Mentioned:
Intel is doing something new: acquiring a quantum computing company.
What’s happening:
- Intel (NASDAQ: INTC) has entered into a deal to acquire Israeli quantum computing company Classiq for approximately $1.9B USD
By the numbers:
- Intel will also pay up to $350M USD in milestone payments to Classiq as part of the acquisition
Why it matters:
- This is the first time ever that Intel has agreed to acquire a quantum computing company
Going deeper:
- Classiq develops quantum software that is capable of turning high level algorithm descriptions into optimized quantum circuits and running them on most commercially available quantum hardware
- AMD (NASDAQ: AMD), Qualcomm (NASDAQ: QCOM) and IonQ (NYSE: IONQ) all made strategic investments in Classiq
The intrigue:
- Intel’s Chief Executive Officer Lip-Bu Tan was notably an early investor in Classiq
