Harnessing techniques from analog signal processing, we establish a new path for large-scale quantum computation.

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We give an upper bound on the resources required for valuable quantum advantage in pricing derivatives. To do so, we give the first complete resource estimates for useful quantum derivative pricing, using autocallable and Target Accrual Redemption Forward (TARF) derivatives as benchmark use cases. We uncover blocking challenges in known approaches and introduce a new method for quantum derivative pricing – the re-parameterization method – that avoids them. This method combines pre-trained variational circuits with fault-tolerant quantum computing to dramatically reduce resource requirements. We find that the benchmark use cases we examine require 8k logical qubits and a T-depth of 54 million. We estimate that quantum advantage would require executing this program at the order of a second. While the resource requirements given here are out of reach of current systems, we hope they will provide a roadmap for further improvements in algorithms, implementations, and planned hardware architectures.

We describe and implement a family of entangling gates activated by radio-frequency flux modulation applied to a tunable transmon that is statically coupled to a neighboring transmon. The effect of this modulation is the resonant exchange of photons directly between levels of the two-transmon system, obviating the need for mediating qubits or resonator modes and allowing for the full utilization of all qubits in a scalable architecture. The resonance condition is selective in both the frequency and amplitude of modulation and thus alleviates frequency crowding. We demonstrate the use of three such resonances to produce entangling gates that enable universal quantum computation: one iSWAP gate and two distinct controlled Z gates. We report interleaved randomized benchmarking results indicating gate error rates of 6% for the iSWAP (duration 135ns) and 9% for the controlled Z gates (durations 175 ns and 270 ns), limited largely by qubit coherence.A central challenge in building a scalable quantum computer with superconducting qubits is the execution of high-fidelity, two-qubit gates within an architecture containing many resonant elements. As more elements are added, or as the multiplicity of couplings between elements is increased, the frequency space of the design becomes crowded and device performance suffers. In architectures composed of transmon qubits [1], there are two main approaches to implementing two-qubit gates. The first utilizes fixed-frequency qubits with static couplings where the two-qubit operations are activated by applying transverse microwave drives [2][3][4][5][6][7][8]. While fixedfrequency qubits generally have long coherence times, this architecture requires satisfying stringent constraints on qubit frequencies and anharmonicities [5,6,8] which requires some tunability to scale to many qubits [9]. The second approach relies on frequency-tunable transmons, and two-qubit gates are activated by tuning qubits into and out of resonance with a particular transition [10][11][12][13][14][15][16]. However, tunability comes at the cost of additional decoherence channels, thus significantly limiting coherence times [17]. In this approach the delivery of shaped unbalanced control signals poses a challenge [15]. Such gates are furthermore sensitive to frequency crowdingavoiding unwanted crossings with neighboring qubit energy levels during gate operations limits the flexibility and connectivity of the architecture.An alternative to these approaches is to modulate a circuit's couplings or energy levels at a frequency corresponding to the detuning between particular energy levels of interest [18][19][20][21][22][23][24][25][26]. This enables an entangling gate between a qubit and a single resonator [21,22], a qubit and many resonator modes [26], two transmon qubits coupled by a tunable mediating qubit [16,25], or two tunable transmons coupled to a mediating resonator [23,24].Building on these earlier results, we implement two entangling gates, iSWAP and controlled Z (CZ), between a flux-tunable transmon an...

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