The Archer Materials (ASX:AXE) share price is up 60% in a month to a record high

This tech share has been on fire recently…

| More on:
Vanadium Resources share price person riding rocket indicating share price increase

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 has been a strong performer again on Monday.

In afternoon trade, the semiconductor company's shares are up over 8% to a new record high of $1.48.

This means Archer Materials shares are now up over 60% in the space of a month.

Why is the Archer Materials share price up 60% in a month?

A key driver of the Archer Materials share price gain has been the release of an announcement in the middle of the month in relation to its CQ qubit processor technology.

Archer is developing a qubit processor chip that could potentially operate at room temperature and integrate into modern electronics. Management notes that current quantum computing technologies are limited in ownership and use because they use qubit processors that can only operate at low temperatures or are difficult to integrate in modern electronics.

As a result, the successful development of Archer's CQ room-temperature qubit processor chip could potentially provide a breakthrough solution to the widespread use and ownership of quantum computing powered technology.

What was this month's announcement?

The announcement that got investors excited and has driven the Archer Materials share price to a record high revealed that development progress has been made with the first quantum information signals detected. This indicates on-chip qubit control.

This development means the company is on track towards achieving 'qubit control' under various qubit environments, including few and single qubits.

Archer Materials' CEO, Dr Mohammad Choucair, commented: "Archer is making significant progress towards on-chip qubit control as part of its CQ chip development. We have the strongest indication yet that on-chip control of quantum information in our qubit material is within reach and entirely possible under miniaturisation conditions required for any future chip operation."

Based on the current Archer Materials share price, the company has a market capitalisation of just under $340 million.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Share Gainers

Man with rocket wings which have flames coming out of them.
Share Gainers

Guess which ASX All Ords stock just rocketed 34% on strong earnings growth

Investors just sent this ASX All Ords stock surging 34%. Here’s what’s happening.

Read more »

A businessman looking at his digital tablet or strategy planning in hotel conference lobby. He is happy at achieving financial goals.
Share Gainers

Why Dimerix, Newmont, Regal Partners, and Titomic shares are storming higher

These shares are having a good finish to the week. Let's see why.

Read more »

Two happy excited friends in euphoria mood after winning in a bet with a smartphone in hand.
Share Gainers

Why Fortescue, Lynas, PEXA, and Regis Healthcare shares are charging higher

These shares are having a strong session on Thursday. But why?

Read more »

A young man talks tech on his phone while looking at a laptop. A financial graph is superimposed across the image.
Share Gainers

Why Capricorn Metals, Insignia, Perseus Mining, and Qoria shares are storming higher

These shares are having a strong session on Tuesday. But why?

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Amaero, AMP, Block, and South32 shares are racing higher today

These shares are starting the week on a positive note. But why?

Read more »

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another momentous session for ASX shares this Friday.

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Share Gainers

Why BHP, Catalyst Metals, Mesoblast, and Pilbara Minerals shares are shooting higher

These shares are ending the week with a bang. But why?

Read more »

Doctor doing a telemedicine using laptop at a medical clinic
Healthcare Shares

The Mesoblast share price just rocketed 38%! Here's why

ASX investors just sent the Mesoblast share price up 38%. But why?

Read more »