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Shares of Advanced Micro Devices jumped nearly 8% on Friday following a report that IBM can utilize the company's chips to run a quantum computing error correction algorithm.

IBM shares gained about 8% and headed for their best day since January.

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. An IBM spokesman confirmed the report to CNBC.

In August, the two companies announced an agreement to develop quantum computing capabilities and integrate technologies. IBM said it plans to debut a "large-scale, fault-tolerant quantum computer" by 2029 .

IBM called the new

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