The Archer Materials Ltd (ASX: AXE) share price is surging today on some positive news.
Archer Materials shares are currently up 7.53% to 78.5 cents. In early afternoon trade, the company's share price soared as high as 13% to 82.5 cents. For perspective, the S&P/ASX All Technology Index (ASX: XTX) has gained just 0.49% at the time of writing.
So what could be impacting the Archer Materials share price today?
Quantum computing chip patent
The Archer Materials share price is surging on news the company has been granted an Australian patent.
The patent is for the company's 12CQ quantum computing chip and gives Archer exclusive commercial rights to the invention in Australia.
The company said the patent is a "significant early-stage milestone" in the development of the chip.
Commenting on the news, Archer CEO Dr Mohammad Choucair said:
We are excited about the grant of the 12CQ chip Australian patent. Patent protection in major markets is a central element in Archer's strategy to develop the 12CQ chip.
Obtaining Australian patent approval effectively protects the 12CQ chip technology and prevents others from copying, making, or selling our devices in Australia.
Archer said it is the only company listed on the ASX — and one of only a few global players — developing qubit processor chip technology. The technology could enable quantum processors in mobile devices.
The company now has patents for its technology in Australia, the US, China, South Korea, Japan, and 12 countries in Europe. Commenting further on the Australian patent, Choucair added:
With the focus on quantum technologies in Australia now stronger than ever, we believe that the granting of the Australian patent related to Archer's 12CQ chip will contribute to strengthening quantum computing and technology innovation in Australia.
Share price snapshot
The Archer Materials share price has climbed more than 16% in the past year but it has lost around 28% in the year to date.
In the past month, the company's shares have lost almost 10%. However, the Archer Materials share price has surged 15% in a week.
For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned nearly 2% in the past year.
Archer Materials has a a market capitalisation of about $199 million based on today's share price.
