IBM (NYSE:IBM) said it can run a vital quantum computing algorithm on commonly available chips from Advanced Micro Devices (NASDAQ:AMD), Reuters reported.
Jay Gambetta, the IBM vice president running the firm’s quantum efforts, said the work showed that IBM’s algorithm not only works in the real world, but can operate on a readily available AMD chip that is not “ridiculously expensive,” the report added.
IBM did not immediately respond to a request for comment from Seeking Alpha.
“Implementing it, and showing that the implementation is actually 10 times faster than what is needed, is a big deal,” said Gambetta in an interview, according to the report.
Gambetta noted that the algorithm work disclosed on Friday was completed a year ahead of schedule, the report noted.
IBM has a multi-year plan to develop a quantum computer called Starling by 2029.
The company is racing to develop quantum computing against Microsoft (MSFT) and Alphabet’s (GOOGL) (GOOG) Google, which announced a breakthrough algorithm this week.
Alphabet’s CEO Sundar Pichai said then that the tech giant’s quantum computing chip, known as Willow, has achieved the “first-ever verifiable quantum advantage.”
Quantum computers use qubits to solve problems which can take conventional computers thousands of years to solve — problems such as how trillions of atoms react over time. However, qubits are prone to errors that can quickly overwhelm the useful computing work of a quantum chip, the report added.
Shares of IBM rose about 1% premarket on Friday.