Summary3 min read

WSJ Tech News Briefing – TNB Tech Minute: Businesses Are All In on Quantum

Date: August 14, 2026
Host: Julie Chang for The Wall Street Journal

Episode Overview

This episode of the WSJ Tech News Briefing spotlights the surging business investment in quantum computing and addresses notable developments in tech and finance. It further touches on the intersection of AI and organizational change, with commentary from Dan Swan of McKinsey on deriving true value from AI adoption.

Key Discussion Points and Insights

1. Quantum Computing Investment Surges

[00:31 – 01:15]

Major Takeaway: Businesses are prioritizing quantum computing over research labs and governments for the first time, signaling a shift in technological leadership.
Statistics: According to a Boston Consulting Group (BCG) report:
- Enterprises spent a collective $300 million on quantum computing in 2025.
- This figure surpasses combined spending from research labs and governments.
- BCG surveyed the top 25 global companies across 11 industries; 62% are investing at least $1 million annually and have dedicated quantum programs.
Potential Impact: Quantum computing is positioned to reshape industries such as:
- Financial trading
- Shipping logistics
- Pharmaceuticals
Explanation: Quantum computers leverage principles of quantum physics to tackle problems beyond the reach of today’s supercomputers.

2. JPMorgan’s Relationship with Polymarket

[01:16 – 01:57]

Incident: JPMorgan Chase ended its banking relationship with prediction market firm Polymarket in October due to regulatory considerations.
Ongoing Connections:
- Despite ending official ties, JPMorgan is still involved with Polymarket and similar firms in other capacities.
- A Polymarket spokesperson highlighted that CEO appearances continued at three JPMorgan events throughout the year.
- In April, JPMorgan offered select wealthy clients access to Polymarket’s Series E fundraising round, which valued the company at $14.5 billion.
Industry Note: Dow Jones, WSJ’s publisher, maintains a data partnership with Polymarket and Citi.

3. Lenovo’s Strategy Amid Market Challenges

[01:58 – 02:35]

Sector Outlook:
- Analysts suggest Lenovo should weather challenges in the consumer electronics sector during the fiscal year's second half.
- Forecasts:
  - PC shipments are expected to drop by 15%
  - Smartphone shipments by 20%
  - Some resilience expected in commercial PC sales versus consumer market
Lenovo’s Response:
- Raise average product prices
- Optimize premium product mix
- Focus on increasing market share despite volume drops

4. The True Value of AI: Organizational Change Over Simple Tech Adoption

[00:00 – 00:31] and [02:54 – 03:24]

Featured Voice: Dan Swan, Senior Partner at McKinsey
Key Message:
- Real value from AI isn’t just about adding technology but involves deeply rethinking how organizations function.
- Quote [00:07 / 03:01]:
  
  “When we talk about rewiring, we're more talking about getting into the chassis of the organization. And that means, yes, there's technology to it, but how are you redesigning the organization or the capabilities of the people that are actually doing the work and linking that to the technology? So for us, the technology, yes, is critically important, but these other pieces are 70, 80% of the work to get that right.”
Takeaway: A holistic approach — reshaping workflows, culture and talent — is required for successful AI transformation.

Notable Quotes & Memorable Moments

Dan Swan, on AI transformation [00:07 / 03:01]:

“When we talk about rewiring, we're more talking about getting into the chassis of the organization. And that means … how are you redesigning the organization or the capabilities of the people that are actually doing the work and linking that to the technology?”
Julie Chang, on quantum investment [00:31]:

“Enterprise users collectively spent $300 million on Quantum in 2025. That amount outranked research labs and governments combined.”

Important Timestamps

[00:00] Opening thoughts from Dan Swan on AI value (repeated at [02:54])
[00:31] Julie Chang reports on quantum computing investment trends
[01:16] JPMorgan and Polymarket banking relationship update
[01:58] Lenovo market outlook and strategic response
[02:54] Dan Swan reiterates the importance of organizational change in AI adoption

Final Thoughts

This episode underscores a pivotal moment in tech investment, with enterprises taking the lead in quantum computing and a clear call to action for organizations to rethink structures, not just technology, in the AI era. The episode closes with a reminder to tune in for the next installment of the WSJ’s special series on AI and the blurring of reality.

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Transcript5 lines

[00:01]
A
True AI value comes from rethinking workflows, not just layering on tech. Here's Dan Swan, senior partner at McKinsey
[00:07]
B
when we talk about rewiring, we're more talking about getting into the chassis of the organization. And that means, yes, there's technology to it, but how are you redesigning the organization or the capabilities of the people that are actually doing the work and linking that to the technology? So for us, the technology, yes, is critically important, but these other pieces are 70, 80% of the work to get that right.
[00:32]
C
Here's your afternoon TNB Tech minute for Friday, August 14th. I'm Julie Chang for the Wall Street Journal. Businesses are spending big on quantum computing According to a report from Boston Consulting Group, enterprise users collectively spent $300 million on Quantum in 2025. That amount outranked research labs and governments combined. For the first time, BCG surveyed the top 25 global companies by across 11 major industries. It found that 62% were spending at least a million dollars a year on quantum and had a designated program. Quantum computers leverage quantum physics to solve complex problems beyond the capabilities of today's supercomputers. They promised to transform industries from financial trading and shipping logistics to pharmaceuticals. JPMorgan Chase ended its banking relationship with prediction market Polymarket last October over regulatory concerns. That's according to people familiar with the. However, the bank maintains some ties to polymarket and other prediction market firms. A polymarket spokesman said the company keeps a close, active relationship with JPMorgan across multiple entities and noted its CEO spoke at three bank events in the past year. Plus, a source told the Journal that in April, JP Morgan offered wealth management clients the ability to participate in Polymarket Series E fundraising that would value the company at $14.5 billion. The Financial Times earlier on the ended banking relationship with JP Morgan. Dow Jones, the publisher of the Wall Street Journal, has a data partnership with polymarket and Citi. Analysts say Lenovo should be able to manage the headwinds for consumer electronics in the second half of the fiscal year. Lenovo Management expects PC shipments to fall around 15% and smartphone shipments to fall around 20%. Commercial PCs are expected to show some more resilience than consumer PCs to offset lower unit sal. The analysts cite Lenovo Management saying the company plans to raise average selling prices, optimize its premium product mix and expand market share. And that's your TMB Tech Minutes. Tune in Saturday morning for the final installment of our special series AI and the Blurring of Reality.
[02:55]
A
True AI value comes from rethinking workflows not just layering on tech. Here's Dan Swan, senior partner at McKinsey.
[03:02]
B
When we talk about rewiring, we're more talking about getting into the chassis of the organization. And that means, yes, there's technology to it, but how are you redesigning the organization or the capabilities of the people that are actually doing the work and linking that to the technology? So for us, the technology, yes, is critically important, but these other pieces are 70, 80% of the work to get that right.