IBM can use AMD chips to run quantum error correction algorithms, and their stock prices are soaring to a historic high.

On Friday, shares of American company Advanced Micro Devices (AMD.US) surged by 7.63%, reaching a historical high of $253.39 during trading hours. Earlier reports had suggested that IBM Corp (IBM.US) was able to utilize the company's chips to run quantum computing error-correction algorithms. IBM also rose by 7.88%, reaching a historical high of $310.75 during trading. Media reports revealed that an academic paper will be published next week, showing that IBM has successfully implemented quantum error-correction algorithms on AMD's field-programmable gate array (FPGA) chips. An IBM spokesperson later confirmed this information to the media. AMD has not yet responded to these reports. In August of this year, IBM and AMD announced a partnership agreement to jointly develop quantum computing capabilities and integrate related technologies. IBM had previously stated that they plan to launch a "large-scale, fault-tolerant quantum computer" by 2029, calling this development a "significant milestone on the path to the 2029 goal". In their statement, IBM noted that the ability to achieve scalable quantum error correction without relying on expensive GPU clusters is a major step forward in making quantum computers practical. Quantum computing uses principles of quantum mechanics to solve complex problems that traditional computers struggle with, and tech giants like Alphabet Inc. Class C (GOOG.US, GOOGL.US), Microsoft Corporation (MSFT.US), and Amazon.com, Inc. (AMZN.US) are also intensifying their efforts in this area. Last year, Microsoft Corporation introduced its first quantum computing chip, while Alphabet Inc. Class C released a groundbreaking chip called Willow. A quantum business executive at Alphabet Inc. Class C had predicted in March of this year that it would take "about five years" for this technology to truly take off. Shares of quantum computing concept companies like D-Wave Quantum (QBTS.US) and IonQ (IONQ.US) also rose on Friday. Recently, the Trump administration denied considering holding stakes in quantum computing companies, and developments in regulation and policies continue to attract the attention of Wall Street.