Written by James Rogers
GSI stock is on pace to close at its highest price since July 2023
Shares of GSI Technology Inc., an increasingly popular chipmaker in the field of artificial intelligence, rose 8.8% on Wednesday, with gains sustained this week by the launch of new server products.
GSI stock (GSIT) closed Tuesday's trading up 35.1%, buoyed by the announcement of two new server products. The stock, which last checked at $5.02, is on pace for its highest close since July 21, 2023, when it closed at $5.19, according to Dow Jones Market Data.
The new Leda-E and Leda-S boards incorporate GSI's Gemini-I processor and are described by the company as high-capacity, low-power server products. GSI touts its 28-nanometer Gemini I processor as ideal for synthetic aperture radar (SAR) image collection and molecular research.
RELATED: GSI Technology stock soars on new product that sparks meme-like buzz
Founded in 1995, GSI designs and develops memory products for the telecommunications and networking industry. The company describes itself as a leading provider of static random access memory (SRAM) semiconductor products.
GSI stock has increased 166.9% over the past 12 months, outpacing the S&P 500 index's SPX gain of 27.7%.
The chipmaker sparked a meme-like buzz last year, drawing the attention of users posting on the Reddit Inc. (RDDT) forum. GSI has a market capitalization of his $116.86 million, which is relatively small compared to original meme stock darlings AMC Entertainment Holdings Inc. (AMC) and GameStop Corp. (GME).
Related: Small-cap GSI technology creates meme-like buzz
GSI's work on AI processor technology is particularly noteworthy. Last year, the company announced its Gemini-II processor milestone, targeted at the AI market. GSI told MarketWatch that the 16-nanometer Gemini-II chip is expected to be generally available in 2024.
Earlier this year, GSI was awarded a $1.1 million contract to develop artificial intelligence chips for the U.S. Department of the Air Force.
-James Rogers
This content was generated by MarketWatch, a Dow Jones Company. MarketWatch is published independently of the Dow Jones Newswires and the Wall Street Journal.
(Ended) Dow Jones News
04/03/24 1327ET
Copyright (c) 2024 Dow Jones & Company, Inc.
