Bank of America Strategist Says AI Is Speeding Up Quantum Computing Progress

Artificial intelligence and quantum computing are beginning to push each other forward, and the pairing could reshape sectors from healthcare to finance, according to Bank of America global strategist Haim Israel. He heads the bank's global thematic research team and is the most senior Israeli there.

Speaking to The Jerusalem Post, Israel said quantum computing spent years in the background while AI dominated the conversation. That has changed recently. "In the last two to three years, AI has allowed us to have a breakthrough," he said.

The bank's projections put the quantum computing industry, which already earns more than $1 billion in annual revenue, at roughly $15 billion by the end of the decade and $80 billion by 2035. Bank of America has also moved up its estimate for Q-Day, the point when quantum computers could break widely used encryption methods, to 2030.

Conventional computers process information as bits that are either zero or one. Quantum computers rely on qubits, which use quantum-mechanical properties such as superposition to carry out certain calculations that are impractical for traditional machines.

The technology has long been held back because qubits are extremely sensitive to their surroundings. That makes them hard to control and prone to errors, and unreliable results have limited efforts to scale quantum systems for practical use. Israel said AI is helping researchers gain better control over these systems and lower error rates. "2022 was the inflection point with qubits going up and errors going down," he said.

The link could matter more as AI models grow larger and more complex, since training and running them demands heavy computing resources. Quantum computers could eventually speed up certain calculations that are difficult or costly for conventional machines. "AI helped build quantum, and quantum is bringing AI to the next level," Israel said.

He described the field as being at a stage similar to the period before ChatGPT brought generative AI to mainstream attention. "We are before the ChatGPT moment of quantum," he said. Israel noted that a developed ecosystem of hardware and software makers already exists, along with start-ups focused on encryption and related areas, leaving the industry better placed than AI was at a comparable point. He added that quantum is unlikely to become a mass-market technology used by billions and will probably stay concentrated in a small number of specialized systems.

Potential uses include healthcare, financial services, chemicals, energy, industrial production and logistics, where complex calculations could improve efficiency, optimize processes and speed up research.

Israel also raised concerns about oversight. "There is not a lot of regulation, or government intervention," he said, adding that responsibility ultimately lies with the people and institutions building the technologies. He compared the situation to nuclear energy, which can produce electricity or weapons. Companies are already developing internal safeguards and best practices, he said, while governments struggle to respond to technology that moves faster than existing rules.

Significant technical and commercial hurdles remain before quantum computing can deliver on its broadest promises. Still, Israel struck an optimistic note. "The technology is parve. It's a question of what we do with it," he said. "If we use it in the right way, everything will change for the better. It's up to us."