Shares of GSI Technology, which sparked meme-like buzz, surge on new products

By James Rogers

GSI Technology, which sparked meme-like buzz last year, are skyrocketing Tuesday

GSI Technology Inc. shares surged 43.3% Tuesday after the memory specialist announced two new server products.

The Leda-E and Leda-S boards incorporate GSI Technology's (GSIT) Gemini-I processor and are described by the company as high-capacity, low power server products. The company touts its 28-nanometer Gemini I processor as well suited to synthetic-aperture radar, or SAR, image collection and molecular research.

Founded in 1995, GSI Technology designs and develops memory products for the telecommunications and networking industries. The company describes itself as a leading provider of static random-access memory, or SRAM, semiconductor products.

Related: Small cap GSI Technology generates meme-like buzz

GSI Technology's stock has climbed 169.3% in the last 12 months, outpacing the S&P 500 index's SPX gain of 26.7%.

The chip maker sparked meme-like buzz last year, attracting attention from users posting on Reddit. With a market capitalization of $86.5 million, GSI Technology is relatively small, particularly compared to original meme-stock darlings AMC Entertainment Holdings Inc. (AMC) and GameStop Corp. (GME).

GSI Technology's efforts around AI-processor technology have attracted particular attention. Last year GSI announced a milestone for its Gemini-II processor, which is aimed at the AI market. The 16-nanometer Gemini-II chip will be generally available in 2024, the company told MarketWatch.

Related: GSI Technology targets AI, drone and satellite opportunities with Gemini-II processor

Earlier this year GSI Technology Inc. was awarded a $1.1 million contract to develop an artificial-intelligence chip for the U.S. Department of the Air Force.

-James Rogers

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04-02-24 1405ET

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