Lisa Su, chair and chief executive officer of Advanced Micro Devices Inc. (AMD), during a fireside chat at the Indian Institute of Science (IISc) in Bengaluru, India, on Thursday, Nov. 21, 2024.

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.