Written by James Rogers
GSI Technology stock continued to rise on Thursday, boosted by the launch of the company’s new server products.
Shares of chipmaker GSI Technology Inc. rose 17.4% on Thursday, continuing their gains spurred by the launch of new server products this week.
The stock (GSIT) is trading at $5.94, on pace for its highest closing price since July 14, 2023, when it closed at $5.96, according to Dow Jones Market Data. GSI Technology’s stock price rose on Tuesday’s announcement of Leda-E and Leda-S boards, which are powered by the company’s Gemini-I processor and are described as high-capacity, low-power server products. The company also touts its 28-nanometer Gemini I processor as ideal for synthetic aperture radar (SAR), image acquisition, and molecular research.
Against this backdrop, the stock is on pace to extend its longest winning streak since February 29, 2024, when it rose for four consecutive trading days.
RELATED: GSI Technology stock soars on new product that sparks meme-like buzz
While companies like Nvidia Corp. (NVDA) and Palantir Technologies Inc. (PLTR) have established themselves in the artificial intelligence space that attracts Wall Street attention, GSI Technology One of the companies. It is attracting attention.
The chipmaker sparked a meme-like buzz last year, drawing the attention of users posting on the Reddit (RDDT) stock market forum. GSI Technology has a market capitalization of $127.99 million, compared to the market caps of original meme stock darlings AMC Entertainment Holdings (AMC) and GameStop Corporation (GME) of $796.1 million and $3.48 billion, respectively. Relatively small compared to $1,000,000. The company also lost out to chipmaker and AI giant Nvidia, which has a market cap of $2.22 trillion, and Palantir, which has a market cap of $50.23 billion.
GSI Technology’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 Technology told MarketWatch that the 16-nanometer Gemini-II chip is expected to be generally available in 2024.
Related: AI chip company GSI Technology continues to rise after new product launch
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.
GSI Technology stock has gained 124.9% in 2024, outpacing the S&P 500’s SPX gain of 10.1%.
-James Rogers
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04/04/24 1340ET
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