The Archer Materials Ltd (ASX: AXE) share price is surging higher today to start the week with a bang. Shares in the Aussie materials technology company have rocketed higher after a price-sensitive ASX announcement prior to market open.
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Why is the Archer Materials share price surging higher?
The Aussie company announced it's made "significant" progress in its 12CQ chip development. 12CQ is the company's "world-first qubit processor technology that would allow for mobile quantum computing powered devices".
Archer said the company's detected the first quantum information signals that indicate on-chip qubit control. The early indication of on-chip qubit control in "microscopic-scale qubit material" is a significant milestone in its ongoing product development.
The Archer Materials share price rocketed higher on the news as the stock gained more than 13% to start the day.
Archer said it has recorded "continuous wave electron spin resonance" or "cw-ESR" signals arising from a "specially fabricated superconducting on-chip resonator semiconductor device integrating microscopic quantities of qubits". Quite the mouthful, but good news for shareholders nonetheless.
The company is pushing ahead with its development of "world-first" technology and the focus is clearly on achieving qubit control. Archer hailed the progress as a "major technological feat" and a crucial step forward.
It seems to have done the trick for investors. The Archer Materials share price remains up more than 11% at $1.09 per share, having hit as high as $1.125 per share this morning.
Foolish takeaway
A key development update has sparked a surge in the Archer Materials share price this morning. Today's development follows other positive progress updates from Archer in recent months.
Shares in the Aussie small-cap technology group have rocketed higher thanks to key milestones in its 12CQ chip development process.
Archer's shares have now climbed more than 45 per cent higher since trading at $0.75 per share in late June.
