What is the exact meaning of 'leverage' in this sentence?
It is a figurative usage of leverage that suggests the improvement of something:
To leverage:
- To improve or enhance: "It makes more sense to be able to leverage what we [public radio stations] do in a more effective way to our listeners" (Delano Lewis).
(AHD)
The sense is that the developers are racing to improve, make more effective, these materials that could outperform conventional microchips.