The White House is hosting executives from a slew of prominent companies on Monday to discuss pushing forward U.S. quantum computing initiatives.
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Executives from IBM, JPMorgan, Lockheed Martin, Goldman Sachs and Google’s parent company, Alphabet, are expected to attend the meeting, hosted by the White House Office of Science and Technology Policy.
Quantum computing is a new way of calculating problems using quantum mechanics, which deals with the interactions of subatomic particles. Quantum computers would be able to perform at faster speeds than today’s most advanced systems and have particular relevance to fields ranging from physics to chemistry and other sciences, and could be used to do things like develop new drugs or predict weather patterns. It could also help the push to advance artificial intelligence.
The technology also carries national security and military applications, because scientists believe a quantum computer would be capable of breaking current internet codes. Representatives from the Pentagon and Department of Homeland Security are among those federal employees expected to also attend Monday’s summit.
IBM is one of the companies that is working on building quantum computers. A spokesperson for the company said in a statement to FOX Business on Monday that a more unified effort to advance quantum computing technology could "have a positive long-term impact on the U.S. economy."
Congress is working to approve a bill that would create a 10-year program with $1.3 billion in funding, aimed at increasing the number of workers and researchers in the field and improving technologies.