This Week in Thematics

Research evidence excerpt

This Week in Thematics

Barclays | Thematic Investing

Logistics (supply chain resilience) and Tech (compute demand, Semis 3.0) remain

well positioned, while sectors like Chemicals (alternative materials) and

Construction & Materials (AI buildout, building efficiency) might also benefit from

second derivative effects.

For any questions or further insights, please contact the team, Barclays Thematic

Research.

The following company is privately held and is not under coverage by Barclays

Research: Oxford Quantum Circuits. Information about this company is being provided

for information purposes only and is not an investment recommendation by Barclays

Quantum Computing: On the road visiting Oxford Quantum Circuits' operational

quantum computers. The tour provided unique insight into OQC's technological

progress and scaling plans. System’s speed, 2:1 physical to logical qubit ratio,

and their data center-centric business model were key qualities management

highlighted during our visit. We highlight 7 takeaways from the day.

To support our Quantum Computing investment theme, we spent the day on

Friday 15th May together with +20 investors, visiting Oxford Quantum Circuits's

(OQC, private, not covered) operational superconducting quantum computers in

a data center, together with OCQ's management team - Gerald Mullally (CEO),

Simon Phillips (CTO), Dr Peter Leek (Founder) and Robert Coutts (CFO).

•• We were shown three quantum computers and the wider infrastructure,

including cryogenic cooling systems, control electronics and supporting classical

computing needed to operate the systems.

•• The visit reinforced our view that hardware scaling and progress at the software

level (algorithms & error correction) remain critical to reach fault-tolerant

quantum computing.