Core Viewpoint - IBM has experienced a significant stock rally, with shares more than doubling since the start of 2024, driven by advancements in AI and quantum computing [2][3]. Group 1: Quantum Computing Developments - IBM plans to build the world's first large-scale "fault-tolerant" quantum supercomputer, named IBM Quantum Starling, by 2029, which is expected to have 20,000 times the operational power of current systems [4]. - The Starling system will be capable of processing 100 million quantum operations, with a subsequent processor, Bluejay, projected to enable over one billion operations by 2033 [5]. - A detailed roadmap includes milestones such as the Quantum Loom testing in 2025 and various upgrades leading to the Starling launch [12]. Group 2: AI Innovations - IBM's focus on agentic AI aims to assist large enterprises in managing workflows and proprietary data, exemplified by the Granite AI model on the Watsonx platform [6]. - The AI segment has shown strong performance, with software sales reaching over $6.3 billion in Q1 2025, marking a 9% year-over-year increase [7][8]. - The recurring revenue from products like Red Hat supports this growth, indicating a robust business model [8]. Group 3: Financial Performance - IBM reported strong earnings on April 23, with an EPS of $1.60 surpassing the expected $1.42, and revenue of $14.54 billion exceeding the forecast of $14.41 billion [9]. - The company generated a record $2 billion in free cash flow and improved its EBITDA margin by 240 basis points due to AI workflow automation [10]. - Full-year guidance projects a 5% revenue growth and $13.5 billion in free cash flow generation [10]. Group 4: Analyst Ratings and Stock Forecast - The stock has received multiple analyst upgrades, with price targets ranging from $285 to $300, indicating potential upside from current levels [13]. - The average 12-month stock price forecast is $250.31, suggesting a moderate buy rating among analysts [10][13].

Key Takeaways QBTS shares jumped 1359.5% on strong results, AI momentum, and a quantum supremacy milestone. D-Wave achieved real-world quantum supremacy using its 1,200-qubit Advantage2 prototype system. IBM's launch of Quantum Starling signals rising pressure on smaller rivals like QBTS in the quantum race.Shares of D-Wave Quantum (QBTS) have captured the spotlight over the past year, soaring an astounding 1359.5%. This rally has been fueled by accelerating demand for quantum technology, broader AI-drive ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 WSJ 。 IBM周二表示，计划在本世纪末之前在其纽约数据中心建造世界上第一台大规模容错量子计算机。 这家科技巨头表示，这台名为IBM Quantum Starling 的计算机将安置在纽约州波基普西的中心，其 计算能力是当今量子计算机的 20,000 倍。 IBM 量子副总裁Jay Gambetta表示："我比以往任何时候都更有信心，一台容错量子计算机将在本世 纪末问世。我们正在将纠错技术详细纳入我们的路线图，因为我们相信，现在我们已经解决了所有科 学难题。" 但量子计算的主要问题之一是量子比特在解决问题时会产生错误。它们很脆弱，容易受到"噪声"的影 响。"噪声"本质上是一些微小的环境干扰，这些干扰可能会迫使它们脱离量子态。 这使得构建所谓的容错量子计算机成为科技巨头和量子公司的首要任务。 Gambetta表示，IBM 对 2029 年时间表的信心源于最近的两项发展：一种减少错误的新方法的进一 步进展，称为"量子低密度奇偶校验"或 qLDPC 码，以及一种使用传统计算实时识别和纠正错误的技 术。 此外，量子计算初创公司 SEEQC 预计将于 ...

Parts of the IBM Quantum System Two are seen at IBM Thomas J. Watson Research Center on June 6, 2025 in Yorktown Heights, New York.IBM on Tuesday announced a roadmap to develop a large-scale, fault-tolerant quantum computer called Quantum Starling.Part of the company's plan involves the new IBM Quantum Nighthawk processor, which is set to release later this year, according to a blog post announcing the details."Unlocking the full promise of quantum computing will require a device capable of running larger, ...

Good morning - QQQs +17bps, BTC +60bps getting close at attempting new highs again. Yields falling 2-3bps ahead of CPI tomorrow. 早安 - QQQs 微涨 17 个基点，BTC 上涨 60 个基点再次逼 近新高。收益率下跌 2-3 个基点,明日 CPI 数据公布前市 场谨慎。 AI vibes continue to hover near highs not seen since the middle of last summer. Today, we get a BBG article saying Zuck is building an AI superintelligence team. I liked this quote in particular at the end of the article: Al 热潮持续高涨，接近去年夏季中旬以来的峰值。今日， BBG 文章称 Zuck 正在组建 Al 超级智能团队。我尤其喜欢 文未这句话： In the last two mo ...

IBM Quantum roadmap, processors, and infrastructure outline clear path to IBM Quantum Starling, expected to be first large-scale, fault-tolerant quantum computer  Breakthrough research defines key elements for an efficient fault-tolerant architecture — charting the first viable path toward a system projected to run 20,000 times more operations than today's quantum computers Representing the computational state of IBM Starling would require the memory of more than a quindecillion (1048) of the world's most ...