By James Rogers

GSI shares are on tempo for his or her highest shut since July 2023

Shares of chip maker GSI Technology Inc., an more and more common artificial-intelligence play, had been climbing 8.8% Wednesday – persevering with a rally fueled by the launch of recent server merchandise this week.

GSI’s shares (GSIT) ended Tuesday’s session up 35.1%, buoyed by the announcement of two new server merchandise. The inventory, which was buying and selling at $5.02 ultimately examine, is on tempo for its highest shut since July 21, 2023, when it ended buying and selling at $5.19, in accordance with Dow Jones Market Data.

The new Leda-E and Leda-S boards incorporate GSI’s Gemini-I processor and are described by the corporate as high-capacity, low-power server merchandise. GSI touts its 28-nanometer Gemini I processor as effectively suited to synthetic-aperture radar (SAR) picture assortment and molecular analysis.

Related: Shares of GSI Technology, which sparked meme-like buzz, surge on new merchandise

Founded in 1995, GSI designs and develops reminiscence merchandise for the telecommunications and networking industries. The firm describes itself as a number one supplier of static random-access reminiscence (SRAM) semiconductor merchandise.

GSI’s inventory has climbed 166.9% within the final 12 months, outpacing the S&P 500 index’s SPX achieve of 27.7%.

The chip maker sparked meme-like buzz final yr, attracting consideration from customers posting on Reddit Inc. (RDDT) boards. With a market capitalization of $116.86 million, GSI is comparatively small in comparison with unique meme-stock darlings AMC Entertainment Holdings Inc. (AMC) and GameStop Corp. (GME)

Related: Small cap GSI Technology generates meme-like buzz

GSI’s efforts round AI-processor know-how have attracted specific consideration. Last yr, the corporate introduced a milestone for its Gemini-II processor, which is aimed on the AI market. The 16-nanometer Gemini-II chip can be usually out there in 2024, GSI advised MarketWatch.

Earlier this yr GSI was awarded a $1.1 million contract to develop an artificial-intelligence chip for the U.S. Department of the Air Force.

-James Rogers

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04-03-24 1327ET

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