The Archer Materials Ltd (ASX: AXE) share price is surging today, up 5.39% at the time of writing to $1.57 per share.
In earlier trading, Archer Materials shares hit $1.66, which is 11.4% higher than yesterday's closing share price.
Here's what is driving ASX investor interest in the materials and technology company today.
What did Archer report to the market?
Archer Materials told the market it has made further progress with its CQ quantum computing chip technology.
Its proprietary qubit processor technology could allow for quantum computing-powered mobile devices — a world first.
In the latest development, Archer said it has validated the robustness of qubit coherence for the first time in an inert atmosphere (nitrogen gas) and at room temperature.
If you're wondering what qubit coherence is, the company explains, "Quantum coherence is the fundamental requirement for quantum logic operations that are the basis of any quantum computing qubit processor hardware."
Archer said that competing room-temperature qubit projects make use of high vacuum environments, like ion-traps. These, as you'd expect, aren't as simple to integrate into mobile devices.
Commenting on the progress, Archer's CEO Mohammad Choucair said:
The step-change optimisation that was achieved validates the robustness of the qubit for control measurements and operation that could be compatible with device miniaturisation and, in general, preserving qubit coherence when integrating with semiconductor devices.
Archer Materials recently raised $15 million via an institutional placement. The company says it is well-funded to progress its chip technology development.
According to the release, Archer Materials is the only ASX-listed company developing qubit processor chip technology in the semiconductor industry.
Archer Materials share price snapshot
The Archer Materials share price has been a stellar performer in 2021, up 217% year to date.
Archer Materials shares have substantially outperformed the All Ordinaries Index (ASX: XAO), which is up 10% so far in 2021.
