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…