On Thursday, a company official at International Business Machines Corp (NYSE:IBM) said it is partnering with the Canadian province of Quebec to boost quantum computing that could help advance areas like battery development.
Quebec's thriving high-tech economy, Discovery Accelerator, builds on the existing semiconductor innovation ecosystem that develops computing, artificial intelligence (AI), semiconductors, and high-performance technology in an attempt to research energy, life sciences, and sustainability in rural areas.
The quantum computer, known as IBM Quantum (NASDAQ: QMCO) System One, which will be deployed in Canada for the first time, is expected to be available for use at its facility in Bromont, Quebec, by early 2023.
Anthony Annunziata, director of accelerated discovery at IBM, said, "Batteries are very tough to build and improve. We've been working on them for decades, and progress is slow, incremental." He added, "If we bring AI and quantum into the picture, that can start to change, and we can actually start to understand what's happening at the heart of batteries and understand new materials and new processes to build much better ones."
The United States and other nations are racing to develop quantum technology since quantum computers can operate millions of times faster than today's advanced supercomputers, fueling advances in AI, materials science, and chemistry.
IBM IN THE MARKETS
Although shares of classic tech titan IBM have been moving slowly over the past few years, there might be reasons to believe that the firm is ready to break through its funk after clocking in a solid quarter alongside some astonishing margins.
One of the main benefits to IBM stock is its bountiful dividend, which currently yields around 4.8%.
Despite limited growth, IBM has the means to improve its profitability through its desire to focus on lucrative tech sub-industries like cybersecurity and quantum computing.
IBM's average price target is $145.75, implying an upside potential of 5.8%.
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