The Archer Materials Ltd (ASX: AXE) share price is surging higher today to start the week with a bang. Shares in the Aussie materials technology company have rocketed higher after a price-sensitive ASX announcement prior to market open.
Why is the Archer Materials share price surging higher?
The Aussie company announced it's made "significant" progress in its 12CQ chip development. 12CQ is the company's "world-first qubit processor technology that would allow for mobile quantum computing powered devices".
Archer said the company's detected the first quantum information signals that indicate on-chip qubit control. The early indication of on-chip qubit control in "microscopic-scale qubit material" is a significant milestone in its ongoing product development.
The Archer Materials share price rocketed higher on the news as the stock gained more than 13% to start the day.
Archer said it has recorded "continuous wave electron spin resonance" or "cw-ESR" signals arising from a "specially fabricated superconducting on-chip resonator semiconductor device integrating microscopic quantities of qubits". Quite the mouthful, but good news for shareholders nonetheless.
The company is pushing ahead with its development of "world-first" technology and the focus is clearly on achieving qubit control. Archer hailed the progress as a "major technological feat" and a crucial step forward.
It seems to have done the trick for investors. The Archer Materials share price remains up more than 11% at $1.09 per share, having hit as high as $1.125 per share this morning.
Foolish takeaway
A key development update has sparked a surge in the Archer Materials share price this morning. Today's development follows other positive progress updates from Archer in recent months.
Shares in the Aussie small-cap technology group have rocketed higher thanks to key milestones in its 12CQ chip development process.
Archer's shares have now climbed more than 45 per cent higher since trading at $0.75 per share in late June.
