Shares of Advanced Micro Devices jumped more than 6% on a report that IBM can utilize the company’s chips to run certain quantum computing algorithms.
IBM gained about 6%.
Reuters reported on Friday that a paper will publish next week showing that IBM can run a quantum error-correction algorithm on AMD’s field-programmable gate array chips.
Representatives from AMD and IBM didn’t immediately respond to requests for comment.
In August, the two companies announced an agreement to develop quantum computing capabilities and integrate technologies. IBM has also said it plans to debut a quantum computer by 2029.
The technology utilizes quantum mechanics to address problems that traditional computers are unable to solve. Technology giants such as Google, Microsoft and Amazon are also racing to develop quantum computing.
Last year, Microsoft rolled out its first quantum computing chip, while Google launched its breakthrough WIllow. A top quantum executive at the internet search company told CNBC in March that the technology was “five years out from a real breakout.”
The various announcements have brought renewed interest to the quantum space, boosting stocks like D-Wave Quantum, Rigetti Computing, and IonQ, which all climbed on Friday.
The Trump administration on Thursday refuted a report that it was negotiating stakes in quantum companies.
WATCH: Commerce Department denies it is currently in talks for stakes in quantum companies
