The Archer Materials Ltd (ASX: AXE) share price has bolted out of the gates in today's session.
Shares in the high-tech materials company are flying more than 29% higher after releasing an announcement.
Let's take a look at why investors are scrambling to bid the Archer share price higher.
Archer share price soars on US patent
Shares in Archer are flying after announcing a commercialisation milestone earlier today.
The company notified investors that its CQ quantum computing chip has been granted a US patent.
According to Archer, the patent will provide the company with protection of the related intellectual property rights in the US.
Archer regards the US as a critical strategic jurisdiction to help protect and potentially commercialise its products.
As a result, the company noted that the granting of the US Patent is a significant step in its efforts to access global markets and participate in the US technology economy.
In particular, Archer's announcement highlighted the US government's commitment to continue investment in quantum technologies.
Archer CEO Dr Mohammad Choucair commented:
Most of the investments, R&D, innovation, and commercialisation in quantum computing takes place in, or originates from, the US. At the core of this thriving innovation ecosystem are patents and the accompanying IP rights. Archer is one of few companies with a patent portfolio protecting quantum computing chip technology and one with a unique global competitive advantage.
More on the Archer Materials share price
Archer is a technology company that operates within the semiconductor industry.
The company has a vast pipeline of semiconductor devices that are in various developmental and commercialisation stages.
Shares in Archer Materials recently rocketed to a record high of $3.08 last month, following a patent update.
However, the company's share price came under pressure following media speculations regarding its patent application in Australia.
The company rejected the accusations made against its CQ quantum computer chip patent.
Despite suffering a sharp pullback, the Archer share price remains more than 300% higher for the year.
At the time of writing, shares in Archer are trading nearly 9% higher for the day at around $2.19.
Shares in the tech company were up more than 29% earlier after hitting an intra-day high of $2.61.
