GSI Technology stock falls 4.8% premarket

Shares of GSI Technology Inc. (GSIT), a loss-making semiconductor company that has been attracting meme-like attention, pulled back 4.8% in premarket trades Wednesday. The stock ended Tuesday's session up 20.4% at a new 18-month high of $6.25 on trading volume of 3.22 million shares, compared with its 65-day average of 4.26 million shares. GSI Technology's stock has risen 261.3% in 2023, compared with the S&P 500 index's gain of 9.5%. Earlier this month GSI Technology reported a fourth-quarter net loss of $4 million, compared with a net loss of $3 million in the same period last year. The semiconductor company has reported a net loss for more than a dozen straight quarters. Founded in 1995, GSI Technology designs and develops memory products for the telecommunications and networking industries. The Sunnyvale, California-based company describes itself as a leading provider of Static Random Access Memory (SRAM) semiconductor products.

-James Rogers

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05-31-23 0749ET

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