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Rani Molla

Amazon joins Alphabet and Microsoft in the quantum chip club

The first rule of Quantum Chip Club is you make a big announcement about being part of Quantum Chip Club.

Today, Amazon Web Services unveiled its first quantum chip, Ocelot, which “represents a breakthrough in the pursuit to build fault-tolerant quantum computers capable of solving problems of commercial and scientific importance that are beyond the reach of today’s conventional computers.”

It said scaling the chip to a “fully-fledged quantum computer capable of transformative societal impact would require as little as one-tenth of the resources associated with standard quantum error correcting approaches.”

Welcome to the club.

If you haven’t heard about the latest trend among the Silicon Valley tech giants, quantum chips are super powerful and can do in a few minutes what today’s supercomputers would take septillions — yes, septillions — of years to do.

Earlier this month, Microsoft released its first quantum chip, Majorana 1, which it billed similarly as “breakthrough” and a “transformative leap toward practical quantum computing.”

Late last year, Alphabet announced its latest and greatest quantum chip, Willow, which it lauded for its “breakthrough achievements,” including performing a benchmark computation that would take today’s fastest supercomputers 10 septillion years — “a number that vastly exceeds the age of the Universe” — in less than five minutes.

Amazon, which also launched an upgraded AI assistant Alexa+ yesterday, is up more than 1% premarket.

It said scaling the chip to a “fully-fledged quantum computer capable of transformative societal impact would require as little as one-tenth of the resources associated with standard quantum error correcting approaches.”

Welcome to the club.

If you haven’t heard about the latest trend among the Silicon Valley tech giants, quantum chips are super powerful and can do in a few minutes what today’s supercomputers would take septillions — yes, septillions — of years to do.

Earlier this month, Microsoft released its first quantum chip, Majorana 1, which it billed similarly as “breakthrough” and a “transformative leap toward practical quantum computing.”

Late last year, Alphabet announced its latest and greatest quantum chip, Willow, which it lauded for its “breakthrough achievements,” including performing a benchmark computation that would take today’s fastest supercomputers 10 septillion years — “a number that vastly exceeds the age of the Universe” — in less than five minutes.

Amazon, which also launched an upgraded AI assistant Alexa+ yesterday, is up more than 1% premarket.

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#10

Tesla just recalled its beleaguered Cybertruck for the 10th time since the vehicle was introduced two years ago. This time the company recalled about 6,000 of the “apocalypse-proof” vehicles due to what the National Highway Traffic Safety Administration says is an improperly installed “optional off-road light bar accessory” that could become disconnected from the windshield while driving, and could “create a road hazard for following motorists and increase their risk of a collision.”

CEO Elon Musk once said he could sell up to 500,000 of the stainless steel behemoths a year. In the first three quarters of this year, the company has sold only about 16,000.

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Analysts lower Meta price targets after social media giant says AI capex will keep climbing

Meta may have posted record revenue Wednesday but the stock is deeply in the red in the wake of its third-quarter earnings report, after the social media company said that its capital expenditure on AI would continue to rise.

The earnings prompted a number of analysts to lower their price targets or downgrade the stock.

RBC Capital lowered its price target to $810 from $840. Bank of America Securities lowered its price target to $810 from $900. Barclays, JPMorgan, Deutsche Bank, and Wells Fargo also lowered their price targets on the company.

Earlier today, Benchmark downgraded its rating to a “hold” from a “buy.” Oppenheimer downgraded the company to “perform” from “outperform,” saying the “significant investment in Superintelligence despite unknown revenue opportunity mirrors 2021/2022 Metaverse spending.” Ouch.

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