$American Superconductor (AMSC.US)$ shares are surging Tuesday amid claims of a new superconductor from a group of physicists.
What Happened: According to a Science.org report citing a Cornell post from July 22, there are claims that a new superconductor is being developed that works above room temperatures and at ambient pressure.
If true, the discovery would be one of the biggest ever in condensed matter physics and could usher in all sorts of technological marvels, such as levitating vehicles and perfectly efficient electrical grids," the report states.
The original post from Quantum Energy Research Centre's Sukbae Lee and Ji-Hoon Kim lacks detail and has reportedly left physicists skeptical. If their claims are legitimate, the new discovery would represent what Science.org calls "the ultimate superconductor."
American Superconductor shares surged on the report. The company is focused on generating ideas, technologies and solutions that meet demand for smarter, cleaner energy.
AMSC is set to report first-quarter financial results on Aug. 9. The company is expected to report a loss of 16 cents per share and revenue of $27.75 million, according to Benzinga Pro.
AMSC Price Action: AMSC shares were up 43.8% at $14.50 at the time of publication, according to Benzinga Pro.
