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Nvidia is the largest company by capitalization and the undisputed leader in infrastructure for artificial intelligence. If today no one needs to explain artificial intelligence, then the technology that will be discussed in this current video is hidden from the radar of most investors. Although it is precisely this technology that could become the next breakthrough, comparable to artificial intelligence, and possibly even surpass it many times over. What is this technology? Who will be the next Nvidia, we will discuss in our video together with my colleague and investment strategist at ATA, Dmitry Kotegov. The company Nvidia was founded in the distant year of 1993, when many, in principle, had never heard of artificial intelligence, and those who understood something, well, considered it some kind of absolute fantasy, which might be realized sometime in the future, perhaps in 50-100 years. During this time, for over 30 years, NVIDIA has undergone several transformations and shifts in demand from various consumer groups. These included gamers, graphic designers, crypto miners, and then came the era of neural networks. And today, in fact, all of us in our company, our parents, and even our children are starting to use artificial intelligence, using the technologies that machine learning provides. Uh, and despite the fact that today it seems that all this looks quite obvious, many investors missed this trade and missed the lion's share of the explosive growth from the artificial intelligence trend. And our company is precisely engaged in this by daily tracking dozens of investment ideas, we review and monitor how new trends are developing. And today we will talk about a technology that may well replace artificial intelligence. This is quantum computing. But before we move on to specific investment ideas, we need, in principle, to understand what it is, how this technology works, and how it is applied today. And this is precisely, Dmitry, a question for you. Tell us, what is quantum computing, and how does it differ from ordinary computers that we interact with every day, like some MacBook or a personal computer. Vasily, as you understand, this is not an easy task, because, in simple terms, it is not obvious how to explain, in principle, how an ordinary computer functions. If we delve into the world of quantum technologies, the task becomes many times more complicated. In general, the idea of quantum computing originated in the minds of famous physicists, such as Albert Einstein, back in the early 20th century. At that time, they were trying to understand how the world is structured at the level of elementary particles. Later, in the 1980s, scientists returned to the work of these famous physicists. At that moment, they were trying to answer a simple question: why, if nature itself in some aspects functions not according to classical laws? Why are we trying to describe it using standard algorithms and standard computers? After all, essentially, how does an ordinary computer work? It works by brute force, meaning it solves each task sequentially. Step by step. At the same time, the world of quantum technologies, or the quantum world, functions differently. In it, a system can be in several states simultaneously. And at the same time, this means that it can solve several problems simultaneously. As you understand, the world is becoming more complex, and the tasks that currently face any computing systems, the complexity of these tasks, is growing exponentially. For example, if we need to model some complex molecule or, on the other hand, from the pharmaceutical industry, when searching for the most effective drug, it is necessary to sort through a huge number of different chemical compounds, it is obvious that the logic of quantum computing seems much more efficient compared to traditional computing. The first real breakthroughs occurred in the 1990s, when the first algorithms appeared that proved that quantum computing is real, and with its help, absolutely real practical tasks can be solved. For example, factoring large numbers into simpler ones or searching through giant arrays of data again much faster. The first quantum computer appeared in 1998. Yes, it was a laboratory prototype, and it functioned very unstably. But it actually solved problems. Therefore, from approximately 1998, it can be said that the world of quantum computing moved from an exclusively theoretical plane to a practical one. And for clarity. How does an ordinary computer work? It uses bits. A bit is a unit of information that can be either zero or one. If we talk about quantum computing, then here the unit of information is a qubit. Its peculiarity is that it can be both zero and one simultaneously. Of course, it sounds like science fiction, but let's just try to illustrate for clarity how it works on an associative level. If we talk about an ordinary computer, then imagine a coin lying on a table. It lies on the table either heads or tails up. When we delve into the world of quantum technologies, imagine that the same coin is spinning infinitely on the table. Consequently, we see, in essence, a blur, which is both heads and tails simultaneously. Over the past 10-15 years, quantum technologies have gone from laboratory prototypes to actually working systems and, moreover, to the first public companies. In essence, by 2025, a separate industry has formed with different types of quantum machines, a software ecosystem, and active support from major players, companies, and governments. I suggest not delving into the complex terms of quantum computing, because understanding them will require very deep and specialized education. Let's consider everything with an example, thanks to which we can truly assess the scale and investment prospects of this direction. Suppose you decide to embark on a grand round-the-world trip. To make the route optimal, you need to calculate all possible options. In what sequence to arrange the cities, what mode of transport to choose: plane, train, bus, or perhaps hitchhike. How to connect this transport? And at the same time, you need to take into account natural and climatic features, national holidays, and, of course, stay within budget, so that, in principle, you have enough money for it. A classical computer will undoubtedly cope with such a task, but it will solve it linearly, that is, sequentially, calculating each option. And to choose the best of them, the most optimal, a separate task setting will be needed, and the time for this will take, let's say, x hours. A quantum computer will analyze each option in parallel, taking into account all variables simultaneously, and will offer the most optimal option. And all this will be implemented within a single task and hundreds, thousands, or possibly millions of times faster. Another example from life. A real working chip from Google, called Willow, solved a problem in 5 minutes, which the most powerful classical supercomputer would have taken 10 septillion years. To understand, 10 septillion is 10 to the power of 25. That is, for human perception, this truly looks like working with an infinite number of options that classical logic cannot process. Dim, this all sounds like complete fantasy. Especially this comparison of 5 minutes and some septillion years. >> Essentially, it's infinite time. Well, just for understanding, >> yes. But we still want to focus more on investment ideas, on companies that implement and develop these technologies. So, to talk about how to make money on this. Firstly, in the description of this video, there is a link to our Telegram channel, and there you will find a detailed publication with an analysis of a large spectrum of public companies that you can buy right now. Secondly, I want to note that, just like in the story with artificial intelligence, many companies are currently not in the public stage. That is, many companies that develop quantum technologies cannot simply be bought on the Nasdaq exchange. And here we can also help you. We cooperate with a large venture fund that invests in quantum. Recently, we closed such a large fundraising. In total, they raised about 120-125 million dollars. Access to this deal is currently closed, but in the near future, I think, within the next year, they will likely be raising the next fund, and there will be an opportunity to participate. Therefore, if you are interested, write to us, and we will definitely add you to the waitlist. And in today's video, we will highlight literally, perhaps, a couple of ideas from me, a couple of ideas from Dmitry on how you can invest in quantum technologies. >> I would also add here that we communicate very closely with the team of this fund. Its representatives are real professionals in technologies, in the world of quantum computing. And if you are interested in delving deeper into this topic, we could organize a joint video with representatives of this fund, and they would talk about how they see the future of quantum computing, into which segments of this market they invest, and why. And for us to organize this, we need to understand whether you are interested in it or not. Therefore, if yes, then put a plus sign in the comments. If there are enough of these plus signs, we will organize such a video. >> Yes, Dim. Well, and before we move on to specific investment ideas that you can go and buy on the exchange today, I would like to highlight a few real market segments where quantum is already being applied, not even at the level of laboratory research, but where practical benefits can actually be derived. Firstly, it is pharmaceuticals. You just touched upon this topic earlier, that now pharmaceuticals are developing in such a way that through digital means, software and hardware, they sort through millions, billions of different chemical compounds to create a new substance or a new drug as quickly as possible. Right from the test tube. And the task of quantum computing is to ensure that this sorting process does not take 10 septillion years, but happens in 5 minutes. And there is a company that, in partnership with the pharmaceutical company AstraZeneca, is precisely engaged in this selection, the search for such new drugs with maximum accuracy, which is unattainable by classical data processing methods. Then the second block is finance and cybersecurity. Already today, some government agencies, financial organizations, use quantum computing, in particular, entangled photons, to create communication channels that are protected, well, one can say, not completely protected from external eavesdropping, but if someone gains access to this information, it is impossible to do so unnoticed. Well, and of course, banks that have experience working with billions of transactions, they process large arrays of data. And even now, elements of quantum machine learning are used in the financial sector, the tasks of which are to identify anomalies, including fraud, and current technologies, for example, artificial intelligence, often cannot find some of these anomalies at all or find them with certain errors or delays. In principle, I am absolutely confident that in a world where we observe a constant increase in this data array and the need to process it, we will face the fact that we will simply need some new type of technology that can accelerate this process many times over. Well, and if we compare quantum technologies with artificial intelligence, they are undoubtedly underinvested. And I would like to talk with you, Dim, about what this market looks like now, which companies invest in quantum and in what volume, and what is the general dynamics and prospects of this segment, specifically from the perspective of capital expenditures, because we observed the same situation. That is, at first, companies invested little by little, and at some point, this jump occurred, and we saw that this unrestrained race began, when all the giants started investing in these technologies, because, well, you can't be the last here, the one who is always at the forefront wins. Undoubtedly, everyone, especially those who are at the forefront of this technological race, understand the prospects of the quantum computing story. Currently, analysts estimate the quantum computing market as of 2025 to be approximately $155 billion, and they predict that by 2034 it will grow more than 10 times and reach $16 billion. But, frankly, for me personally, seeing how the artificial intelligence story is developing, it seems that if there are real breakthroughs in these developments, these figures are very underestimated, because we see that today the total volume of capex, probably at all levels of technology companies in the field of artificial intelligence, has approached $1 trillion. So what is $16 billion? But, in general, for you and me, as investors, this might not be bad, because any story that is somewhat undervalued by consensus, if everything goes in the right direction and the consensus begins to be revised upwards, and you started participating in this race a little earlier, having bought certain assets, then, undoubtedly, this will lead to a multiple increase in their value. Looking at the breakdown by country, as usual, China and the USA are at the forefront of this investment process. That is, according to expectations, in my opinion, again, very conservative. The current period and approximately until 2030 will be a period of pilot projects in individual industries. And only after 2030 will the world move to fault-tolerant systems with a million physical qubits, which will become an additional layer to current data center technologies. >> Yes, Dim, thank you. Well, let's talk directly about specific companies. We agreed that we would present two companies each. I will probably start with the most understandable story. This is Microsoft, which is also investing in quantum technologies. They have taken on a task that is quite difficult, ambitious, but also with the greatest potential. That is, if we talk about qubits, for example, if we imagine that it is a thread, then it is very fragile, and any small gust of wind or noise will break it. So, Microsoft wants to create such armored qubits, so to speak. Essentially, these are nodes on these threads. And these nodes cannot break on their own. And this is a certain kind of additional protection. In general, they essentially want to place millions of such qubits on a chip the size of a palm and connect it all to their Azure cloud services. Of course, at the moment, this technology is quite raw. It exists exclusively in laboratory conditions. That is, it requires specific materials that are not available in an ordinary environment. Special external conditions are required. That is, you cannot implement it, let's say, at room temperature. But nevertheless, this is a technology that, over a period of several years, can develop into a more everyday application that ordinary companies can use. And the second company is Quantum Computing. It is, naturally, not comparable in its capitalization to Microsoft. If Microsoft is, let's say, trillions, then Quantum Computing, if I'm not mistaken, their current capitalization is around 2-3 billion dollars. But, unlike Microsoft, they are currently creating, let's say, an accessible, boring, one might say, quantum computer that can be placed in a regular computer rack. It doesn't take up much space and costs from $300,000. That is, in principle, any corporation can buy such a quantum computer. And, accordingly, the Quantum technology is built on the fact that they create special chips on lithium niobate. And the task of these chips is to place within them, one might say, an optical fiber, because the entire technology is based on photonics, on the movement of light. And essentially, within these chips, this light solves complex computational processes. Well, it's also worth mentioning that Quantum Computing technologies are used in 5G and 6G networks. And, accordingly, they also have government orders and orders from the Ministry of Defense. Well, and if we summarize, their task is to create an accessible computer that works in normal room conditions. Yes, Vasily, on my part, I also want to talk about one very large company and another smaller one, which is also, by analogy with the second company you mentioned, a pure player in the quantum computing market. The first company is Google. Google's chips are based on superconducting qubits. Essentially, these are microscopic electrical circuits cooled to almost absolute zero. I previously mentioned Google's achievements when I mentioned its Willow chip, which was capable of solving a very complex problem in 5 minutes. Yes, of course, this chip is very fast, but in reality, Google, like everyone else, has room to grow in this area, because at the moment the error rate of computation is quite high. That is, for one operation, the error rate is 0%, which is actually not insignificant to say that the system is extremely stable. The challenge that Google currently faces is how to make these computations more accurate. To do this, Google wants to create an ideal logical qubit. That is, a group of physical qubits, each of which can back up or recheck the others during computation. The goal that the company sets for itself is for its chip to be able to perform a million computational operations one after another with a zero error rate. To achieve this, Google needs to learn to create and maintain this fragile quantum environment for as long as possible, and then learn to combine physical qubits into more complex and larger systems without losing control quality. Therefore, yes, Google is undoubtedly also extremely promising in this direction, but as with Microsoft, the peculiarity is that these are huge corporations with many business lines. And by investing in Google, you will also be investing in the world of quantum computing, but the share, let's say, specifically in quantum at Google, is very limited. Therefore, perhaps for investors who are interested in getting real exposure directly to quantum technologies, it is important to try to find such pure players in this direction, like, for example, OpenAI or Anthropic in the world of artificial intelligence. The second company I want to talk about is IONQ. You mentioned this company when you said that it cooperates with pharmaceutical giants to solve the problem of creating drugs more effectively and in a shorter time. The company does not use classical silicon chips. In fact, it uses individual atoms, namely terbium ions. What does its chip look like? Essentially, it is a vacuum chamber with traps installed. Traps are technologies that, using magnetic fields, allow ions of terbium, or those very atoms, to be held in a suspended state. That is, they do not touch the walls of the chamber. Because each atom is identical to another, we get ideal qubits. And the key advantage of this approach is that each of these qubits can interact with each other. That is, an analogy, imagine a round table where each participant at this table can communicate with any other participant without disturbing the others. And this is an important advantage, because, for example, IBM, which is also developing quantum computing technologies, has chips designed in such a way that each qubit can only interact with its immediate neighbors. So, IONQ, by creating this chip, has solved this problem. The task that IONQ sets for itself is to create a chip that will contain 32,000 qubits by 2028. That is, at the level of one chamber, everything works quite well. However, the problem that the company is currently solving is how to combine these chambers into a system so that the efficiency of qubit control is maintained. This is what IONQ is doing. It is traded on the stock exchange. Its capitalization on the day of filming is approximately $17 billion. Again, comparing it with Google. This is night and day in terms of valuations, but it is a pure player in this industry. By the way, the company has good analytical coverage, meaning a sufficient number of analytical companies cover it. And what is interesting, recently there has been high volatility in the market, but the target price for the company's shares is in a so-called upward trend and is not decreasing. And as I once read a book, a true investor dreams of finding a story that can grow 100 times in terms of its quotes and, accordingly, valuations. And, probably, by investing in Google and Microsoft, it is difficult to achieve this goal, although, of course, one needs to consider the risk profile of each specific investor, etc., but trying to find companies that are not yet very expensive and have real potential to shoot up 10 or 100 times is a rather fascinating and endless task. And, probably, the current state of the quantum technology world and the public companies that exist there probably offer such a chance to an investor. Well, I would also probably add that what else can be a big advantage of these companies is that even if they cannot bring some of their technologies to a logical conclusion, they can still be acquired by large players at some horizon of one or two years. And this acquisition will undoubtedly be at a much higher cost than they are currently valued. And in general, it should be understood that when we talk about quantum computers, it is still more about technologies that are being developed more in laboratory conditions, and many of them do not have any practical application at the moment, because either it is very expensive, or it requires some inhuman conditions for the implementation of this technology. Nevertheless, companies are progressing step by step, and at some point, just like with artificial intelligence, we will have an interface, and we will be able to interact with all of this. I repeat again that in the description of this video there is a link. Through this link, you will find an analysis of even more companies that are available on the stock exchange, through which you can gain exposure to the quantum market. And one should not forget that one can also bet on quantum not through public companies. And we are precisely providers of such services from third-party companies, including venture funds. And one can bet precisely here. Here, undoubtedly, one can earn many times more than through public companies. If you have questions regarding your investment portfolios or any investment-related questions, please do not hesitate to contact our support service. Our specialists will always contact you, conduct a call, and help solve any task you face. >> Yes, thank you all for your attention. Subscribe, like, and follow our videos.