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Hafnium, a metal used in manufacture of nuclear reactors, could soon replace silicon in the technology lexicon following claims that it will revolutionise computer-chip technology.

Competing breakthroughs announced over the weekend by Intel and IBM, two of the biggest names in the industry, should enable the speed and power of computer chips to keep accelerating for at least the next decade.

The development, described by Intel as “the biggest change to computer chips in 40 years”, will not only push personal computers and laptop speeds to unprecedented levels but it should also allow people to do more on their mobile phones.

Intel, the world’s biggest chip maker, said that the density of transistors on a chip could be doubled, making computers faster and reducing the cost of powering transistors by almost of third.

Hours after Intel’s announcement, IBM rushed out a statement claiming that it, too, was working on new technology based on hafnium. It said that it was collaborating with Advanced Micro Devices, Intel’s main chip-making rival, and would start using it in computers next year.