Shares of GSI Technology Inc. fell 10.8% Wednesday and are set to snap a two-day winning streak.
The stock is on pace for its largest daily percentage decline since Oct. 3, when it fell 14.5%.
The Sunnyvale, Calif.-based small-cap company, which has a market capitalization of $68.2 million, reports fiscal second-quarter results after market close Thursday.
Related: GSI Technology targets AI, drone and satellite opportunities with Gemini-II processor
GSI Technology
GSIT,
sparked meme-like buzz earlier this year, attracting attention from users posting on Reddit. 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. But it’s GSI Technology’s efforts around AI-processor technology that have been attracting attention.
Last week, GSI Technology announced design completion of its Gemini-II processor, which it is aiming at the artificial-intelligence market. The company is eyeing opportunities for the Gemini-II processor in AI applications and the aerospace market, touting the technology as a good fit for drones, satellites and aircraft.
In a statement released last week, GSI Technology said that Gemini-II will bring significant performance enhancements over its predecessor, Gemini-I, with more than 10 times the processing performance and eight times the memory density.
Related: GSI Technology, which has sparked meme-like buzz, touts AI chip milestone
The company told MarketWatch that its 16-nanometer Gemini-II chip will be generally available in 2024.
While companies like Nvidia Corp.
NVDA,
Palantir Technologies Inc.
PLTR,
and Microsoft Corp.
MSFT,
have cemented themselves as AI players in the eyes of Wall Street, investors have also been watching lesser-known AI-related companies this year.
Set against this backdrop, GSI Technology shares are up 38.4% in 2023, outpacing the S&P 500’s
SPX
gain of 9.3%.
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