- Wednesday, October 16, 2024
Shares of GSI Technology Inc. experienced a significant decline of 10.8% on Wednesday, putting an end to their two-day winning streak. This marks the largest daily percentage decline for the stock since October 3 when it fell 14.5%.
Quarterly Results Announcement
The Sunnyvale, Calif.-based small-cap company, with a market capitalization of $68.2 million, is scheduled to report its fiscal second-quarter results after the market closes on Thursday.
GSI Technology's Focus on AI-Processor Technology
GSI Technology, founded in 1995, is primarily known for designing and developing memory products for the telecommunications and networking industries. The company is a leading provider of static random-access memory (SRAM) semiconductor products. However, it is their efforts in the field of AI-processor technology that have been gaining attention.
In a recent announcement, GSI Technology revealed the completion of the design for its Gemini-II processor, specifically targeting the artificial intelligence market. This innovative technology is expected to find applications in AI and the aerospace industry, particularly in drones, satellites, and aircrafts.
According to GSI Technology, the Gemini-II processor offers significant performance enhancements compared to its predecessor, Gemini-I. It boasts over 10 times the processing performance and eight times the memory density.
Future Prospects and Availability
GSI Technology aims to make its 16-nanometer Gemini-II chip available to the market in 2024. While well-known AI players like Nvidia Corp., Palantir Technologies Inc., and Microsoft Corp. have established themselves in the eyes of Wall Street, investors are also keeping an eye on lesser-known AI-related companies this year.
Stock Performance
Despite the recent decline, GSI Technology shares have had a positive year, with a 38.4% increase in 2023. This surpasses the 9.3% gain of the S&P 500.
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