The Archer Materials Ltd (ASX: AXE) share price has been a strong performer again on Monday.
In afternoon trade, the semiconductor company's shares are up over 8% to a new record high of $1.48.
This means Archer Materials shares are now up over 60% in the space of a month.
Why is the Archer Materials share price up 60% in a month?
A key driver of the Archer Materials share price gain has been the release of an announcement in the middle of the month in relation to its CQ qubit processor technology.
Archer is developing a qubit processor chip that could potentially operate at room temperature and integrate into modern electronics. Management notes that current quantum computing technologies are limited in ownership and use because they use qubit processors that can only operate at low temperatures or are difficult to integrate in modern electronics.
As a result, the successful development of Archer's CQ room-temperature qubit processor chip could potentially provide a breakthrough solution to the widespread use and ownership of quantum computing powered technology.
What was this month's announcement?
The announcement that got investors excited and has driven the Archer Materials share price to a record high revealed that development progress has been made with the first quantum information signals detected. This indicates on-chip qubit control.
This development means the company is on track towards achieving 'qubit control' under various qubit environments, including few and single qubits.
Archer Materials' CEO, Dr Mohammad Choucair, commented: "Archer is making significant progress towards on-chip qubit control as part of its CQ chip development. We have the strongest indication yet that on-chip control of quantum information in our qubit material is within reach and entirely possible under miniaturisation conditions required for any future chip operation."
Based on the current Archer Materials share price, the company has a market capitalisation of just under $340 million.
