The Archer Materials Ltd (ASX: AXE) share price lifted today after the company announced a partnership agreement with Max Kelsen.
In early trade, the Archer share price reached an intraday high of 58.5 cents but has since retreated to 56 cents, up 3.7%, at the time of writing. In comparison, the All Ordinaries Index (ASX: XAO) is also higher, up 0.6% to 6,964 points.
What's driving the Archer share price forward?
The Archer share price is on the move today following its collaboration with global leading artificial intelligence (AI) company, Max Kelsen. Archer advised that it will work with Max Kelsen to develop quantum algorithms for its CQ quantum computing processor (chip).
Max Kelsen is an established leader in the field of artificial intelligence and machine learning applications. The software business represents a number of Fortune 500 companies as well as Australia's most iconic brands. Its core business model revolves around workflow automation and value extraction from data that provides accurate modelling for critical decisions.
As both companies are members of the global IBM Q Network, the partnership will seek to use IBM's Qiskit and quantum computers for testing and validation. This in turn will forge a pathway for commercialisation of the CQ chip, which aims to provide high-value add in the finance and telecommunications sector.
Under the agreement, Archer staff will work directly with the quantum computing team at Max Kelsen. Quantum processors will be used to run quantum algorithms which will target to develop business use-cases of CQ chip technology.
What did the CEO say?
Commenting on the partnership, Archer CEO Dr Mohammad Choucair said:
As part of Archer's forward-looking strategy, the partnership with Max Kelsen – a leading AI and quantum computing firm – is a key step forward in the commercialisation of our CQ chip technology.
It's a great example of how two Australian IBM Q Network members are working together to realise the commercial potential of quantum computing.
We will use IBM's Qiskit and quantum machines to validate our work, and once validated, Archer intends to apply the end-user cases, algorithms and Qiskit to CQ chip hardware, which demonstrates the increasing value our partnerships bring as we progress in our development.
About the share price
The Archer share price has risen strongly since the start of the year, thanks to the broard surge in investor hype within the tech industry.
The Archer share price is up more than 250% in the last 12 months, and reached a 52-week high of 81.5 cents in May.
