Shares of GSI Technology, which sparked meme-like buzz, set for longest winning streak since July

By James Rogers

Chip maker GSI Technology sparked meme-like buzz last year when it attracted attention from users posting on Reddit

GSI Technology Inc. shares climbed 11.05% Thursday, putting the memory specialist on pace to extend its winning streak to four days - its longest such streak since July 13, 2023, when it rose for four straight trading days, Dow Jones Market Data show.

The stock rose on volume of 3.12 million shares, well above its 65-day average of 321,780 shares.

Related: Small-cap GSI Technology generates meme-like buzz

GSI Technology's stock (GSIT) is up more than 66% during the last four consecutive days, marking its best four-day stretch since the four days ending May 17, 2023, when it rose 165.85%.

The stock is up on no apparent news and is trading at $4.02, putting it on pace for its highest close since Aug. 3, 2023, when it closed at $4.22.

Related: GSI Technology, which sparked meme-like buzz, clinches AI deal with U.S. Air Force

The chip maker sparked meme-like buzz last year, attracting attention from users posting on Reddit. With a market capitalization of $91.57 million, GSI Technology is relatively small, particularly when compared with original meme-stock darlings AMC Entertainment Holdings Inc. (AMC) and GameStop Corp. (GME).

GSI Technology shares have risen 46.6% in the last three months, outpacing the S&P 500's SPX gain of 11.6%.

-James Rogers

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02-29-24 1556ET

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