Here's why the Archer (ASX:AXE) share price is soaring 6% today

The Archer Materials Limited (ASX: AXE) share price is climbing today following its latest release in advancing quantum computing. Here's the details.

| More on:
rising ASX Telstra share price represented by man jumping in the air for joy looking at mobile phone

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Archer Materials Ltd (ASX: AXE) share price is lifting off during morning trade following the company's announced partnership agreement.

At the time of writing, the advanced material company's shares are going for 90.5 cents a pop, up 6.4%.

What's driving the Archer share price higher?

Investors are pushing Archer shares higher today after the company provided a positive update.

According to its release, Archer advised it has executed a new quantum computing agreement with IBM Common Stock (NYSE: IBM).

Under the framework, both companies will work together in developing quantum computing. Archer will retain membership to the global IBM Quantum Network as well as the related IBM Quantum Start-up Program.

In addition, the collaboration also gives Archer the opportunity to advance its work under the previous agreement signed with IBM. This entailed Archer becoming a member of the invitation-only IBM Q Network and associated IBM Quantum Experience for Business program.

As a result of the agreements, Archer will have continued access to IBM's quantum computing knowledge and resources. This supports the company's efforts in building a qubit processor chip that can operate at room temperature and integrate into modern electronics.

Current quantum computing technologies are limited because they use qubit processors that can only operate at low temperatures and are difficult to integrate into today's applications.

Archer CEO, Dr Mohammad Choucair hailed the partnership with IBM, saying:

We are at an early stage in terms of the work that needs to be done with IBM, so we are looking forward to our continued collaboration.

When we see what has been achieved in the quantum ecosystem to date, we are determined to actively engaging in, and contributing to, the global IBM Quantum Network.

Archer is making crucial steps towards its goal of enabling practical quantum computing applications, and IBM is helping us get there.

The Archer share price has gained over 350% in the past 12 months and is currently sitting above 60% year-to-date.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

A young woman lifts her red glasses with one hand as she takes a closer look at news about interest rates rising and one expert's surprising recommendation as to which ASX shares to buy
Technology Shares

WiseTech share price higher on big news

This tech stock has found its new leader.

Read more »

Man holding a calculator with Australian dollar notes, symbolising dividends.
Technology Shares

$10,000 invested in DroneShield shares 5 years ago is now worth…

You might be laughing all the way to the bank if you had done this.

Read more »

Happy woman working on a laptop.
Technology Shares

Up 60% since April, why this $40 billion ASX 200 tech stock remains a 'compelling buy' today

A leading expert believes this $40 billion ASX 200 tech stock has a lengthy growth runway ahead of it yet.

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Technology Shares

DroneShield shares sink 7% despite big news

Let's see what's going on with this market darling on Thursday.

Read more »

A man activates an arrow shooting up into a cloud sign on his iPad.
Technology Shares

Up 25% since April, is it too late to buy Xero shares today?

A leading expert gives his verdict on the growth outlook for Xero shares.

Read more »

Man looking at digital holograms of graphs, charts, and data.
Technology Shares

2 amazing ASX tech shares I wish I'd bought last year

These tech companies are among the world’s best companies.

Read more »

A man in a business suit and tie places three wooden blocks with the numbers 1, 2, and 3 on them on top of each other.
Broker Notes

3 reasons to buy this booming ASX All Ords tech stock today

A leading broker forecasts more gains to come from this surging ASX All Ords tech stock.

Read more »

Man ponders a receipt as he looks at his laptop.
Technology Shares

Brokers rerate 3 leading ASX 200 tech stocks

Experts reveal their ratings on the ASX 200 tech sector's three biggest companies.

Read more »