Where the math is defensible.
Long-form research on live enterprise decisions. Publication is selective. Every number traces to a named source. No takes without evidence.
Quantum Computing Economics in 2026: Roadmaps, Modalities, and the Post-Quantum Migration
IBM, Google, IonQ, Quantinuum, Atom Computing, PsiQuantum, and Microsoft are converging on fault tolerance from four physical platforms. Quantum equities have repriced sharply, NIST has finalized its post-quantum cryptography standards, and national programs have moved past 20 billion dollars of cumulative public commitment.
Quantum computing in 2026 is four parallel scaling experiments on transmon, trapped-ion, neutral-atom, and photonic platforms, judged against a shared bar set by the surface code. IBM ships Heron R2 at 156 qubits and targets Kookaburra in 2026 and Blue Jay at 4158 qubits. Google's Willow showed below-threshold operation in late 2024. IonQ...
US Steel and Nippon, Closed at Last: The Golden Share, Mon Valley, and a New CFIUS Template
The USD 14.9 billion Nippon Steel acquisition of US Steel closed in August 2025 only after a Trump executive order conditioned approval on a Golden Share, USW guardrails, and roughly USD 14 billion of incremental US capex, rewriting CFIUS practice.
Nippon Steel announced its USD 14.9 billion all cash bid for US Steel on December 18, 2023, at USD 55 per share, a roughly 40 percent premium and well above the USD 7.3 billion Cleveland-Cliffs offer from Lourenco Goncalves that summer. CFIUS escalation, United Steelworkers opposition under David McCall, and a Pittsburgh coalition pushed ...