Archer joins forces with IBM in the global quantum computing race; shares more than double
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The ASX’s only quantum computing stock, Archer Materials (ASX:AXE) has joined forces with IBM.
IBM, the company that produced the first personal computers (PCs), will work with Archer to develop the latter’s quantum computing chips.
Archer is an ecosystem partner in the invitation-only IBM Q network. This is a global community of stakeholders, led by IBM, seeking to advance quantum computing.
The speed of quantum computers means they will be able to solve problems today’s computers can’t handle.
In late 2019, Tractica predicted that total quantum computing market revenue will reach $US9.1bn ($14.1bn) annually by 2030.
But two problems holding quantum computing back are that current devices are typically large and immobile as well as temperature sensitive. Archer’s chips aim to solve these issues.
The company has been working on this technology for several years while also being a mineral explorer having once held tenements in cobalt, copper and graphite.
But this morning’s deal has given a clear indication of where it sees its future. Shares gained as much as 105 per cent this morning.
Archer CEO Mohammed Choucair said the deal put his company in a better position to scale the technology.
“The quantum computing economy is rapidly growing, complex and has the potential to impact all sectors dependant on computational power,” he said.
“First movers are therefore in the best position to seize the lion’s share of the total value generated in this multi billion-dollar industry.”
Dr Choucair also said it would benefit the entire quantum computing sector in Australia.
“We want Australian businesses and consumers to be one of the first beneficiaries of this exciting technology and now that we are collaborating with IBM, it greatly increases our chance of success,” he said.
“Archer joining the IBM Q Network will strengthen quantum computing in Australia.”