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Here, we review new algorithms and computational approaches to predict and understand the behavior of correlated quantum matter. The strongly interdisciplinary nature of the topics covered necessitates a common language to integrate ideas from these fields. We aim to provide this common language while weaving together fields across electronic structure theory, quantum electrodynamics, algorithm design, and open quantum systems. Our Review is timely in presenting the state-of-the-art in the field toward algorithms with nonexponential comple