Quantum computing could change everything, and IBM is racing with Microsoft, Intel, and Google to conquer it. Here's what you need to know.

It's a major milestone for quantum computers, which had to date mostly been found in research labs. Already, IBM says, customers are lining up to figure out how to get their hands on this technology, which shows promise in fields as varied as chemistry, materials science, food production, aerospace, drug discovery, predicting the stock market and even fighting climate change.

The reason for excitement: a quantum computer has seemingly-magical properties that allow it to process exponentially more information than a conventional system. A quantum computer isn't just a much faster computer. Rather, it's an entirely different paradigm of computing that requires some radical rethinking.

Now, the race is on to be the first company to conquer the massive opportunity presented by this technology. IBM, Microsoft, Google, and other tech titans and startups alike are all placing big bets on the technology. Meanwhile, in December, the U.S. government passed the National Quantum Initiative Act, which proposes spending $1.2 billion over the next five years on labs, academia and companies to advance quantum computing technologies.

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