The video discusses Amazon's unveiling of its first quantum computing chip, named Ocelot, which marks a significant advancement in their efforts to develop scalable quantum systems. This move comes shortly after Microsoft's announcement of their own quantum chip. Amazon boasts that Ocelot might need only a fraction of the resources used by traditional methods to obtain practical quantum computing. Despite these advancements, industry experts suggest that commercial quantum computing may still be over ten years away, with some predictions extending to nearly twenty years.