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In a sea of red across the ASX, theWeebit Nano Ltd(ASX: WBT) share price is powering ahead today.

This comes after the semiconductor company announced an exciting development.

At the time of writing, Weebit Nano shares are up 5.12% to $2.26.

In contrast, theS&P/ASX 200 Index(ASX: XJO) is down 1.23% to 6,680.6 points following heavy falls on Wall Street overnight.

Lets take a look at why shares in the next generation computer memory technology are defying the ASX sell-off today.

Following the companys latest announcement, investors are fighting to get a hold of Weebit Nano shares.

According to theupdate, the company advised it has released its demonstration chips to the SkyWaters production fab.

Based in the United States, SkyWater is a pure-play silicon foundry that specialises in advanced engineering and manufacturing services.

The demonstration chips are embedded with Weebit Nanos Resistive Random-Access Memory (ReRAM) technology.

ReRAM is over 1000 times faster and uses 1000 times less power than traditional storage options like flash.

Notably, this is the first time the company transferred its ReRAM technology to an outside party for testing and prototyping.

Weebit Nano stated that this marks a significant milestone towards commercialisation into the semiconductor market.

Due to the technologys ultra-low power consumption and ability to integrate easily, this has sparked interest among SkyWaters customers.

In particular, this would be well suited for analogue, power management, automotive, Internet of Things (IoT), and medical applications.

Weebit Nano CEO, Coby Hanoch commented:

Weve developed a close and efficient partnership with SkyWater, enabling us to meet our milestones, and bringing us ever closer to volume production. This successful tape- out concludes the technology transfer to SkyWaters US production fab, and once the chips are back from the fab, we will proceed with technology qualification.

Were in discussions with early-adopter customers looking to leverage our faster, more efficient memory technology to increase their competitiveness in the market.

A volatile 2022 has led the Weebit Nano share price to sink 20% for the period.

However, when looking at the past 12 months, its shares are up 30%.

Based on todays price, Weebit Nano presides amarket capitalisationof approximately $380.79 million.

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Why is the Weebit Nano share price charging 5% higher today? - The Motley Fool Australia