Archer in trading halt pending material agreement over quantum computing tech – Stockhead

Super diversified quantum computing/health tech/battery metals play ArcherMaterials (ASX:AXE) is in a trading halt as it finalises a material agreement over its 12CQ quantum computing chip technology.

Globally, the race is on to develop quantum computers, which will operate at speeds eclipsing that of classic computers.

The nascent, rapidly growing quantum computing sector has the potential to impact a lot of sectors, offering potential solutions to complex computation, cryptography and simulation problems.

In late 2019, Tractica predicted that total quantum computing market revenue will reach $US9.1 billion ($14.06 billion) annually by 2030, up from $US111.6 million in 2018.

READ: What the heck is quantum computing and is it worth investing in?

But data is stored in qubits (like a classical computers data is stored in bits), and many quantum computers require their qubits to be cooled to nearly absolute zero to prevent errors occurring.

This is where Archers tech comes in it is developing a quantum computer chip that, if successful, will allow quantum computers to be mobile and operate at room temperature.

During the March quarter, Archer kicked off the next stage of the development of its 12CQ project focussed on completing the quantum measurements required to build a working chip prototype.

Archer will remain in trading halt until the earlier of the material announcement to the market, or the commencement of trade on Tuesday, 5 May.

NOW READ: 5 tech trends well see more of in 2020 & the small caps that are front and centre

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Archer in trading halt pending material agreement over quantum computing tech - Stockhead