PALO ALTO, Calif.--(BUSINESS WIRE)--May 21, 2026--
PsiQuantum announced today that the company has signed a Letter of Intent with the U.S. Department of Commerce for $100 million in proposed federal incentives under the CHIPS and Science Act to advance American quantum computing and semiconductor leadership.
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With these potential incentives, combined with co-investment by the company, PsiQuantum will accelerate the domestic manufacturability and performance of critical components for utility-scale quantum computing and the American semiconductor industry, including Barium Titanate (BTO) for higher-performance optical switches, high-temperature single-photon detectors, and advanced packaging approaches.
“Strong technology supply chains are essential for American security and prosperity,” said Victor Peng, Interim Chief Executive Officer of PsiQuantum. “PsiQuantum’s world-leading capability in photonics will help write the next chapter in the history of computing. Thanks to bold action from Washington, our company will continue to invest in manufacturing these cutting-edge components right here in the United States.”
“With today’s CHIPS Research and Development investments in quantum computing, the Trump administration is leading the world into a new era of American innovation,” said Secretary of Commerce Howard Lutnick. “These strategic quantum technology investments will build on our domestic industry, creating thousands of high-paying American jobs while advancing American quantum capabilities.”
“The Department of Commerce’s incentives strengthen and accelerate U.S. quantum leadership and technological resilience,” said Bill Frauenhofer, Executive Director of Semiconductor Investment and Innovation. “Quantum computing has significant implications for national defense, advanced materials and biopharmaceutical discovery, financial modeling and energy systems.”
Scaling PsiQuantum Innovations for the Semiconductor and Computing Industries
PsiQuantum’s new engagement with the Department of Commerce reflects the transformative potential of the company’s innovations in high-performance optical switching, photon detection, and advanced packaging for the American technology stack. The company's approach to building fault-tolerant quantum computers leverages existing semiconductor manufacturing to rapidly scale its silicon photonics platform, resulting in new breakthroughs that will also strengthen the American semiconductor industry.
“The semiconductor industry helped make PsiQuantum’s path to fault-tolerant quantum computing possible, and now PsiQuantum’s scalable breakthroughs in silicon photonics will in turn create new possibilities for the future of computing,” said Dr. Pete Shadbolt, Co-Founder and Chief Scientific Officer of PsiQuantum. “Our new engagement with the Commerce Department builds on years of collaboration across the U.S. government, and Washington is playing an historically consequential role in helping deliver this emerging technology.”
Investing and Building in America, Partnering Closely with Washington
New potential incentives from the U.S. government would augment PsiQuantum’s major existing investments in America’s quantum and semiconductor supply chains. PsiQuantum’s supply chain is anchored in the United States, and in 2025 the company invested approximately $200 million with hundreds of American suppliers and vendors across 38 states. Leading semiconductor manufacturer GlobalFoundries has partnered with the company on scaling PsiQuantum’s quantum photonic chipset production since 2019.
“GlobalFoundries is excited to partner with PsiQuantum to accelerate photonic quantum computing. Building on our long-standing collaboration, GF’s capabilities in silicon photonics, advanced packaging and system-level integration, combined with PsiQuantum’s proven leadership in photonic architectures, will accelerate the scalable semiconductor foundation needed to enable next-generation quantum systems,” said Tim Breen, Chief Executive Officer of GlobalFoundries.
Today’s announcement comes as PsiQuantum partners closely with the U.S. government to validate the company’s path to utility-scale quantum computing, advance potential quantum applications across a range of critical industries, develop utility-scale quantum infrastructure, and leverage cutting-edge technology dividends. In 2025, the company advanced to the final stage of the Defense Advanced Research Projects Agency’s (DARPA) Quantum Benchmarking Initiative (QBI) and broke ground on America’s largest quantum computing infrastructure project at the Illinois Quantum and Microelectronics Park in Chicago. Since 2022, PsiQuantum has partnered with the Air Force Research Laboratory (AFRL) in Rome, New York, and the latest phase of their partnership will integrate the company’s high-performance BTO electro-switch material into AFRL-designed optical circuits.
About PsiQuantum
PsiQuantum was founded in 2016 and is headquartered in Palo Alto, California. The company’s mission is to build and deploy the world’s first useful quantum computers. PsiQuantum’s photonic approach enables it to leverage high-volume semiconductor manufacturing, existing cryogenic infrastructure, and architectural flexibility to rapidly scale its systems. Learn more at www.psiquantum.com.
PsiQuantum personnel inside the fiber attach assembly facility at PsiFactory in Milpitas, California. PsiQuantum’s chip-to-fiber coupling technology performs beyond-state-of-the-art, and the company’s future partnership with the Department of Commerce will enable the company to accelerate its advanced packaging technology. (Credit: PsiQuantum)
More than 750 U.S. troops have been wounded during operations against Iran, according to Pentagon data. Of the 757 service members who have been wounded since the war began at the end of February, more than 580 are Army soldiers. The Pentagon and U.S. Central Command have offered almost no details on how any of the injuries have occurred or the amount of damage that U.S. bases have sustained in the conflict.
The United States' debt surpassed a record $40 trillion Wednesday, a staggering milestone as defense costs, social programs and interest on the burgeoning deficit make up an enormous share of federal spending.
The milestone figure was recorded just five months after the U.S. hit a record $39 trillion debt in March. It reached $38 trillion five months before that, in October.
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Of the 757 service members who have been wounded since the war began in February, more than 580 are Army soldiers. The total injured also include 86 sailors, 64 airmen and 19 Marines.
While many of the casualties are categorized as having occurred during “Operation Epic Fury,” the formal name for the conflict, the Pentagon created a new category for wounded troops called “Overseas Operations” in the Defense Casualty Analysis System in late July. The Pentagon said that was because Operation Epic Fury has concluded and the military has decided to classify casualties tied to the latest strikes in the new category.
The Pentagon and U.S. Central Command have offered almost no details on how the injuries have occurred or the amount of damage that U.S. bases have sustained. However, officials have said the vast majority of the injuries are traumatic brain injuries.
Trump’s former fixer told CNN on Thursday that he applied for a pardon to former President Joe Biden, but it was denied. Cohen served prison time for his role in what he said was covering up Trump’s “dirty deeds.”
“What I did is I took that same application, with the same documentation, and I just rewrote the cover letter removing the name of President Joe Biden and inserting the name President Donald Trump,” Cohen said.
Cohen said he has not received any acknowledgment from the Trump White House of the application but he said it’s on his to-do list for Friday.
Manitoba Premier Wab Kinew said Canada has leverage in the talks even as his province weighs restoring U.S. alcohol sales at Prime Minister Mark Carney’s urging to help secure a deal that would avert threatened 50% U.S. tariffs.
“Everybody knows the American president by now, he’s erratic, he’s irresponsible, and he’s not to be trusted. And this is the person that we were supposed to make a deal with, and we’re going to make additional concessions for it. That’s why I say you can’t make a good deal with a bad person, because who’s to say it’s not going to be undone?” Kinew said.
Dominic LeBlanc, the federal minister responsible for Canada-U.S. trade, said Thursday the two countries were close to finalizing an agreement after he returned to Washington to meet again with U.S. Trade Representative Jamieson Greer.
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The Army’s top general has directed a Europe-based unit specializing in drone warfare to revert to traditional infantry roles.
The 173rd Airborne Brigade has spent over a year experimenting with drones, influenced by tactics from the Ukraine-Russia conflict. Last November, 600 soldiers formed a battalion that specialized in drone warfare and was set up to deploy anywhere drones were required.
Gen. Christopher LaNeve, the Army’s acting chief of staff, has ordered the battalion to refocus on its core mission of being an airborne infantry unit, according to two U.S. officials who spoke on condition of anonymity to discuss internal Army deliberations. The Wall Street Journal earlier reported the change.
The move is part of broader Army changes under LaNeve, who took over after Defense Secretary Pete Hegseth ousted his predecessor, Gen. Randy George, in April.
The $2 million donation from IndyCar and Fox Corp. will pay for scholarships at Indiana University and Purdue University through the first lady’s Fostering the Future program for youngsters in foster care.
The Indiana schools are the latest to join a network of more than two dozen colleges and universities nationwide that participate in her program, she said during an event in the White House Rose Garden to announce the gift. The program, she said, give foster care youth the opportunity to get a college education, launch a career and achieve financial independence
“America’s greatest competitive advantage remains in its own people,” she said.
IndyCar is sponsoring Sunday’s Freedom 250 Grand Prix through the streets of downtown Washington in celebration of America’s 250th anniversary.
The U.S. Treasury has extended a general license that grants permission for certain transactions connected to the potential sale of the foreign assets of sanctioned Russian oil firm Lukoil.
The latest license, which has been renewed several times, expires Sept. 19.
Last October, the Trump administration announced “massive sanctions” against Russia’s oil industry that were aimed at moving Russian President Vladimir Putin to the negotiating table and bring an end to Moscow’s brutal war on Ukraine. Those sanctions included punishing measures on Lukoil.
The vice president said in an interview on a radio show on Thursday that he took his youngest son, Alec Neel Vance, who was born July 19, to meet Trump.
Vance, speaking on the Clay Travis & Buck Sexton Show, said the president loves children and gave his son a challenge coin.
“The baby doesn’t understand that, but he will someday,” Vance said.
Vance said the meeting happened after he and his wife, Usha, had lunch with Agriculture Secretary Brooke Rollins, Interior Secretary Doug Burgum and country music star Luke Bryan, who is in town for a show.
The president has voiced strong support for AI and data centers, emphasizing their economic benefits and importance in the global AI race.
“If I were the mayor of a town or the governor of a state, and I had a chance to get a big plant in, an AI plant or a data center,” Trump said, “I would absolutely want it because the jobs are enormous and the money paid, the taxes paid, are just enormous.”
Candidates in competitive midterm elections, however, are far less accepting.
Data centers have become a contentious issue, with concerns about energy costs and environmental impact. In Ohio, Republican Jon Husted faces attacks over his support for data centers. In Nevada, Democrat Aaron Ford accused Republican Gov. Joe Lombardo of aligning with Trump on the issue.
The debate reflects broader tensions over technology and local impact.
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Trump is expected to appear on the radio show of his former fixer-turned-foe Michael Cohen.
The interview, which will be broadcast later Thursday, will be a dramatic public reunion with the man who once called Trump a “Cheeto-dusted cartoon villain” and testified against him both in court and before Congress.
Cohen served prison time for what he told a judge were his efforts to cover up Trump’s “dirty deeds.” He has since said he and the president have started to reconcile.
Cohen says Trump’s taped interview will air on his 77 WABC program Thursday evening and Sunday.
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The Trump administration is imposing new sanctions on Cuba targeting its mining and metals sectors and broadening restrictions on Americans’ transactions with government-owned or affiliated businesses. It also accused Havana of using cultural and educational exchanges to radicalize U.S. citizens.
The Treasury and State departments announced sanctions on Thursday against 10 state-owned mining, metals, and construction companies and the leadership of the Cuban Institute of Friendship with the Peoples, or ICAP.
Secretary of State Marco Rubio said ICAP is responsible for sponsoring a “subversive network” to “cultivate” Americans, most recently with educational and cultural exchanges around the 100th anniversary of Fidel Castro’s birth earlier this month.
The sanctions follow an operation at the Miami airport last weekend in which several American citizens returning to the U.S. from events marking Castro’s birthday in Cuba were briefly detained, some of whom had their cellphones and other personal electronic devices seized for inspection.
Federal agents have seized electronic devices from former Rep. Eric Swalwell and searched his Washington home as part of an investigation into allegations of sexual misconduct by the ex-Democratic congressman from California, according to a person familiar with the matter.
Swalwell’s devices were seized at the San Francisco airport on Saturday, and federal agents searched his home a day later.
A message seeking comment was left Thursday with an attorney for Swalwell.
Swalwell announced his resignation from Congress in April following sexual assault and misconduct allegations, which he has denied. The AP source wasn’t authorized to discuss an ongoing investigation publicly and spoke on the condition of anonymity.
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Treasury Secretary Scott Bessent said during a CNBC interview on Thursday that an accelerated buyback of government debt “could be more than $4 billion per issue.”
His comments followed the Treasury’s Wednesday announcement that it would dramatically expand the amount of U.S. government bonds it will buy back. When asked about the motivation for the move, Bessent said: “We’re trying to signal that this is a thinly traded area of the market, we’re in August and there’s been a lot of corporate issuances.”
“We’re trying to keep the market in equilibrium.”
The first lady is partnering with IndyCar, the sanctioning body for U.S. auto racing, and Indiana and Purdue universities to fund the scholarships, her office says.
Both Indiana-based schools are joining about two dozen other institutions of higher learning to offer scholarships through Melania Trump’s “Fostering the Future” initiative benefiting young people in foster care.
A formal announcement is set for Thursday afternoon in the White House Rose Garden. The first lady will be joined by her husband and representatives from IndyCar and the universities.
The announcement comes just before Sunday’s Freedom 250 Grand Prix race in downtown Washington, which was organized by the president to help celebrate America’s 250th birthday.
The State Department said Thursday that it had given the green light for Qatar, a key U.S. partner in the Gulf, to buy four KC-46A aircraft along with assorted equipment, including turbofan engines, radar warning devices and countermeasure systems. The sale will also include trucks, training and assorted logistics services.
The sale “will increase Qatar’s capability to meet current and future threats by enhancing its defense capabilities and interoperability with U.S. and allied forces and reinforcing Qatar’s strategic role in regional security,” the department said.
Qatar, which hosts a major U.S. military base, has been a critical part of the war with Iran, including by trying to mediate an end to the conflict.
The launches come a day after North Korea shrugged off a U.S. decision to scale back military drills with South Korea in an apparent bid to resume diplomacy.
South Korea’s military said the launches of about 10 short-range ballistic missiles happened from North Korea’s capital region Thursday evening. The military said the missiles flew about 300 kilometers each toward North Korea’s eastern waters.
Trump ordered the Pentagon to “substantially reduce” the Ulchi Freedom Shield exercises just before they began Monday. The president cited what he said was a good relationship with North Korean leader Kim Jong Un and South Korea’s refusal to support him over the war in Iran.
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Braid was in charge of helping to shepherd Trump’s legislative agenda through a Congress where his Republican Party controlled both chambers.
Vice President JD Vance wrote on X that Braid “played a critical role in all of the administration’s achievements in Congress,” including the sweeping tax and spending legislation approved last summer.
Vance described Braid as “brilliant” and “one of the hardest workers you will ever meet.”
The vice president didn’t provide details of Braid’s next job, saying only that he was “very excited to see what he does next.”
The Asia-based USS George Washington aircraft carrier is now operating in the Middle East, the U.S. military said Thursday.
The Washington is relieving the long-deployed USS Abraham Lincoln after reports that sailors were facing mental health challenges and supply shortages while supporting the Iran war.
The Lincoln’s deployment has included a record-setting uninterrupted time at sea. Democratic lawmakers are pressing for accountability from the Pentagon over conditions aboard the carrier, which Defense Secretary Pete Hegseth has said were “completely misrepresented.”
The deployment of the Washington to the Middle East has left Asia without an American carrier strike group at a time when China shows more signs of aggression.
Democrats on Thursday narrowed the list of potential host cities for their 2028 presidential convention to Boston, Denver and Philadelphia as their party looks ahead to a wide-open primary to succeed President Trump.
Democratic National Committee Chairman Ken Martin said in a statement the cities put forward “incredibly strong bids,” and he promised the convention would be an “inspiring celebration of our party’s future nominee.”
A final decision is expected to be made later this year by party leaders. Republicans have already chosen Houston for the site of their 2028 convention.
The Democratic convention, scheduled for Aug. 7-10, 2028, traditionally gives the party a chance to formally introduce its nominee to the country, rally the base and kick-start the most intense period of campaigning ahead of the general election.
The party didn’t specify why Atlanta and Chicago, which was the site of the 2024 convention, were eliminated. Officials visited all five cities in April and May, considering logistical and fundraising capacity among other factors.
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Trump played White House tour guide on Wednesday, showing off the helipad he is building on the lawn before leaning over to autograph a piece of it and bragging about the ballroom he’s rushing to complete despite legal challenges.
Trump gushed for several uninterrupted minutes about granite being laid and said the chopper landing area would leave visiting foreign leaders “very impressed” — including Chinese President Xi Jinping, who is coming next month.
At times, he sounded almost like a construction manager, singing the praises of granite over asphalt in painstaking detail and noting for reporters he brought out for the show that the stone could withstand 35,000 pounds per square inch of pressure.
The president also revealed for the first time that he has replaced the walkway from the White House’s diplomatic entrance along with a portion of the asphalt driveway around the South Lawn with white granite.
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The national debt surpassed a record $40 trillion Wednesday, a staggering milestone as defense costs, social programs like Social Security and Medicare and interest on the burgeoning deficit make up an enormous share of federal spending.
The milestone figure was recorded just five months after the U.S. hit a record $39 trillion debt in March. It reached $38 trillion five months before that, in October.
The unprecedented $40 trillion figure highlights competing administration priorities, from boosting defense spending that the U.S. relies on to carry out President Donald Trump’s almost 6-month-old war in Iran to lowering the cost of gas and groceries.
Kush Desai, a White House spokesman, said the Trump administration “has been focused on slashing waste, fraud, and abuse in federal spending while accelerating economic growth to get America’s debt-to-GDP ratio trending in the right direction.”
However, experts say the exploding debt and the latest record milestone are already affecting Americans’ pocketbooks by raising borrowing costs for things like mortgages and cars, lowering wages from businesses that have less money available to invest, and creating more expensive goods and services.
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President Donald Trump listens as Gemini co-founder and president Cameron Winklevoss, left, and Gemini co-founder and CEO Tyler Winklevoss, right, watch, during a meeting with technology leaders in the Roosevelt Room of the White House, Wednesday, Aug. 19, 2026, in Washington. (AP Photo/Jacquelyn Martin)
President Donald Trump speaks outside the White House, Wednesday, Aug. 19, 2026, in Washington, at the construction site of the new helicopter landing zone on the South Lawn of the White House. (AP Photo/Manuel Balce Ceneta)
President Donald Trump speaks during a meeting with technology leaders in the Roosevelt Room of the White House, Wednesday, Aug. 19, 2026, in Washington. (AP Photo/Jacquelyn Martin)
