Intel (INTC.US) is partnering with a Japanese research institution to advance their efforts towards a "10,000-qubit" quantum computer.

Intel (INTC.US) has reportedly partnered with Japan's National Institute of Advanced Industrial Science and Technology (AIST) to develop a cutting-edge quantum computer using Intel's cutting-edge chips.

The two companies have signed a memorandum of understanding and plan to launch the project in a city in the northeast of Tokyo this spring. The collaboration aims to create a quantum computer with tens of thousands of quantum bits, which is expected to revolutionize industries such as pharmaceuticals, finance, utilities, and commercial logistics.

AIST is also collaborating with IBM (IBM.US) on quantum computing projects.

On the market front, Intel's stock rose nearly 2% on Wednesday. Stocks related to quantum computing fluctuated: D-Wave Quantum (QBTS.US) rose over 8%, while Quantum Computing (QUBT.US), IonQ (IONQ.US) and Rigetti Computing (RGTI) were relatively flat.