The Australian government will invest $940 million in Silicon Valley start-up PsiQuantum, co-founded by Australians Jeremy O’Brien and Terry Rudolph, to build the world's first commercially useful quantum computer in Brisbane. The investment is part of the Albanese government's Future Made in Australia policy. Quantum computers use "qubits" that can be in both states at once, potentially revolutionizing fields like artificial intelligence, cybersecurity, and medical research. PsiQuantum's technology is based on light, not matter, and the company plans to build an "error-corrected" quantum computer by 2029. The investment is expected to create up to 400 highly skilled jobs.
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