What happens when a civilisation becomes dependent on a single, irreplaceable input? In 1177 BC: The Year Civilization Collapsed , Eric H. Cline describes how the disruption of tin supply chains contributed to the collapse of Bronze Age economies. Tin was scarce, difficult to transport, and essential. When supply faltered, entire systems built upon it began to unravel. Today, the global technology ecosystem faces a very different — yet curiously familiar — constraint. Artific

Join Diraq's CEO Andrew Dzurak from NVIDIA’s latest GTC 2026 session. Andrew highlights the accelerating convergence of AI infrastructure and next-generation computing architectures, with a clear focus on scaling performance to meet surging global demand. The discussion reinforces a central ICM HPQC Fund theme: that breakthroughs in compute are increasingly being driven not just by software, but by advances across the full hardware and systems stack - from chips to interconne

The escalation of conflict in the Middle East is now the dominant force shaping global markets, with energy supply disruption feeding directly into inflation expectations, bond yields and investor positioning. In this edition, we examine the implications of a sustained oil price shock, the strategic importance of the Strait of Hormuz, and how markets are recalibrating in response. We also outline our current thinking on inflation versus growth, policy constraints, and the con

Q-CTRL and Anello Photonics have announced a strategic collaboration to advance resilient navigation for uncrewed aerial vehicles operating in GPS-denied environments. The partnership combines quantum sensing with advanced inertial navigation technologies to deliver highly accurate, robust positioning without reliance on GPS - a capability that is becoming increasingly critical as signal disruption and spoofing risks grow across both defence and commercial applications. Toget

Diraq's unique silicon-based architecture is scalable, economical, deployable, and powerful — and is drawing on the NVIDIA NVQLink platform. Australian quantum computing company Diraq has announced a collaboration with NVIDIA to advance hybrid quantum–classical computing architectures aimed at achieving utility-scale performance. By integrating quantum processors with high-performance GPU-based systems, the partnership seeks to enable real-time control, error correction and s

Q-CTRL, in partnership with Elevate Quantum and a consortium of leading collaborators, has announced the launch of the United States’ first open-architecture quantum computing system. Delivered in record time, the platform represents a significant step towards commercially viable, modular quantum infrastructure—designed to accelerate real-world deployment and interoperability across the quantum ecosystem. Read the full announcement here .

Salience Labs and Keysight Technologies have partnered to develop the industry’s first dedicated testing environment for optical circuit switching, a key technology for next-generation AI data centre networks. The platform enables validation and optimisation of all-optical switching systems, helping operators improve performance, reduce latency and lower power consumption. By providing advanced measurement and analysis capabilities, the collaboration aims to accelerate the de

Salience Labs has unveiled a 32-port all-optical silicon photonic switch designed to address critical networking bottlenecks in AI data centres. By replacing traditional electronic switching with fully optical connectivity, the technology significantly improves latency, throughput and energy efficiency while enabling scalable, high-bandwidth communication across thousands of GPUs. As the first in a broader portfolio of optical circuit switches, the platform represents a step

Littlepay, Google and Go-Ahead Group have introduced a new approach to digital ticketing, enabling passengers to purchase and use prepaid bus passes directly within Google Wallet. The solution allows users to simply tap their phone to travel—removing the need for paper tickets, separate apps, or QR codes—while extending the convenience of contactless travel to pre-paid journeys. Read the full announcement here: Littlepay, Google and Go-Ahead Launch prepaid bus passes in Googl

Contactless EMV payments are increasingly being adopted across public transport networks as operators look to simplify ticketing and improve passenger convenience. By allowing travellers to use their contactless bank cards or mobile wallets directly at the gate, open-loop systems can reduce reliance on proprietary ticketing infrastructure while supporting more flexible fare structures. A recent example is the rollout of contactless “tap and go” payments across the Merseyrail

A new regional rail ticketing system is being deployed across France’s Nouvelle-Aquitaine region, bringing simpler, more flexible travel for passengers. Delivered by Kuba for Nouvelle-Aquitaine Mobilités, the platform introduces account-based ticketing and contactless payments to help create a seamless, interoperable experience across regional transport networks. Read the full announcement here .

Miki Szikszai, CEO of Snapper Services A new interactive benchmarking tool is enabling cities and transport authorities to compare public transit performance globally in near real time. The Cities Today article reports the Mosaiq Global Public Transit Index uses open data from more than 1,000 locations to analyse reliability and on-time performance, allowing operators to benchmark networks, identify operational improvements and track how their systems perform against global p

The early momentum in U.S. equities has paused. Year to date, American indices have drifted sideways while Europe, Asia and emerging markets have outperformed. After several years of U.S. leadership, international diversification is regaining attention. In this month’s review, we examine: the compression in the S&P 500 forward earnings multiple; sector rotation driven by valuation re-pricing; investor reassessment of AI substitution risk, particularly in software and wealth m

Vix Technology has been named a double finalist at the 2026 Transport Ticketing Awards , recognising its continued innovation in smart ticketing and fare collection systems. The nominations highlight Vix’s work in delivering advanced, passenger-focused ticketing solutions that help transport operators create simpler, more seamless travel experiences. Read the full announcement here .

ICM HPQC News Flash – February 2026  highlights recent developments across the fund’s portfolio and broader high-performance and quantum computing ecosystem. The update covers key portfolio milestones, technology progress and industry trends shaping the next generation of advanced computing infrastructure. Highlights at a glance Portfolio progress:  Updates from companies across the HPQC ecosystem, including developments from Q-CTRL, Diraq, Salience Labs and Mixx Technologies

Salience Lab’s innovative architecture builds on Tower’s differentiated silicon photonics platforms to enable ultra-low latency, high-bandwidth, and energy-efficient optical connectivity tailored for AI cluster environments. Read the full update here .

Drawing on insights from the Mosaiq Global Public Transit Index , this article explores what the world’s best-performing public transport networks have in common. From punctuality standards to the role of high-quality data, it highlights how better benchmarking and transparency can help cities improve reliability and passenger experience. Read the full update here .

The National Reconstruction Fund Corporation (NRFC) is taking a $20 million equity stake in Diraq, a Sydney-based quantum technology startup that is a global leader in the development of utility-scale quantum computing.  Quantum computers are exponentially faster than classical computers and can perform calculations that would take the world’s current, most advanced supercomputers millions of years to process, allowing them to solve valuable and world-changing problems, such

Q-CTRL has unveiled the first commercially ready quantum navigation system proven in real-world conditions. The system uses quantum sensing and magnetic field mapping to deliver precise positioning without relying on GPS, providing a resilient alternative in environments where signals are jammed, spoofed, or unavailable. The technology will be showcased at the Singapore Airshow. Read the full announcement here .

Breakthrough technologies are often born in laboratories and research centres, but far fewer ever translate into durable commercial success. The gap between technical promise and real-world value creation remains one of the most persistent challenges in technology investing. While innovation is frequently equated with novelty or scientific advancement, commercial innovation requires something more: a clear customer need, a viable route to adoption, and an ecosystem capable of