Core Insights - The proverb "you have to spend money to make money" emphasizes the importance of R&D spending for companies aiming to increase profitability and market presence [1] R&D Importance - R&D is essential for innovation, leading to new or improved products, processes, and services, contributing to long-term economic growth [2] - Significant advancements, such as mRNA-based vaccines, are direct results of substantial R&D investments by companies like Pfizer, BioNTech, and Moderna [2] Historical Context - The features of modern smartphones, including touchscreens and GPS, are outcomes of decades of R&D by major tech companies like IBM, Apple, and Google [3] Leadership Perspective - Amazon's CEO emphasizes that R&D spending is critical for companies, particularly those with opportunities to enhance capabilities [4] - R&D investments can provide a competitive advantage through intellectual property and innovative service delivery, positioning companies as market leaders [5] Investment Strategy - Successful growth-oriented companies often allocate 10% or more of their revenue to R&D, though the specific percentage should be based on available opportunities and associated risks [6] - Companies must evaluate their potential for growth and market advantage to determine the appropriateness of heavy R&D investment [6]

Core Insights - IBM is recognized as a significant player in the AI and quantum computing sectors, with a generative AI business exceeding $7.5 billion, indicating strong demand and client adoption [1] - The company has launched its first Quantum System Two outside the U.S. in Japan and continues to develop AI integration solutions like watsonx Orchestrate and Client Zero [1] - Over the past three years, IBM has experienced robust revenue growth driven by its Red Hat acquisition, hybrid cloud solutions, automation, AI, and security offerings [1] Valuation Metrics - IBM's stock trades at a forward P/E ratio of 25x, which is above its historical average of 16x [2] - The forward EV/EBITDA multiple for IBM stands at 17x, also higher than typical market levels [2] Investment Perspective - While IBM shows potential as an investment, there is a belief that other AI stocks may offer higher returns with limited downside risk [3]

Core Insights - The Basque Government and IBM have launched the first IBM Quantum System Two in Europe at the IBM-Euskadi Quantum Computational Center in San Sebastián, marking a significant milestone in their partnership initiated in 2023 under the BasQ initiative [1][2][11] Group 1: System Details - The IBM Quantum System Two is the second installation outside the US and is powered by a 156-qubit IBM Quantum Heron processor, designed for scalability and capable of executing utility-scale algorithms [3][10] - This system enhances the capabilities of the Basque Country in quantum computing, allowing for advanced research in materials science and high energy physics [5][9] Group 2: Strategic Importance - The Basque Government aims to position the region as a hub for quantum technologies, aligning with Europe's resilience and reindustrialization strategy [4][11] - The initiative is expected to attract talent, foster knowledge generation, and connect with other innovation ecosystems, enhancing competitiveness [4][12] Group 3: Research and Development - The collaboration has already yielded significant research outcomes in materials science and high energy physics, with expectations for further advancements as the ecosystem grows [5][7] - The center will support the development of new algorithms and applications in strategic sectors such as energy, biomedicine, and artificial intelligence, contributing to the IKUR 2030 vision [8][9] Group 4: Ecosystem and Training - The IBM-Euskadi Quantum Computational Center aims to build a robust quantum ecosystem in Southern Europe, promoting economic development and scientific collaboration [7][13] - Training programs are being developed to cultivate quantum talent in the Basque Country, enhancing educational opportunities in the field [14]

Core Insights - Index funds are a valuable tool for gaining exposure to stock market sectors without the need to select individual stocks, particularly in the promising field of artificial intelligence [1] - The Vanguard Information Technology ETF offers a cost-effective way to invest in AI-related companies, with a significantly lower expense ratio compared to other AI-focused ETFs [2][7] Vanguard Information Technology ETF Overview - The Vanguard Information Technology ETF is not exclusively an AI investment but tracks the information technology sector, which includes many leading AI companies [4] - The fund's portfolio is heavily weighted towards major AI players, with semiconductor manufacturers constituting 31% and software companies 36% of the fund [5] - The top 10 holdings represent 58% of the fund's assets, featuring prominent AI companies such as Nvidia, Microsoft, and Apple [5][6] Fund Performance and Fees - The Vanguard Information Technology ETF has a low expense ratio of 0.09%, making it an economical choice for investors looking to gain exposure to AI stocks [7][8] - The fund's performance is highly dependent on a few key companies, indicating a top-heavy structure [7]

Investment Rating - The report gives a "Buy" rating for the quantum computing hardware industry, marking its first coverage [1]. Core Insights - The report addresses key issues in traditional computing, explaining the principles of quantum computing and its advantages over classical computing, including overcoming computational bottlenecks, utilizing quantum tunneling phenomena, and addressing thermal dissipation effects [2]. - It identifies superconducting, ion trap, and neutral atom methods as the three most viable paths for quantum computing, with superconducting technology progressing the fastest [2]. - The report concludes that quantum computing is on the brink of large-scale application, with significant developments expected between 2027 and 2029, driven by global strategic planning and investments in quantum information [2]. - It highlights the importance of QPU, dilution refrigerators, and measurement control systems as the three core hardware components of quantum computing, estimating their market share in the quantum computing hardware value by 2030 and 2035 [2]. - The report emphasizes the acceleration of quantum computing industrialization and suggests focusing on scalability and fidelity as key indicators for investment opportunities [2]. Summary by Sections 1. Comparison of Quantum and Classical Computing - Classical computing is based on bits, which face challenges as processes shrink, leading to computational bottlenecks, quantum tunneling issues, and thermal dissipation problems [4][14]. - Quantum computing utilizes qubits, which can exist in superposition and entangled states, allowing for exponential parallel processing capabilities [14][18]. 2. Current State and Future of Quantum Computing - Major global powers view quantum computing as a strategic priority, with increasing investments and supportive policies [24]. - The report outlines significant investments from various countries, including the US, UK, and EU, aimed at advancing quantum technologies [24]. - The quantum computing industry is projected to experience rapid growth, with a CAGR of 87.66% from 2024 to 2030, driven by applications in finance, pharmaceuticals, and defense [35]. 3. Key Hardware Components - The report identifies QPU, dilution refrigerators, and measurement control systems as essential components, predicting their market sizes and shares by 2030 and 2035 [44][50][59]. - The dilution refrigerator market is expected to reach approximately $19.4 billion by 2030, driven by the demand from quantum computing [51]. - The measurement control system market is projected to exceed $210 billion by 2030, with major suppliers identified [63]. 4. Investment Opportunities - The report recommends focusing on companies such as Guoshun Quantum, Hexin Instruments, and others involved in quantum computing hardware and technology [2][71].

当前「AI 威胁就业」的论调，更多是基于技术趋势的预警，而非基于现实的既成事实，但这也绝非轻视 AI 长期影响的理由。 最近，「AI 让人类失业」的论调甚嚣尘上，给本就焦虑的打工人更蒙上了一层阴影。 Anthropic 的首席执行官 Dario Amodei 预测白领就业将面临一场「末日浩劫」，「AI 可能在未来五年内大规模取代入门级白领工作，失业率可能会飙升至 10% 到 20% 之间，尤其在法律、金融和咨询等行业。」 Goodwill 首席执行官表示，他正在为人工智能导致的 Z 世代失业潮做准备，还认为青年失业危机已经发生。 将同时影响多个行业，并且在未来一到两年内可能会加剧。」 Stability AI 联合创始人 Emad Mostaque 声称，明年将出现大规模失业。「AI 能够完成复杂的工作且不出错，这将导致许多工作面临被替代风险。失业问题 甚至前谷歌首个生成式 AI 团队创始人贾德・塔里菲 (Jad Tarifi) 表示，不断提升的人工智能能力可能很快就会让获得法律或医学高级学位变得毫无意义。 而耶鲁大学一篇名为《We Wont be Missed: Work and Growth in the ...

Core Insights - Benson Investment Management Company initiated a new equity stake in International Business Machines (IBM), acquiring shares valued at approximately $6.38 million, which represents 2.18% of the firm's 13F assets under management as of September 30, 2025 [1][3][8] Company Overview - International Business Machines is a global technology leader with a diverse portfolio that includes software, consulting, infrastructure, and financing solutions, focusing on hybrid cloud, artificial intelligence, and mission-critical IT services [5][4] - The company generates revenue through various channels, including licensing, subscription, consulting fees, infrastructure sales, and financing arrangements, serving large enterprises and institutional clients across multiple sectors [4][5] Financial Performance - As of October 9, 2025, IBM shares were priced at $288.23, reflecting a 23.02% increase over the past year, outperforming the S&P 500 by 12.53 percentage points [3] - IBM's revenue for the trailing twelve months (TTM) stands at $64.04 billion, with a net income of $5.83 billion and a dividend yield of 2.37% [3] Investment Implications - The new position in IBM could indicate a bullish sentiment from Benson Investment Management, especially as IBM has shown strong stock performance with approximately 20% gains year-to-date [9][11] - IBM's strategic focus on enterprise AI solutions positions it as a leader in the sector, with many new partnerships being developed across various industries [9][10]

Core Insights - IBM has partnered with Script Network as a Preferred Technology Partner to provide decentralized video infrastructure and cloud automation services to clients globally [1][2] - Script Network is the first company to offer blockchain-based video infrastructure solutions within IBM's Partner Plus ecosystem, enhancing IBM's AI and automation capabilities [2][3] - The global video infrastructure and cloud automation market is projected to exceed $750 billion by 2030, driven by a shift from centralized to decentralized systems [3] Company Overview - Script Network specializes in decentralized video infrastructure, offering blockchain-powered video streaming, storage, and automation solutions for both consumers and enterprises [6] - The partnership with IBM allows Script Network to leverage IBM's extensive enterprise client base and distribution channels, enhancing its market reach [4][5] Market Opportunity - The collaboration aims to provide tools for managing, distributing, and automating high-volume video and data workloads, targeting sectors such as telecommunications, media, finance, and government [3][4] - The partnership is expected to drive efficiency and cost control in a trillion-dollar industry, aligning with the demand for scalable and secure video services [3][5]

International Business Machines Corporation (NYSE:IBM) is one of the Trending AI Stocks on Wall Street’s Radar. On October 7, IBM leveraged its annual event for developers and technologists, TechXchange 2025, to unveil advancements across software and infrastructure that support productivity for developers, lines of business and infrastructure. The TechXchange event serves as a platform for IBM to unveil the latest advancements in agentic AI, hybrid cloud, quantum computing and intelligent infrastructure. ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...