GSI Technology stock rises almost 3% premarket

Shares of GSI Technology Inc. (GSIT) rose 2.8% in premarket trades on Friday, clawing back some of their losses from Thursday's session, which saw the stock fall 5.7%. The loss-making semiconductor company has been attracting meme-like attention recently and its stock has risen 184% in the last three months. In May 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. GSI Technology 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. GSI Technology has clinched a deal worth approximately $1.25 million with the Space Development Agency to develop a Next-Generation Associative Processing Unit-2 for use in space, the company announced last week.

-James Rogers

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07-07-23 0731ET

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