GCT Semiconductor Shares Jump After 4G/5G Collaboration With Saudi Aramco
Provided by
Dow Jones
By Zaeem Shoaib
GCT Semiconductor Holding shares gained after the company signed a memorandum of understanding with Saudi Aramco for a collaboration to further develop the 4G/5G ecosystem in Saudi Arabia for both mission-critical and public safety networks.
Shares were up 53% to $8.69 in recent trading on Friday. The stock has seen a decline of about 14% in the past 12 months.
GCT said the collaboration aims to design and co-develop chipsets and modules tailored for LTE, 5G and the NTN spectrum to support localization of wireless end-user devices and IoT manufacturing in the region.
Write to Zaeem Shoaib at zaeem.shoaib@wsj.com
(END) Dow Jones Newswires
April 05, 2024 12:06 ET (16:06 GMT)
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