The last 12 months have witnessed frenzied activity in condensed matter physics, unmatched by any other since the invention of the laser. In this article, we summarize the status, promise, and problems in the field of high-temperature superconductivity. We also comment on the mechanis and policies needed for the United States to economically benefit from the recent discoveries in the face of what can be best described as an international race to win the battle.Many, if not all, of the preconceived notions about superconducting transition temperatures have fallen in the past 12 months. This time period, relatively miniscule compared to the time from the first observation of superconductivity in mercury by Kammerlingh-Onnes (1) in 1911 [or short even compared to that from the next significant advance in high-critical-temperature (Tc) superconductors that led to the A15 compounds] has seen the T, of superconductors go from 23 K for Nb3Ge (2, 3) to 94.5 K for YBa2Cu307 (4). There are persistent rumors/reports (5-7) of "glitches" seen in the resistivity and susceptibility measurements on materials of related composition at temperatures as high as room temperature, which may be due to a minor phase that becomes superconducting at these high temperatures. Even with the present confirmed results, raising of the T. to above liquid nitrogen temperature is likely to remove the economic barriers for many of the applications of superconductivity that were precluded by the relatively high cost of liquid helium. The economic importance of raising the Tc for superconductors is shown in Table 1, which summarizes the practical cryogens, their latent heat of evaporation, and an approximate dollar per calorie of cooling capacity. It is easy to recognize that from practical considerations there are four important temperature regions: those accessible using liquid helium (4.2 K), those accessible using liquid nitrogen (77 K), those accessible using dry ice (193 K), and those accessible using water as the cryogen. However, we should point out that raising the T, above the presently reached value of -94.5 K will also be useful in practice (even though one may not reach 193 K) because a higher T, will result in higher critical current densities (J, values), critical magnetic fields (H,, values), and margins of safety at the operating temperature of 77 K (see Note Added in Proof).As an aside it is interesting to note the scale of research activity that led to these advances and resulted in the Nobel Prize in Physics to Bednorz and Muller this year in a remarkably short period of time. These activities, typical of other condensed matter science activities, are table-top science. An educated guess of the research expenditure leading to the present advances is not more than a few tens of millions of dollars per year over the last dozen years. This is to be compared with the projected cost of the superconducting supercollider (SSC) of approximately $5,000,000,000. The anticipated yearly operating expense of the SSC overshadows the ...