n<p>\n  Despite these challenges, progress has been measurable. In 2024, Google\n  reported that error rates can decline as logical qubits scale, an important\n  step toward fault-tolerant systems, or systems that can detect and correct\n  errors quickly enough so that they do not corrupt the final output. While\n  these advances remain far from commercial deployment, they suggest that\n  scientists are finding ways to make quantum computers more dependable.\n<\/p>\n<!-- EXHIBIT 1-->\n<h3>The quantum technology stack: Constraints and challenges at every level<\/h3>\n<div class=\"mb-1-half ml-1 flex\">\n  <div class=\"row flex-row d-none d-md-flex\">\n    <div class=\"col-md-6 d-md-flex p-half\"><p class=\"bold\">Level<\/p><\/div>\n    <div class=\"col-md-3 d-md-flex p-half\">\n      <p class=\"bold\">Primary constraints<\/p>\n    <\/div>\n    <div class=\"col-md-3 d-md-flex p-half\">\n      <p class=\"bold\">Challenges<\/p>\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row d-flex align-items-stretch mb-md-half mb-1\">\n    <div class=\"col-md-6 col-sm-12 b-blue-tint-4 p-half mt-quarter\">\n      <h6>Applications<\/h6>\n      <p>Drug discovery, materials simulation, optimization, cryptography<\/p>\n    <\/div>\n    <div class=\"col-md-3 col-sm-6 b-warm-grey-tint-2 p-half mt-quarter\">\n      <p>\n        <span class=\"d-md-none italic\">Primary constraints: <br \/> <\/span>\n        Commercial viability\n      <\/p>\n    <\/div>\n    <div class=\"col-md-3 col-sm-6 b-warm-grey-tint-2 p-half mt-quarter\">\n      <p>\n        <span class=\"d-md-none italic\">Challenges: <br \/> <\/span>Ecosystem\n      <\/p>\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row d-flex align-items-stretch mb-md-half mb-1\">\n    <div class=\"col-md-6 col-sm-12 b-blue-tint-3 p-half mt-quarter\">\n      <h6>Algorithms and software (programming)<\/h6>\n      <p>Quantum algorithms, hybrid workflows, noise reduction techniques<\/p>\n    <\/div>\n    <div class=\"col-md-3 col-sm-6 b-warm-grey-tint-2 p-half mt-quarter\">\n      <p>\n        <span class=\"d-md-none italic\">Primary constraints: <br \/> <\/span>\n        Integration complexity\n      <\/p>\n    <\/div>\n    <div class=\"col-md-3 col-sm-6 b-warm-grey-tint-2 p-half mt-quarter\">\n      <p>\n        <span class=\"d-md-none italic\">Challenges: <br \/> <\/span>Scaling\n        <br \/>\n        Engineering and manufacturing\n      <\/p>\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row d-flex align-items-stretch mb-md-half mb-1\">\n    <div class=\"col-md-6 col-sm-12 b-blue-tint-2 p-half mt-quarter\">\n      <h6>Logical qubits (error correction)<\/h6>\n      <p>Reliability and scalability bottlenecks<\/p>\n    <\/div>\n    <div class=\"col-md-3 col-sm-6 b-warm-grey-tint-2 p-half mt-quarter\">\n      <p>\n        <span class=\"d-md-none italic\">Primary constraints: <br \/> <\/span>\n        Error correction <br \/>\n        Scalability\n      <\/p>\n    <\/div>\n    <div class=\"col-md-3 col-sm-6 b-warm-grey-tint-2 p-half mt-quarter\">\n      <p>\n        <span class=\"d-md-none italic\">Challenges: <br \/> <\/span>Scaling\n        <br \/>\n        Engineering and manufacturing\n      <\/p>\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row d-flex align-items-stretch mb-md-half mb-1\">\n    <div class=\"col-md-6 col-sm-12 b-blue-tint-1 c-white p-half mt-quarter\">\n      <h6 class=\"c-white\">Physical qubits (hardware architecture)<\/h6>\n      <p>Superconducting, trapped ions, photonics, neutral atoms<\/p>\n    <\/div>\n    <div class=\"col-md-3 col-sm-6 b-warm-grey-tint-2 p-half mt-quarter\">\n      <p>\n        <span class=\"d-md-none italic\">Primary constraints: <br \/> <\/span>\n        Physics and architectural uncertainty\n      <\/p>\n    <\/div>\n    <div class=\"col-md-3 col-sm-6 b-warm-grey-tint-2 p-half mt-quarter\">\n      <p>\n        <span class=\"d-md-none italic\">Challenges: <br \/> <\/span>Physics\n        challenges\n      <\/p>\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row d-flex align-items-stretch mb-md-half mb-1\">\n    <div\n      class=\"col-md-6 col-sm-12 b-dark-blue-tint-1 c-white p-half mt-quarter\"\n    >\n      <h6 class=\"c-white\">Enabling infrastructure<\/h6>\n      <p>\n        Cryogenic cooling, control electronics, semiconductor fabrication,\n        precision materials\n      <\/p>\n    <\/div>\n    <div class=\"col-md-3 col-sm-6 b-warm-grey-tint-2 p-half mt-quarter\">\n      <p>\n        <span class=\"d-md-none italic\">Primary constraints: <br \/> <\/span>\n        Manufacturing scale <br \/>\n        Capital intensity\n      <\/p>\n    <\/div>\n    <div class=\"col-md-3 col-sm-6 b-warm-grey-tint-2 p-half mt-quarter\">\n      <p>\n        <span class=\"d-md-none italic\">Challenges: <br \/> <\/span>Scaling\n        <br \/>\n        Engineering and manufacturing\n      <\/p>\n    <\/div>\n  <\/div>\n  <!-- Uncomment to add legend: --><!--<div class=\"row mb-4\"\/>-->\n<\/div>\n<p class=\"footnote\">\n  Hybrid workflows combine classical and quantum computing, with a classical\n  computer managing most of the process while delegating specific subtasks to\n  the quantum processor and integrating the results. Noise reduction employs\n  software that uses statistical adjustments to reduce the impact of noise.\n<\/p>\n<p class=\"disclaimer\">Source &#8211; RBC Wealth Management<\/p>\n<p class=\"sr-only\" id=\"ex1desc\">\n  <!-- Place description here. -->\n<\/p>\n\n<!-- SECTION -->\n<h2>Everyone\u2019s race<\/h2>\n<p>\n  Quantum computing has moved from laboratory curiosity to geopolitical\n  priority. A 2025 report by the Organisation for Economic Co-operation and\n  Development (OECD), a group of mostly wealthy nations, points out that the\n  COVID-19 pandemic fundamentally reshaped the context for quantum strategy\n  development due to heightened concerns about technological resilience and\n  supply chain vulnerabilities. The pandemic also led to a worldwide wave of\n  government investment to support economies, some of which was dedicated to\n  quantum science and technology.\n<\/p>\n<p>\n  Governments increasingly view quantum research as a hedge against future\n  vulnerability, given the technology\u2019s potential to break widely used\n  encryption systems that underpin global finance, communications and defence\n  infrastructure. They are therefore inclined to support the industry, with the\n  aim of developing post-quantum cryptographic standards, a task which will take\n  time as existing encryption systems are deeply embedded across key economic\n  sectors.\n<\/p>\n<p>\n  Yet despite this policy backing, quantum computing remains at a pre-commercial\n  stage of development, with no country having crossed the threshold into\n  large-scale, fault-tolerant machines.\n<\/p>\n<!-- EXHIBIT 2-->\n<h3>Strategic approaches shaped by institutions, capital and policy<\/h3>\n<h4>Comparison of national and regional strategies<\/h4>\n<div class=\"table-responsive mb-2\">\n  <table\n    class=\"table table-compact table-border-horizontal table-primary table-border-header\"\n  >\n    <thead>\n      <tr>\n        <th scope=\"col\">Country\/region<\/th>\n        <th scope=\"col\">Model<\/th>\n        <th scope=\"col\">Strength<\/th>\n        <th scope=\"col\">Constraint<\/th>\n        <th scope=\"col\">Strategic posture<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr>\n        <td>United States<\/td>\n        <td>Private-sector-led and alliances<\/td>\n        <td>Capital depth, tech firms<\/td>\n        <td>Fragmented policy<\/td>\n        <td>Rivalry and cooperation<\/td>\n      <\/tr>\n      <tr>\n        <td>China<\/td>\n        <td>State-directed mobilization<\/td>\n        <td>Coordinated funding<\/td>\n        <td>Limited global integration<\/td>\n        <td>Strategic autonomy<\/td>\n      <\/tr>\n      <tr>\n        <td>European Union<\/td>\n        <td>Coordinated ecosystem<\/td>\n        <td>Infrastructure integration<\/td>\n        <td>Capital depth<\/td>\n        <td>Strategic coordination<\/td>\n      <\/tr>\n      <tr>\n        <td>United Kingdom<\/td>\n        <td>Research-led, national strategy<\/td>\n        <td>Startup density<\/td>\n        <td>Capital scale<\/td>\n        <td>Targeted leadership<\/td>\n      <\/tr>\n      <tr>\n        <td>Canada<\/td>\n        <td>Academic and niche specialisation<\/td>\n        <td>Photonics, annealing<\/td>\n        <td>Scale<\/td>\n        <td>Focused capability<\/td>\n      <\/tr>\n    <\/tbody>\n  <\/table>\n<\/div>\n<p class=\"disclaimer mb-4\">Source &#8211; RBC Wealth Management<\/p>\n\n<p>\n  Researchers at the Harvard Kennedy School, the graduate school of public\n  policy of Harvard University, have attempted to assess which countries lead in\n  quantum technologies, ranking 25 countries according to their Critical and\n  Emerging Technologies Index, with 100 being most developed. The U.S. dominates\n  with a score of 84, followed closely by China at 76 and Europe (the UK,\n  France, Germany, Italy, the Netherlands and Spain) at 74. The UK on its own\n  lags at 48 and Canada is at 41, ranking fourth and sixth, respectively.\n<\/p>\n<p>\n  Each region has developed a different strategic approach shaped by their\n  institutional strengths, capital structures and policy priorities. (These are\n  explored in more detail in the\n  <a href=\"#appendix\" title=\"Go to the appendix\">Appendix<\/a>, which includes\n  some publicly traded companies that are involved.)\n<\/p>\n<!-- EXHIBIT 3-->\n<h3>Cooperation among allies<\/h3>\n<h4>\n  A representation of over 20 bilateral agreements related to quantum science\n  and technology\n<\/h4>\n<div class=\"row mb-4\">\n  <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n    <img decoding=\"async\"\n      src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/quantum-computing-next-tech-contest-en-chart-1-in-page-corp.png\"\n      alt=\"A representation of over 20 bilateral agreements related to quantum science and technology\"\n      class=\"img-fluid mb-1-half\"\n      aria-describedby=\"ex3desc\"\n    \/>\n    <div class=\"row\">\n      <div class=\"col-md-6\">\n        <ul class=\"rbc-legend\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-grey-tint-1\"><\/div>\n            Joint statement\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-sun\"><\/div>\n            Agreement\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-apple\"><\/div>\n            Declaration of cooperation\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-sky\"><\/div>\n            Accord\n          <\/li>\n        <\/ul>\n      <\/div>\n      <div class=\"col-md-6\">\n        <ul class=\"rbc-legend\">\n          <li class=\"rbc-legend-item\">\n            <div\n              class=\"rbc-legend-line c-dark-blue-tint-1 rbc-legend-dashed\"\n            ><\/div>\n            Memorandum of cooperation\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-grey-tint-1 rbc-legend-dashed\"><\/div>\n            Memorandum of understanding\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-beige rbc-legend-dashed\"><\/div>\n            Cooperation\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-seaweed rbc-legend-dashed\"><\/div>\n            Joint committee meeting\n          <\/li>\n        <\/ul>\n      <\/div>\n    <\/div>\n\n    <p class=\"footnote\">\n      Each node represents a country and the lines between countries represent\n      bilateral agreements. The size of the node corresponds to the number of\n      bilateral cooperation statements, accords, memoranda, or declarations\n      related to the country.\n    <\/p>\n    <p class=\"disclaimer\">\n      Source &#8211; OECD, \u201cAn overview of national strategies and policies for\n      quantum technologies\u201d (Dec. 2025).\n    <\/p>\n    <p class=\"sr-only\" id=\"ex3desc\">\n      The graphic depicts 14 nodes, with many pairs of nodes connected by lines,\n      representing the network of agreements between individual countries and\n      the European Union related to cooperation on quantum computing. Each node\n      represents a country and the lines between countries represent bilateral\n      agreements. The size of the node corresponds to the number of bilateral\n      cooperation statements, accords, memoranda, or declarations related to the\n      country. The largest node is the United States, which has 11 agreements\n      with other countries; Japan and the United Kingdom each have six\n      agreements; South Korea and Denmark have five; Australia, France, Germany,\n      and the Netherlands have three; Canada and Switzerland have two; Finland,\n      Sweden, and the European Union have one each.\n    <\/p>\n  <\/div>\n<\/div>\n<p>\n  Overall, the U.S. has the strongest capital intensity, China the most\n  aggressive strategic state direction, Canada and the UK both enjoy a high\n  level of research density per capita, while Europe is strong in infrastructure\n  coordination.\n<\/p>\n<p>\n  As is the case with semiconductors, quantum technology is now embedded in\n  broader geopolitical competition and forms part of a broader contest over\n  advanced technologies and supply chains. Both the U.S. and China now treat\n  quantum technologies as strategic assets, restricting foreign access to\n  critical capabilities. China limits exports of certain high-end materials and\n  technologies, while the U.S. has introduced outbound investment controls\n  covering quantum technologies and imposed export controls on high-performance\n  cooling systems and other quantum components as part of its national security\n  policy.\n<\/p>\n<p>\n  At the same time, the U.S. approach differs from China\u2019s in one important\n  respect. OECD mapping identifies more than 20 formal bilateral agreements\n  related to quantum science and technology involving the U.S., spanning\n  research collaboration, funding partnerships, talent mobility and policy\n  coordination. China, by contrast, has tended to pursue more targeted state-led\n  partnerships, particularly in quantum communications, including collaborations\n  with Russia and South Africa.\n<\/p>\n<!-- SECTION -->\n<h2>A technology to watch<\/h2>\n<p>\n  Quantum computing remains a scientifically validated but commercially immature\n  technology. Yet many governments view quantum technologies as part of\n  long-term sovereign capabilities, embedding them within industrial policy,\n  national security planning and research strategy.\n<\/p>\n<!-- EXHIBIT 4-->\n<h3>Ten key points about quantum computing<\/h3>\n<div class=\"mb-1-half ml-1\">\n  <div class=\"row border border-left-0 border-right-0 py-half\">\n    <div\n      class=\"col-md-3 bold c-dark-blue-tint-1 pl-0\"\n      role=\"heading\"\n      aria-level=\"6\"\n    >\n      What it is\n    <\/div>\n    <div class=\"col-md-9 pl-0\">\n      Quantum computers use quantum physics to process information differently\n      than traditional computers \u2013 they work like \u201cdimmer switches\u201d (multiple\n      states simultaneously) rather than \u201clight switches\u201d (on\/off only).\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row border border-left-0 border-right-0 border-top-0 py-half\">\n    <div\n      class=\"col-md-3 bold c-dark-blue-tint-1 pl-0\"\n      role=\"heading\"\n      aria-level=\"6\"\n    >\n      The quantum advantage\n    <\/div>\n    <div class=\"col-md-9 pl-0\">\n      Quantum computers explore many solutions simultaneously, making them\n      powerful tools for solving problems with too many possibilities to test\n      one-by-one.\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row border border-left-0 border-right-0 border-top-0 py-half\">\n    <div\n      class=\"col-md-3 bold c-dark-blue-tint-1 pr-1 pl-0\"\n      role=\"heading\"\n      aria-level=\"6\"\n    >\n      Quantum complements AI\n    <\/div>\n    <div class=\"col-md-9 pl-0\">\n      AI excels at pattern recognition; quantum computers excel at searching\n      enormous numbers of combinations where patterns aren\u2019t clear.\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row border border-left-0 border-right-0 border-top-0 py-half\">\n    <div\n      class=\"col-md-3 bold c-dark-blue-tint-1 pr-1 pl-0\"\n      role=\"heading\"\n      aria-level=\"6\"\n    >\n      Major security threat\n    <\/div>\n    <div class=\"col-md-9 pl-0\">\n      Quantum computers could break current encryption protecting global\n      finance, communications and defence; this is driving government\n      investment.\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row border border-left-0 border-right-0 border-top-0 py-half\">\n    <div\n      class=\"col-md-3 bold c-dark-blue-tint-1 pl-0\"\n      role=\"heading\"\n      aria-level=\"6\"\n    >\n      Significant potential benefits\n    <\/div>\n    <div class=\"col-md-9 pl-0\">\n      Applications span drug discovery, materials science, chemistry, finance,\n      logistics and energy.\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row border border-left-0 border-right-0 border-top-0 py-half\">\n    <div\n      class=\"col-md-3 bold c-dark-blue-tint-1 pl-0\"\n      role=\"heading\"\n      aria-level=\"6\"\n    >\n      Major technical challenges\n    <\/div>\n    <div class=\"col-md-9 pl-0\">\n      Qubits lose properties with tiny environmental disturbances. They must\n      operate near absolute zero (-269\u00b0C) and they remain stable only briefly.\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row border border-left-0 border-right-0 border-top-0 py-half\">\n    <div\n      class=\"col-md-3 bold c-dark-blue-tint-1 pl-0\"\n      role=\"heading\"\n      aria-level=\"6\"\n    >\n      Scaling problem\n    <\/div>\n    <div class=\"col-md-9 pl-0\">\n      Building large, reliable quantum computers requires adding qubits to\n      manage increasing error rates, making systems larger and harder to\n      engineer.\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row border border-left-0 border-right-0 border-top-0 py-half\">\n    <div\n      class=\"col-md-3 bold c-dark-blue-tint-1 pl-0\"\n      role=\"heading\"\n      aria-level=\"6\"\n    >\n      No winning design yet\n    <\/div>\n    <div class=\"col-md-9 pl-0\">\n      It remains unclear which approach will ultimately succeed, whether it be\n      superconducting qubits, trapped ions, photonics or others.\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row border border-left-0 border-right-0 border-top-0 py-half\">\n    <div\n      class=\"col-md-3 bold c-dark-blue-tint-1 pl-0\"\n      role=\"heading\"\n      aria-level=\"6\"\n    >\n      Still pre-commercial\n    <\/div>\n    <div class=\"col-md-9 pl-0\">\n      Quantum computing remains at the research stage with limited proven\n      applications and a shortage of specialized skills globally.\n    <\/div>\n  <\/div>\n  <!-- row -->\n  <div class=\"row border border-left-0 border-right-0 border-top-0 py-half\">\n    <div\n      class=\"col-md-3 bold c-dark-blue-tint-1 pl-0\"\n      role=\"heading\"\n      aria-level=\"6\"\n    >\n      Geopolitical competition\n    <\/div>\n    <div class=\"col-md-9 pl-0\">\n      The U.S. leads in private sector depth; China uses state coordination;\n      Europe emphasizes public coordination; Canada and the UK have strong\n      research bases.\n    <\/div>\n  <\/div>\n<\/div>\n<p class=\"disclaimer mt-1 mb-4\">Source &#8211; RBC Wealth Management<\/p>\n<p>\n  For investors, the relevance is in understanding how quantum development\n  shapes supply chains, research ecosystems and geopolitical alignment, rather\n  than focusing on immediate commercial deployment. The technology\u2019s strategic\n  importance is already influencing capital allocation and policy direction.\n<\/p>\n<a name=\"appendix\"><\/a>\n<p>\n  Quantum computing should therefore be monitored as it will increasingly have\n  long-term implications for advanced manufacturing, materials science,\n  semiconductors and high-performance computing infrastructure. We expect it\n  will be a rich source of attractive investment opportunities over the next two\n  decades.\n<\/p>\n\n<!-- APPENDIX -->\n\n<h2>\n  Appendix&ensp;|&ensp;Regional quantum strategies: A comparative\n  analysis\n<\/h2>\n<h3>United States<\/h3>\n<p>\n  The U.S. is characterized by the leadership of its large technology firms,\n  such as Google, IBM, Intel and Microsoft, while startups benefit from venture\n  capital depth. A strong university-to-industry pipeline is a real asset to\n  innovation that emphasizes error correction and scalable architecture. The\n  industry benefits from federal support through the National Quantum\n  Initiative, but the ecosystem is driven by private capital.\n<\/p>\n<p>\n  Overall, the U.S. leads in commercial ecosystem depth and logical qubit\n  progress. Private sector competition fosters innovation.\n<\/p>\n<h3>China<\/h3>\n<p>\n  The quantum effort in China is heavily supported by the state to the extent\n  that Alibaba and Baidu, two tech behemoths, have handed their research in the\n  field as well as equipment and facilities over to the government. Both retain\n  a peripheral presence in the space. Quantum research takes place mostly at\n  state-run universities, with startups either controlled or financed by the\n  government, pointing to strategic coordination. China may thus have an\n  advantage in developing a large-scale supply chain for a technology that still\n  has an unclear time horizon and payoff. However, government coordination\n  suggests the authorities will focus on the approach they think will succeed \u2013 an\n  approach that can carry the risk of not making the right choice.\n<\/p>\n<p>\n  The country\u2019s strength is not only in quantum computing but also in quantum\n  communications, where using qubits is ultra secure, attracting interest from\n  the military and intelligence industries.\n<\/p>\n<p>\n  China treats quantum as strategic infrastructure, not merely commercial\n  technology.\n<\/p>\n<h3>European Union<\/h3>\n<p>\n  Europe has taken a coordinated, public sector-led approach to quantum\n  development. It is anchored by the EU\u2019s Quantum Flagship, a large-scale\n  research and innovation program designed to accelerate the development of\n  quantum technologies across Europe, and linked to the European High\n  Performance Computing Joint Undertaking, an initiative to build and coordinate\n  a network of world-class supercomputers across the region.\n<\/p>\n<p>\n  Europe\u2019s emphasis has been on building shared infrastructure, supporting\n  startups across member states, and linking research excellence with industrial\n  applications. Countries including France, Germany, Finland and the\n  Netherlands host significant hardware ventures, while EU funding aims to\n  reduce fragmentation.\n<\/p>\n<p>\n  The EU has committed to supporting quantum technologies through a dedicated\n  European Quantum Act, building on the European Commission\u2019s Quantum Europe\n  Strategy published in July 2025, with adoption expected in 2027.\n<\/p>\n<p>\n  Europe\u2019s strength lies in ecosystem coordination, but scale and capital remain\n  constraints.\n<\/p>\n<h3>United Kingdom<\/h3>\n<p>\n  The UK was early in establishing the National Quantum Technologies Programme\n  in 2014. At the time, it was the first coordinated national initiative in the\n  world to support the technology. This and a strong research base in the field\n  enables the UK to be home to 64 of the world\u2019s 513 companies that focus\n  exclusively on quantum technologies, ranking second globally behind the U.S.,\n  which has 148 such firms according to a 2025 report by the Tony Blair\n  Institute for Global Change. Most of these companies are privately held, such\n  as Oxford Quantum Circuits, an Oxford university spinout, or Riverlane, a\n  Cambridge-based quantum error correction software firm. Of the rare publicly\n  listed names, Arqit Quantum is a London-based quantum encryption company\n  listed on Nasdaq, while Quantinuum (majority owned by Honeywell) recently\n  filed for a U.S. IPO.\n<\/p>\n<p>\n  The UK has leadership in photonics, an approach that uses light to perform\n  quantum computations, as well as in quantum sensing, and is strong in\n  early-stage commercial ecosystem development. Moreover, the report notes that\n  the country has firms across the quantum ecosystem, from error correction\n  systems to algorithms and hardware manufacturing. It highlights\n  vulnerabilities such as too few suppliers of certain types of hardware like\n  lasers and photonics, reliance on foreign providers of ultra-cold\n  refrigerators and a lack of domestic capacity for quantum chip packaging.\n<\/p>\n<h3>Canada<\/h3>\n<p>\n  In contrast to the U.S.\u2019s scale-driven corporate ecosystem and the EU\u2019s\n  coordinated public sector strategy, Canada\u2019s quantum ecosystem is rooted in\n  academic depth and specialized firms. The University of Waterloo is the anchor\n  of Canada\u2019s quantum ecosystem, with the University of Toronto and Simon Fraser\n  University in British Columbia also playing key roles. Moreover, Canada is\n  home to globally recognized quantum firms such as D-Wave Quantum and Xanadu\n  Quantum Technologies, as well as software specialist 1QBit, reflecting both\n  hardware and software expertise.\n<\/p>\n<p>\n  The country has also developed particular strength in photonics and is widely\n  recognized for punching above its weight in research and specialized niches.\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AI has been all the rage, but quantum computing may be tech\u2019s next big thing. While the timing of its commercial viability is uncertain, many governments see it as a cornerstone of long-term economic competitiveness and national security.<\/p>\n","protected":false},"author":22,"featured_media":15698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2026-05-20T15:23:41","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[42],"tags":[662,663],"rbcwm_content_owner":[390],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[212],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-15697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-quantum-computing","tag-quantum-technology","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"AI has been all the rage, but quantum computing may be tech\u2019s next big thing. 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