During an appearance on CNBC, IBM's CEO Arvind Krishna stated that the company's investments in quantum computing are expected to significantly impact revenue and profits by 2028 or 2029.
He also projected the potential economic impact of the technology to reach $1 trillion in value creation by the end of the 2030s.
On June 30, IBM, in collaboration with Qedma and Algorithmiq, unveiled research findings that they described as showcasing quantum advantage. They assert that quantum computers can solve specific computational tasks more efficiently than leading classical systems and validate the results obtained.
Krishna pointed out that IBM's system has revealed material behaviors that researchers could not observe using traditional computing methods. He linked potential practical applications to advancements in batteries, new materials, nuclear fusion solutions, and pharmaceuticals.
The IBM chief acknowledged that the pace of commercializing this technology remains contentious due to high error rates, hardware complexity, and scaling challenges. Nevertheless, he mentioned that the company is already witnessing progress toward practical applications.
In May, IBM announced plans to establish a dedicated quantum chip manufacturing facility. This initiative includes $1 billion in support from the U.S. Department of Commerce under the CHIPS program, alongside another $1 billion investment from IBM itself.
Krishna also addressed the market's tepid response to IBM's recent earnings report. According to CNBC, shares fell by 25% after the quarterly results were released on July 14, before recovering only 2%. During this period, IBM disclosed that some clients had postponed capital projects. Krishna clarified that these deals were not canceled but rescheduled, with approximately 40% already finalized within three to four weeks.
In May, Petar Florizun, the global sales director for IBM Quantum, announced the beginning of a practical era in quantum computing.