Why the Archer Materials (ASX:AXE) share price is 33% higher...

Why the Archer Materials (ASX:AXE) share price is 33% higher today

The Archer Materials Ltd (ASX: AXE) share price is on the march today after the company released an announcement pertaining to its quantum computing chip.

Following today's 33% gain, the Archer share price has now returned over 238% in the past year. For comparison, the S&P/ASX 200 Index (ASX: XJO) has slipped 4.1% over the same period.

Why is the Archer Materials share price moving higher?

This morning Archer Materials updated the market regarding the granting of its first patent for the company’s 12CQ quantum computing chip. More specifically, the patent granted is a Japanese patent (No. 6809670) for the protection of intellectual property of the 12CQ chip.

In the update, Archer noted the patent gives access to the high-value Japanese market for the 12CQ chip.

Considering the stringency of the world's largest patent office, Archer also believes that further patent application processes will now be streamlined. These future patent applications include the jurisdictions of Australia, South Korea, Hong Kong, China, Europe, and the United States.

Quantum computing is an emerging technology, mostly restricted to research and development. Existing limitations of scale, temperature and pressure requirements have long impeded the application of quantum computing at a consumer level.

Archer aims to build quantum computing that is operational at room temperature, thereby making the technology adoptable by a wider addressable market.