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Shares of Advanced Micro Devices (AMD) climbed nearly 2% after the company announced a new partnership with IBM (IBM).

The companies said they’re developing a “hybrid” model of computing combining IBM’s quantum computers with AMD’s AI chips.

IBM in June said it is building the world’s first large-scale quantum computer capable of operating without errors, set to launch by 2029.

“As we partner with IBM to explore the convergence of high-performance computing and quantum technologies, we see tremendous opportunities to accelerate discovery and innovation,” AMD CEO Lisa Su saidin a statement.

Also boosting AMD stock, Truist Securities analyst William Stein upgraded his rating on shares to Buy from Hold. Stein said that, while he saw AMD’s AI chips initially only being used as a “price check” to Nvidia, now “hyperscalers are working with AMD in a partnership manner, expressing true interest in deploying AMD at scale.”

Stein said that AMD’s gain on Intel in the CPU market (central processing units, or traditional computer chips) could provide a model for AMD gaining on Nvidia in the GPU (graphics processing units, or AI chips) market.

Stein raised his price target on the stock to $213 from $173.