Rigetti announced that it’s partnering Moody’s Analytics to solve problems in the finance sector using quantum computing, building upon earlier work for forecasting economic variables.
“We believe that the finance sector has problems that could benefit from the unique properties of quantum computing. This is why we are delighted to announce the signing of a collaboration agreement with Moody’s Analytics — one of the world’s leading financial intelligence and analytics companies — to develop quantum machine learning methods for the financial sector,” Rigetti wrote in the announcement.
In April 2023, Rigetti shared the initial results of its novel approach to forecasting recessions using cutting edge machine learning techniques, developed in collaboration with Moody’s and Imperial College London. The methods combine classical signature kernels with quantum-enhanced data transformations. Performing noiseless quantum simulation, participants showed that signature kernels can leverage quantum-enhanced data and forecast recessions more accurately than industry standard baseline models.
In the first half of 2024, building on these initial findings, Rigetti plans to use higher dimensional datasets from variegated and interdependent macroeconomic areas, leveraging a higher qubit count. This work, differently from the simulations of the initial collaboration, will be executed on Rigetti’s 84-qubit Ankaa system using error mitigation methods.
“Moody’s is investing in quantum computing to better understand how it can provide an advantage over classical solutions. By partnering with the algorithm and application teams at Rigetti, and leveraging their QPUs, we get access to the expertise needed to make meaningful progress in our quantum computing strategy,” says Sergio Gago, MD of AI and Quantum Computing at Moody’s Analytics, in a statement
“We need to work hand in hand with industry experts who will be relying on hardware vendors like Rigetti to provide quantum computers capable of tackling their complex computational problems. Partnering with Moody’s to use quantum machine learning techniques to improve time series prediction gives us valuable insight into how we can continue to improve our quantum computing systems for real-world applications,” says Subodh Kulkarni, Rigetti CEO, in a statement.
“The potential for quantum computing to have a transformative impact on the financial sector has led to increasingly more financial institutions building in-house teams dedicated to exploring quantum computing. Achieving quantum advantage will require collaborating with end users who truly understand how to apply quantum computing to their business. This is why our work with Moody’s is so valuable — partnering with Moody’s quantum experts allows us to work on valuable problems and in turn feed improvements back into our hardware and software stack to enhance our capabilities,” says Marco Paini, VP of Finance Solutions at Rigetti, in a statement.