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Quantum computing startups pull in millions as VCs rush to get ahead of the game – The Register

Venture capital firms are pouring billions into quantum computing companies, hedging bets that the technology will pay off big time some day.

Rigetti, which makes quantum hardware, announced a $1.5bn merger with Supernova Partners Acquisition Company II, a finance house focusing on strategic acquisitions. Rigetti, which was valued at $1.04bn before the deal, will now be publicly traded.

Before Rigetti's deal, quantum computer hardware and software companies raked in close to $1.02bn from venture capital investments this year, according to numbers provided to The Register by financial research firm PitchBook. That was a significant increase from $684m invested by VC firms in 2020, and $188m in 2019.

Prior to the Rigetti transaction, the biggest deal was a $450mn investment in PsiQuantum, which was valued at $3.15bn, in a round led by venture capital firm BlackRock on July 27.

Quantum computers process information differently way than classical computing. Quantum computers encode information in qubits, and store exponentially more information in the form of 1s, 0s or a superposition of both. These computers can evaluate data simultaneously, while classical computers evaluate data sequentially, simply put.

Theoretically, that makes quantum computers significantly more powerful, and enables applications like drug discovery, which are limited by the constraints of classical computers.

Rigetti and PsiQuantum are startups in a growing field of quantum computer makers that includes heavyweights IBM and Google, which are building superconducting quantum systems based on transmon qubits. D-Wave offers a quantum-annealing system based on flux bits to solve limited-sized problems, but this week said it was building a new superconducting system to solve larger problems.

Quantum computers show promise but still immature, with questions around stability, said Linley Gwennap, president of Linley Group, in a research note last month.

"Solving the error-rate problem will require substantially new approaches. If researchers can meet that challenge, quantum processors will provide an excellent complement to classical processors," Gwennap wrote.

If quantum ever works, there could be a huge market, hence the VC interest, but the technology is years away from significant revenue, Gwennap told The Register.

Deals by SPAC (special purpose acquisition companies) like Supernova Partners tend to be highly speculative, but the venture firm's due diligence on Rigetti was more around the possible rewards if quantum computers live up to their hype.

Rigetti's quantum technology is scalable, practical and manufacturable, said Supernova's chief financial officer Michael Clifton, in a press conference this week related to the deal.

"Quantum is expected to be as important as mobile and cloud have been over the last two decades," Clifton said, adding, "we were focused on large addressable markets, differentiated technologies and excellent management teams."

Rigetti's quantum computer is modular and scalable with qubit systems linked through faster interconnects. The company's introductory system in 2018 had 8 qubits, and will scale it up to 80 qubit multichip system with high-density I/O and 3D signalling. The company's roadmap includes a 1000-qubit system in 2024 that is "error mitigating," and a 4000-qubit system in 2026 with full error correction features.

Rigetti designs and makes the quantum computers chips in its own fabrication plant, which helps accelerate the delivery of chips. Amazon offers access to Rigetti's quantum hardware through AWS.

IT leaders in non-tech companies are taking quantum computing seriously, IDC said in May.

A survey by the analyst house in April revealed companies would allocate more than 19 per cent the annual IT budgets to quantum computing in 2023, growing from 7 per cent in 2021. Investments would in at quantum algorithms and systems available through the cloud to boost AI and cybersecurity.

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Zapata, University of Hull researchers take quantum computing to deep space – FierceElectronics

While it could be many years before quantum computing becomes a common presence in daily life, the technology already has been recruited to help search for life in deep space.

Quantum software company Zapata Computing is partnering with the U.K.-based University of Hull on research to evaluate Zapatas Orquestra quantum workflow platform, to enhance a quantum application designed to detect signatures of life in deep space.

Dr David Benoit, Senior Lecturer in Molecular Physics and Astrochemistry at the University of Hull, said the evaluation is not a controlled demonstration of features, but rather a project involving real-world data. We are looking at how Orquestra performs in actual workflows that use quantum computing to provide typical real-life data, he told Fierce Electronics via email. In this project, we are really aiming for real useful data rather than a demo of capabilities.

The evaluation will run for eight weeks before the team publishes an analysis of the research. It is expected to be the first of several collaborations between Zapata and the University of Hull for quantum astrophysics applications, the parties said. The news comes as several giants in quantum computing, including Google, IBM, Amazon and Honeywell, among others, were set to attend a White House forum hosted by the Biden administration to discuss evolving uses for quantum computing.

In some cases, researchers have turned to quantum computing to tackle projects that classical computers would take too long to complete, and the University of Hull is in a similar situation, Benoit said.

He further explained, The tests envisioned are still something that a classical computer can do, however the computational time required to obtain the solution has a factorial scaling, meaning that larger size applications are likely to take days/months/years to complete (along with a very large amount of memory). The quantum counterpart is able to solve those problems in a sub-factorial manner (potentially quartic scaling), but this doesnt necessarily mean its faster for all systems, just that the computational effort is much reduced for large systems. In this application, we are aiming for a scalable way of performing accurate calculations, and this is exactly what we can obtain using quantum computers.

Just how big is the task at hand? A statement from Zapata noted that in 2016 MIT researchers suggested a list of more than 14,000 molecules that could indicate signs of life in atmospheres of far-away exoplanets. However, little is currently known about how these molecules vibrate and rotate in response to infrared radiation generated by nearby stars. The University of Hull is trying to build a database of detectable biological signatures using new computational models of molecular rotations and vibrations.

Though fault tolerance and error correction remain a challenge for quantum computing models, Benoit said researchers are not concerned with the performance of such so-called Noisy Intermediate-Scale Quantum (NISQ) devices.

Our method actually uses the statistical nature of the noise/errors to try and obtain an accurate answer, so we take the fact that the results will be noisy as a useful thing, he said. Obviously, the better the error correction or the less noisy the device, the better the outcome. However, using Orquestra enables us to potentially switch platforms without having to re-implement large parts of the code, which means that as better hardware comes along, we can readily compute with it.

Benoit added that Orquestra will help researchers generate valuable insights from NISQ devices, and that researchers can build applications that use these NISQ devices today with the capacity to leverage the more powerful quantum devices of the future. The result should be extremely accurate calculations of the key variable defining atom-atom interactions electronic correlation and thus could improve scientists ability to detect the building blocks of life in space. This is particularly important because even simple molecules, such as oxygen or nitrogen, have complex interactions that require very accurate calculations.

RELATED: Even noisy quantum systems are revolutionary: Classiq CEO

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IBM and Raytheon Technologies collaborate on AI, cryptography and quantum technologies – Scientific Computing World

IBM and Raytheon Technologies have announced a collaboration to jointly develop advanced artificial intelligence (AI), cryptographic and quantum solutions for the aerospace, defence and intelligence industries, including the federal government, as part of a strategic collaboration agreement.

Artificial intelligence and quantum technologies give aerospace and government customers the ability to design systems more quickly, better secure their communications networks and improve decision-making processes. By combining IBM's breakthrough commercial research with Raytheon Technologies' own research, plus aerospace and defence expertise, the companies will be able to crack once-unsolvable challenges.

Dario Gil, senior vice president, IBM, and director of research comments: The rapid advancement of quantum computing and its exponential capabilities has spawned one of the greatest technological races in recent history one that demands unprecedented agility and speed. Our new collaboration with Raytheon Technologies will be a catalyst in advancing these state-of-the-art technologies combining their expertise in aerospace, defence and intelligence with IBM's next-generation technologies to make discovery faster, and the scope of that discovery larger than ever.

In addition to artificial intelligence and quantum, the companies will jointly research and develop advanced cryptographic technologies that lie at the heart of some of the toughest problems faced by the aerospace industry and government agencies.

Mark Russell, Raytheon Technologies chief technology officer added: Take something as fundamental as encrypted communications. As computing and quantum technologies advance, existing cybersecurity and cryptography methods are at risk of becoming vulnerable. IBM and Raytheon Technologies will now be able to collaboratively help customers maintain secure communications and defend their networks better than previously possible.

The companies are building a technical collaboration team to quickly insert IBM's commercial technologies into active aerospace, defence and intelligence programs. The same team will also identify promising technologies for jointly developing long-term system solutions by investing research dollars and talent.

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How science and diplomacy inform each other – SWI swissinfo.ch – swissinfo.ch

The potential of quantum computing is one of the focuses ofa summit in Genevathataimstoimprove the dialogue between diplomatsandthescientific communityto safeguard our collective welfare.Tworesearchersexplaintherewards and risks ofquantum computing.

Dorian Burkhalter

Thescientists, diplomats, captains of industry and investors gathering inGenevafor the first-ever summit of theScience and Diplomacy Anticipator (GESDA)External linkwill, among other lofty goals, discuss howpolicymakersshouldprepare forquantumcomputing, provide governance for it,and ensure thatitis accessible to all.But what are quantum computers, and whatwill they be able to do?

Quantum computersperform calculations byexploitingtheproperties ofquantummechanics, which describes thebehaviourofatoms andparticles at a subatomic scale,for example,howelectrons interact with each other.As quantum computersoperate onthe same set of rules asmolecules do,they are,for instance,much better suitedto simulate them than classical computers are.

Today, quantum computers are small and unreliable. They are not yet able to solve problems classical computers cannot.

There is still some uncertainty, but I don't see any reason to not be able to develop such a quantum computer, although it's a huge engineering challenge, says Nicolas Gisin, professor emeritus at the University of Genevaand at the Schaffhausen Institute of Technology,and an expert in quantum technologies.

Quantum computerscouldhelp solvesome of the worlds most pressing problems. They couldaccelerate thediscovery ofmaterials for longer-lasting batteries,bettersolar panels, andnew medicaltreatments.They could also break current encryptionmethods, meaning that information secure today maybecomeat risk tomorrow.

For private companies, winning the race to develop reliable and powerful quantum computers means reaping large economic rewards. For countries, it means gaining a significant national security advantage.

Gisinsaysquantum computers capable of simulating new molecules could be 5-10 years away, while more powerful quantum computers that can break encryption could become a reality in 10-20 years.

The pace at whichthesetechnologies develop will depend on the level of investments made.Large technology firms such as IBM, Microsoft, and Googleare all developing quantum computers, while the US, China,and Europeareinvestingheavilyinquantum technologies.

Anticipating the arrival ofthesetechnologies isimportant,because you play through different scenarios, and some you may like,some you may not like,says HeikeRiel, IBM Fellow at IBMResearch in Zurich.Then you can also think of what type of regulations you may need,or what type of research you need to foster.

TheSwiss governmentis a supporter oftheGESDAfoundationwhichorganisedits first summit in Geneva fromOctober 7-9.The conferencebringstogetherscientists, diplomats, andother stakeholders to discussfuturescientific developmentsandtoanticipate their impacton society.

To work well, scientists needfavourableframeworks. There is definitely a back and forth between science and diplomacy, and science and politics, because diplomacy can also advance science, Riel says.

Politicians and diplomatsare responsible forcreatingopportunities for researchers to collaborate across borders. Initiatives and funding aimed at addressingspecifictechnical problems influence the directionofresearchefforts.

The fact that Switzerland is outside of the European research framework is an absurdity for everyone because this is just going to harm both Switzerland and Europe, Gisin says. It would be really important that Europe and Switzerland understand that we will both benefit if we talk together more and collaborate more.

Since July 2021, Switzerland haslimited accessto Horizon Europe, the European Unions flagship funding program for research and innovation due to a breakdown in negotiations on regulating bilateral relations.

Many of ourproblemstodaysuch as climate change or the Covid-19 pandemicare globalin nature.Getting governments across the world to agree to work togetheronsolutions is not easy, but researcherscan help.

The research communitylikes to worktogether globally, and this collaboration has helped historically to overcome certainbarriers, Riel says, emphasising the importance of communication in this regard.

Researchers working togetheron a global scaleduring the pandemichasled to vaccines being developed atarecord-breakingspeed.During the Cold Warat theEuropean Organization for Nuclear Research (CERN) in Geneva,Sovietscientistsremained involvedin projectswhich allowedforsomecommunicationto take place.

In science, we have a common ground and it's kind of universal; the scientists in the UnitedStates, Canada, Australia,Europeand China, they all work on the same problems, they all try to solve the same technical issues, Riel says.

Scientists also have an important role to play to inform and share facts with both policymakers and the public, even if politicians cannotrely solely on scientific evidence when making decisions. The challenges of communicatingfact-based evidencehavebeen laid bare during the pandemic.

I think it's very important that we also inform the society of what we are doingthat it's not a mystery thatscares people, Riel says.

Ultimately,to successfullyaddress global challenges scientists,diplomats and politicians willhave towork together.

It's really a cooperation between the global collaboration of the scientists and the global collaboration of the diplomats to solve the problems together, Riel says.

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Digital Wealth Management Fees to Increase Threefold to $12.6 Billion By 2026 – Yahoo Finance

JP Morgan Identified as Leading Champion in Wealth Management Market

LONDON, October 12, 2021--(BUSINESS WIRE)--Total fees generated from digital assets under management will reach $12.6 billion by 2025, a more than threefold increase on the 2020 figure of $4 billion, according to fintech and payments research specialists Kaleido Intelligence.

According to Kaleidos new report, Digital Wealth Management Strategies & Forecasts 2021, US digital wealth managers currently dominate the space (the five largest players all cater exclusively for US clients) and, with AUM (assets under management) exceeding $700 billion in 2020, accounts for nearly 85% of all digitally managed assets. This dominance is expected to continue for the foreseeable future: even by 2025 the US is expected to account for around 71% of robo-managed funds, with over $2.1 trillion under management

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JP Morgan Heads Digital Wealth Readiness Rankings

The report assessed the digital readiness of the 15 leading wealth management companies by AUM, scoring the players against indicators including the breadth of their digital portfolios, the scale of their fintech acquisitions and investment and the activities in key areas including artificial intelligence, blockchain and quantum computing.

Four companies were identified as Champion companies which have embraced the need for digital transformation, have committed to significant R&D in innovative technologies and have already deployed them at the backend or in customer facing products, and have reached out to third party partners across the ecosystem. JP Morgan headed the rankings, followed by Fidelity Investments, with Blackrock and Vanguard in joint third place.

Changing Audience, Changing Priorities

The report emphasised the need for wealth managers to understand, and respond to, the fact that not only will millennials seek to interact with them increasingly via digital channels, but that their expectations and demands from funds will differ significantly from their predecessors.

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According to report author Dr Windsor Holden, Principal Research Consultant at Kaleido Intelligence, "There is a far greater awareness of environmental issues and a related desire to invest in "green" or socially responsible funds, as well as in technology funds. Similarly, there has been a paradigm shift in goals, needs and lifestyles, which will need to be recognised by the wealth managers so that they can present appropriate investment options."

Investment Soaring into Wealth Management Fintechs

Kaleido estimates that over the past decade, approximately $4.6 billion has been invested by VC firms into robo-advisory fintech platforms, of which $1.8 billion has been invested since June 2020. One company, the Canadian startup Wealthsimple, accounts for 19% of all VC investment in that time, including $610 million earlier this year.

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About Kaleido Intelligence

Kaleido Intelligence is a specialist fintech and payments consulting and market research firm with a proven track record delivering fintech and payments research at the highest level. Research is led by expert analysts, each with significant experience delivering fintech research and insights that matter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211012005470/en/

Contacts

Contact our Press Team for interviews and research access:Jon King, Chief Commercial Officerfintech@kaleidointelligence.com +44 (0) 2039839843

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Is Neuromorphic Computing The Answer For Autonomous Driving And Personal Robotics? – Forbes

Intel's Loihi 2 is the company's second generation neuromorphic computing chip, a technology that's ... [+] designed to function like a digital representation of a biological brain complete with neurons and synapses.

If you follow the latest trends in the tech industry, you probably know that theres been a fair amount of debate about what the next big thing is going to be. Odds-on favorite for many has been augmented reality (AR) glasses, while others point to fully autonomous cars, and a few are clinging to the potential of 5G. With the surprise debut of Amazons Astro a few weeks back, personal robotic devices and digital companions have also thrown their hat into the ring.

However, while there has been little agreement on exactly what the next thing is, there seems to be little disagreement that whatever it turns out to be, it will be somehow powered, enabled, or enhanced by artificial intelligence (AI). Indeed, the fact that AI and machine learning (ML) are our future seems to be a foregone conclusion.

Yet, if we do an honest assessment of where some of these technologies actually stand on a functionality basis versus initial expectations, its fair to argue that the results have been disappointing on many levels. In fact, if we extend that thought process out to what AI/ML were supposed to do for us overall, then we start to come to a similarly disappointing conclusion.

To be clear, weve seen some incredible advancements in many areas that AI has powered. Advanced analytics, neural network training, and other related fields (where large chunks of data are used to find patterns, learn rules, and then apply them) have been huge benefactors of existing AI approaches.

At the same time, if we look at an application like autonomous driving, it seems increasingly clear that just pushing more and more data into algorithms that crank out ever refined, yet still flawed, ML models isnt really working. Were still years away from true Level 5 autonomy, and, given the number of accidents and even deaths that efforts like Teslas AutoPilot have led to, its probably time to consider another approach.

Similarly, though we are still at the dawn of the personal robotics age, its easy to imagine how the conceptual similarities between autonomous cars and robots will lead to conceptually similar problems in this new field. The problem, ultimately, is that there is simply no way to feed every potential scenario into an AI training model and create a predetermined answer on how to react for any given situation. Randomness and unexpected surprises are simply too strong an influence.

Whats needed is a type of computing that can really think and learn on its own and then adapt its learning to those unexpected scenarios. As crazy and potentially controversial as that may sound, thats essentially what researchers in the field of neuromorphic computing are attempting to do. The basic idea is to replicate the structure and function of the most adaptable computing/thinking device we know ofthe human brainin digital form. Following the principles of basic biology, neuromorphic chips attempt to re-create a series of connected neurons using digital synapses that send electrical pulses between them, much as biological brains do.

Its an area of academic research thats been around for a few decades now, but only recently has it started to make real progress and gain more attention. In fact, buried in the wave of tech industry announcements that have been made over the last few weeks was news that Intel had released the second generation of its neuromorphic chip, named Loihi 2, along with a new open-source software framework for it that theyve dubbed Lava.

To put realistic expectations around all of this, Loihi 2 is not going to be made commercially availableits termed a research chipand the latest version offers 1 million neurons, a far cry from the approximately 100 billion found in a human brain. Still, its an extremely impressive, ambitious project that offers 10x the performance, 15x the density of its 2018-era predecessor (its built on the companys new Intel 4 chip manufacturing process technology), and improved energy efficiency. In addition, it also provides better (and easier) means of interconnecting its unique architecture with other more traditional chips.

Intel clearly learned a great deal from the first Loihi, and one of the biggest realizations was that software development for this radically new architecture is extremely hard. As a result, another essential part of the companys news was the debut of Lava, an open-source software framework and set of tools that can be used to write applications for Loihi. The company is also offering tools that can simulate its operation on traditional CPUs and GPUs so that developers can create code without having access to the chips.

Whats particularly fascinating about how neuromorphic chips operate is that, despite the fact they function in a dramatically different fashion from both traditional CPU computing and parallel GPU-like computing models, they can be used to achieve some of the same goals. In other words, neuromorphic chips like Loihi 2 can provide the desired outcomes that traditional AI is shooting for, but in a significantly faster, more energy efficient, and less data intensive way. Through a series of event-based spikes that occur asynchronously and trigger digital neurons to respond in various waysmuch as a human brain operates (vs. the synchronous, structured processing in CPUs and GPUs)a neuromorphic chip can essentially learn things on the fly. As a result, its ideally suited for devices that must react to new stimuli in real-time.

These capabilities are why these chips are so appealing to those designing and building robots and robotic-like systems, which autonomous driving cars essentially are. Bottom line is that it could take commercially available neuromorphic chips to power the kind of autonomous cars and personal robots of our science fiction-inspired dreams.

Of course, neuromorphic computing isnt the only new approach to advancing the world of technology. Theres also a great deal of work being done in the more widely discussed world of quantum computing. Like quantum computing, the inner workings of neuromorphic computing are extraordinarily complex and, for now, primarily seen as research projects for corporate R&D labs and academic research. Unlike quantum, however, neuromorphic computing doesnt require the extreme physical challenges (temperatures near absolute zero) and power requirements that quantum currently does. In fact, one of the many appealing aspects of neuromorphic architectures is that theyre designed to be extremely low power, making them suitable for a variety of mobile or other battery-powered applications (like autonomous cars and robots).

Despite recent advancements, its important to remember that commercial application of neuromorphic chips is still several years away. However, its hard not to get excited and intrigued by a technology that has the potential to make AI-powered devices truly intelligent, instead of simply very well-trained. The distinction may seem subtle, but ultimately, its that kind of new smarts that well likely need in order to make some of the next big things really happen in a way that we can all appreciate and imagine.

Disclosure: TECHnalysis Research is a tech industry market research and consulting firm and, like all companies in that field, works with many technology vendors as clients, some of whom may be listed in this article.

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2021 US Chess Championships Opening Ceremony Streamed Live – uschess.org

The opening ceremony of the 2021 US Chess Championships will be held the evening of Tuesday, October 5, though chess fans nationwide are invited to join the private event online. While 24 of Americas strongest players reunite in the St. Louis MUNY, an outdoor Municipal Opera Theatre in the city's Forest Park, the championship host Saint Louis Chess Club will stream the ceremony live beginning at 7:15 p.m. central.

Name

2021 U.S. Chess Championships: Opening Ceremony & HOF Inductions

Tuesdays opening event will feature the drawing of lots for both the 2021 U.S. Championship and the U.S. Womens Championship, as well as the inductions of Rex Sinquefield and Dr. Jeanne Cairns Sinquefield into the U.S. Chess Hall of Fame. The philanthropist couple, who among many other things that credit a rapid resurgence of American chess over the past decade, built the Saint Louis Chess Club as host of the national championships for 13 consecutive years, as well as relocate the World Chess Hall of Fame to help convert St. Louis into the nation's chess capital.

Previously finding a home in New York, Washington D.C. and then Miami, the World Chess Hall of Fame is now parked in a three-floor, 15,000-square-foot gallery museum across the street from the club, and contains both the U.S. and the World Chess Halls of Fame. Both Halls are active this October; the U.S. will catch pace tonight with the Sinquefields -- 2020 nominees who missed induction due to the pandemic while the World Chess Hall of Fame has its inductions planned during the national championship closing ceremonies on October 19. The 2021 World inductees will be Grandmaster legends Judit Polgar, Miguel Najdorf and Eugene Torre.

Each and every induction into the Chess Halls of Fame has always deeply moved me, but seeing Jeanne and Rex, the founders of the Saint Louis Chess Campus now join the ranks of other chess legends is certainly an honor, said Shannon Bailey, chief curator of the WCHOF. They are truly deserving of the recognition and are responsible for rejuvenating both national and global interest in chess.

The opening ceremony of the 2021 U.S. Championships will stream live Tuesday evening, beginning at 7:15 p.m. St. Louis time. The event may be viewed on the Saint Louis Chess Club YouTube channelor the official website of the U.S. Championships, http://www.uschesschamps.com.

Both national championships will see their first moves pushed on Wednesday, October 6 at 1:00 p.m. central and may be viewed live on the same channels, along with the GM commentary team of Maurice Ashley, Alejandro Ramirez and four-time US Chess Champion GM Yasser Seirawan.

Check back with CLO for daily coverage of the 2021 US Chess Championships through October 19.

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An 11-year-old Black boy on his way to becoming chess youngest grandmaster – Yahoo News

Tanitoluwa Tani Adewumi has battled a challenging immigrant experience on his way to becoming one of chess best young players.

Black people eventually come for every sport in which were not traditionally known to engage. Now you can add chess to that list.

At just 11-years-old, Tanitoluwa Tani Adewumi is on deck to become the youngest-ever chess grandmaster, the highest title a player can attain after becoming a national master earlier this year. There are currently just over 1,700 grandmasters in the world. After turning 11 in September, Adewumi, has just under a year to break the record of 12-year-old grandmaster Abhimanyu Mishra.

In order to earn the title of grandmaster, Adewumi will have to achieve three grandmaster norms in a chess tournament and earn a FIDE (Federation Internationale des Echecs) rating of 2,500.

National Chess Master Tanitoluwa Adewumi, 10, is shown on the cover of his April 2020 book, My Name Is Tani and I Believe in Miracles.

Im aggressive, I like to attack, Adewumi told CNN of his style of play. Its just the way I think in general: I want to checkmate my opponent as fast as I can.

Adewumis fortunes are a sharp reversal for he and his family, who fled northern Nigeria for New York City in 2017 due to fear of extremist group Boko Haram. They were living in a homeless shelter when Adewumi joined a chess club at his local public school, something he wouldnt have been able to afford had the registration fee not been waived.

When hes done with school, hes home practicing for seven hours. On his off days, he pores over chess for up to 10 hours. His parents do what they can to cultivate Temis chess skills, including driving him to tournaments and providing him whatever resources they can to help him sharpen his skills.

Adewumis wins are racking up, but its the New York State Scholastic Primary Championship he won in 2019 at age eight that provoked a New York Times column that brought attention to Adewumi and motivated people to donate to his struggling family.

Tanitoluwa Tani Adewumi (Go Fund Me)

One family, they paid for a years rent in Manhattan, one family gave us in 2019 a brand-new Honda, and the Saint Louis Chess Club in Missouri invited the family and the coaches to come and pay a visit, Adewumis father, real estate agent Kayode Adewumi, told CNN Sport. A lot of people really helped us, a lot of people gave us financial (support) and money they donated money for us to get out from the shelter.

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Kayode started a GoFundMe page for his son in April 2019 following his championship win to help the family get on their feet. The page is still live and now collects money for the Tanitoluwa Adewumi Foundation, which helps support underprivileged children the world over.

The page has garnered more than $256K, thousands more than his original $50K goal, with donations still trickling in.

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New rules needed to cover risks from cloud computing, says Bank of England – Reuters

LONDON, Oct 8 (Reuters) - New rules will be needed to deal with operational risks from banks relying on outsourced 'cloud' computing from Amazon (AMZN.O), Google (GOOGL.O), Microsoft (MSFT.O) and others for providing services to customers, the Bank of England said on Friday.

"Regulated firms will continue to have primary responsibility for managing risks stemming from their outsourcing and third-party dependencies," the BoE's Financial Policy Committee said in a statement.

"However, additional policy measures, some requiring legislative change, are likely to be needed to mitigate the financial stability risks stemming from concentration in the provision of some third-party services."

Measures should include an ability to designate some third parties as 'critical', meaning they would be required to meet 'resilience' standards which would be regularly tested.

The BoE and the Financial Conduct Authority are due to publish a discussion paper on the subject next year, it said. The measures are similar to those in a European Union law now making its way through the approval process.

"These tests and sector exercises of critical third parties could potentially be carried out in collaboration with overseas financial regulators and other relevant UK authorities," the BoE said.

The BoE had already sounded a note of caution about the cloud and is now checking banks for their "exit strategy", or how quickly they could switch to an alternative cloud provider or in-house back up if there is a cloud outage to avoid disruption to customers, consultants KPMG said. read more

This has already led to banks thinking harder about the business case for the cloud in some services, and whether it would get the green light from regulators.

"Trying to replicate this service on premises or a different cloud actually doubles your cost," said Mark Corns, a director for technology consulting at KPMG.

Banks who moved early into the cloud are having to "retrofit" resilience requirements, Corns said.

"What we are seeing is a much more tentative approach to what goes into the cloud. Now we've got this clearer guidance from the regulators, what it's doing is challenging the banks to figure out what and how they gain the benefit," Corns said.

Reporting by Huw Jones, Editing by Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.

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The Benefits of Cloud Computing for International Companies – Global Trade Magazine

Cloud computing has revolutionized the field of tech in recent years. Pretty much all companies, no matter their size or scope, use cloud-based resources to their advantage. Organizations increasingly rely on artificial intelligence (AI), data analytics and automation to remain relevant; and the cloud makes these services available more quickly than ever before.

In addition to speed, the cloud offers the ability to provide myriad services at scale using technologies ranging from traditional virtual machines to serverless computing. As businesses require more flexibility, they also use the cloud to process large volumes of complex traffic. The benefits that cloud computing offers businesses are simply too great to ignore.

Cloud computing certifications are more in-demand than ever for good reason they ensure workers can both leverage and fulfill the promises that are found in the cloud.

Before the cloud revolution, businesses worldwide had to deal with a wide array of issues stemming from designing and running their own IT infrastructure. What used to be a time-consuming and costly undertaking was made even more expensive by having to keep IT support and security staff on the premises.

However, cloud platforms like Amazon Web Services (AWS), Microsoft Azure and Google Cloud were able to take some of those issues out of the equation. Nowadays, international companies can focus on running, optimizing and scaling their operations by using third-party cloud platforms.

The cloud has changed the playing field for companies throughout the world. Lets take a look at five essential ways the cloud has revolutionized the way global organizations operate. Pay special attention to how cloud computing has revolutionized how IT professionals support todays businesses.

International businesses are increasingly dynamic and need to adapt to changing circumstances more often than ever before. Without the cloud, organizations worldwide never would have been able to adjust to the global personnel and supply chain challenges weve experienced over the past couple of years.

A company that meets market demands and blows up seemingly overnight will need to substantially expand its IT infrastructure and efforts in a short amount of time. On the other hand, a company that is going through a tough period might need to scale down a bit in order to cut costs and this can result in laying off staff and smaller budgets for IT infrastructure maintenance. With cloud solutions, however, both of these scenarios are actually quite easy to handle.

Cloud computing providers allow you to quickly scale your operations up or down. No matter your circumstances, cloud platforms will help you optimize your companys resources and expenses in every situation. The catch? You will need to train technologists to understand how to optimize your resources and map them to current business needs.

Before cloud technology was widely available, companies had to spend a lot of money on creating their own physical IT infrastructure. This infrastructure often couldnt adapt quickly. It also became obsolete quite quickly. Whats more, organizations had to employ entire teams of experts to run, monitor and optimize this infrastructure.

This situation wasnt sustainable. Businesses often found themselves focused on thorny technology issues, rather than the activity of mapping ready-made technology to their mission-critical business concerns. The result was that businesses incurred a serious opportunity cost, because they could not focus resources in the right direction.

Using cloud platforms allows businesses to remain on-task, and use technology more wisely. Organizations will still need to employ specialized technologists to use the cloud. But workers of all capabilities will be able to work far more efficiently with cloud resources. In other words, more employees even those who consider themselves not technical will be able to use cloud technologies to create sophisticated solutions. As a result, technology will be truly integrated within an organization to create more useful business solutions. Some call this trend the democratization of technology.

Effective communication and teamwork are fundamental to the success of any international business. The cloud has become the primary platform for increased collaboration and the ability to leverage talent more efficiently. Over the last decade, collaboration between overseas teams, remote work and local third-party contractors using software as a service (SaaS) tools like Office 365, Salesforce and Google Apps has become the norm.

Effective communication will be even more important as organizations face new challenges moving forward. These challenges will include interpersonal and intercultural communication issues, as well as coordinating the use of cloud applications accessed from various parts of the globe.

Like any powerful set of technologies, the cloud can provide enhanced security, if it is managed correctly. In years past, organizations in all industry sectors worried about perceived cloud security issues. One worry was that the platform provider could somehow access the data of its clients. Most governments and businesses worldwide are now convinced that this is not an issue, and trust the cloud with even the most sensitive data.

Another perceived weakness was the perception that the cloud provider was fully responsible for all security. It is true that cloud platforms give businesses the freedom to choose their own security settings, restrictions and policies. Cloud platforms make it possible to use multi-factor authentication (including 2FA), state-of-the-art encryption and advanced procedures. They can also provide the ability to automatically update certain elements of the necessary infrastructure to support a business.

But its important to understand that using the cloud implies a shared responsibility model: The cloud provider is responsible for making sure that the platforms that support an organizations applications are secure. And organizations that use cloud-provided platforms shoulder the responsibility of making sure that the code they create and use is secure. Organizations are also responsible for making sure they configure cloud applications and services correctly.

Consider the following analogy: If you lease an apartment, it is the responsibility of the apartment complex to provide a dwelling that conforms to fire safety codes. For example, the dwelling should have working fire detection equipment and should have safe appliances like a stove, microwave, etc. But the apartment complex is not responsible if the person living in the apartment misuses those appliances and starts a fire. This is why the world needs more qualified workers that understand where responsibilities start and stop when it comes to uptime considerations, business continuity and disaster recovery.

Data loss can be devastating and potentially fatal to a business. One of the biggest issues with traditional installed IT solutions is that they are more likely to malfunction and fail catastrophically. If such a thing occurs, it might be hard to recover your data. Depending on the backup and recovery protocols implemented, you might not be able to save your data at all. Thankfully, cloud computing makes it possible to take care of that issue as well.

When using a cloud platform, your data is stored away from your premises on third-party servers. Cloud platforms can ensure that all your information is safe in the event of downtime or other issues. They can also implement advanced backup and security protocols so that no data is lost even if the servers shut down unexpectedly.

Yet, businesses still need to enable these services, and also weigh the costs associated with using them. With the cloud, almost any service is available. But that availability often incurs costs that need to be carefully considered.

Organizations worldwide will continue to invest in technologies that allow them to thrive. The cloud makes it possible to leverage technologies and architectures that were once out-of-reach to most businesses. We live in a cloud-first, hybrid computing world, where cloud-based solutions will work together with more traditional data center and server room solutions. As long as we have leaders and workers who know how to efficiently manage cloud-based technologies, international companies will be able to adapt to current conditions and thrive.

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As CompTIAs Chief Technology Evangelist, Dr. James Stanger has worked with IT subject matter experts, hiring managers, CIOs and CISOs worldwide. He has a rich 25-year history in the IT space, working in roles such as security consultant, network engineer, Linux administrator, web and database developer and certification program designer. He has consulted with organizations including Northrop Grumman, the U.S. Department of Defense, the University of Cambridge and Amazon AWS. James is a regular contributor to technical journals, including Admin Magazine, RSA and Linux Magazine. He lives and plays near the Puget Sound in Washington in the United States.

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The Benefits of Cloud Computing for International Companies - Global Trade Magazine

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