The All Ordinaries Index (ASX: XAO) is up 0.54% on Wednesday, with two small-cap ASX tech shares racing ahead of those gains.
Investors are reacting positively to separate announcements from both tech companies relating to developments in the United States.
Here's what's happening.
ASX tech share leaps on patent grant
The Archer Materials Ltd (ASX: AXE) share price was up 10.5% in late morning trade on Wednesday. The semiconductor company's shares closed yesterday at 43 cents and are currently changing hands at 46 cents apiece.
Atop the broader boost in sentiment for technology stocks around the globe delivered by exuberance for the sector by returning US President Donald Trump, the ASX tech share is attracting investor interest after reporting it was granted a key patent in the US.
The patent relates to Archer's Biochip technology and will protect the company's intellectual property (IP) rights in the US.
Archer, which is working to advance the quantum technology and medical diagnostics industries, said the patent will enable it to explore opportunities to work with medical device partners in the world's biggest economy and largest medical diagnostics market.
The patent protects the design and work done on the graphene complexes and their compositions that can be used in the Biochip.
Commenting on the grant of the US patent that's boosting the ASX tech share today, Archer executive chair Greg English said, "The Archer Biochip team has made great progress in the development and the design of the graphene biosensing technology, and this US patent protects their hard work."
English added:
The grant of the US patent is a critical milestone for the Biochip program and bolsters our expanding intellectual property portfolio and provides enhanced protection for our Biochip program aimed at detecting potassium in blood.
The US represents a key market for the sale of our Biochip in time, due to the size of the market and the rate of chronic kidney disease in the country.
ASX small-cap stock inks deal with world's biggest telco
Which brings us to the second ASX tech share rocketing higher on big US news today, Etherstack PLC (ASX: ESK).
Shares in the thinly traded, small-cap wireless technology company closed yesterday trading for 27.5 cents each. At time of writing, shares are trading for 29 cents apiece, up 5.5%.
Etherstack shares are catching tailwinds after the company reported that it has entered a new contract with AT&T Inc (NYSE: T)
The US$1.2 million contract will see Etherstack supply wireless network equipment and associated services to the world's largest telecommunications carrier. Etherstack has been collaborating on AT&T's FirstNet project.
Commenting on the contract win sending the ASX tech stock soaring today, Etherstack CEO David Deacon said:
This direct award with AT&T for one of our innovative products in a rapidly evolving public communications product area is testament to Etherstack's capability in building the best products for the world's largest telco operators and switch vendors.
