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GSI Technology, which has sparked meme-like buzz, touts AI chip milestone

By James Rogers

The Gemini-II processor is "pushing the boundaries of AI chip technology," said GSI Technology CEO Lee-Lean Shu

Small cap GSI Technology Inc. has announced design completion of its Gemini-II processor, which it is aiming at the AI market.

GSI Technology's (GSIT) stock fell 0.2% Wednesday, compared with the S&P 500 index's SPX decline of 0.8%.

Early Wednesday the memory specialist announced "tape-out" or design completion, of the Gemini-II Associated Processing Unit. In a statement GSI Technology said that Gemini-II will bring significant performance enhancements over its predecessor, Gemini-I, with more than ten times the processing performance and eight times the memory density. "This major achievement showcases our continued commitment to pushing the boundaries of AI chip technology," said GSI Technology CEO Lee-Lean Shu. "We're in talks with a leading Cloud Service Provider to further explore the APU architecture benefits highlighted by Gemini-II."

Related: Small cap GSI Technology generates meme-like buzz

"Large language models, such as ChatGPT, Microsoft BING, and Google's Bard, are pushing natural language processing boundaries," he added. "We've just begun to tap into their transformative potential across many industries and applications. Abundant opportunities await Gemini-II and future APU implementations in the AI market."

GSI Technology sparked spark meme-like buzz earlier this year, attracting attention from users posting on Reddit. With a market cap of $62.21 million, GSI Technology is relatively small, particularly when compared with meme stock darlings AMC Entertainment Holdings Inc. (AMC) and GameStop Corp. (GME).

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.

Related: Shares of bankrupt Rite Aid plunge despite meme-stock chatter

During its fiscal first-quarter results in July, GSI Technology reported a net loss of $5.1 million, compared with a net loss of almost $4 million in the prior year's quarter. The company has reported a net loss for more than a dozen straight quarters. GSI Technology reports fiscal second-quarter results after market close on Oct. 26.

GSI Technology's stock is up 43% in 2023, outpacing the S&P 500 index's SPX gain of 13.1%.

-James Rogers

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10-18-23 1049ET

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