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The field of quantum computing is evolving at remarkable speed, yet achieving scalable, real-world impact remains a central open challenge. Building on the major breakthroughs and insights of 2025, this keynote will assess the current capabilities of NISQ devices and the key requirements for progressing toward reliable fault-tolerant quantum computation. The talk will survey recent progress in hardware characterization, algorithmic innovation, and verification methodologies, while highlighting the most promising applications expected in the near term.