Image source: Getty Images<\/p>\n
In a sea of red across the ASX, theWeebit Nano Ltd(ASX: WBT) share price is powering ahead today.<\/p>\n
This comes after the semiconductor company announced an exciting development. <\/p>\n
At the time of writing, Weebit Nano shares are up 5.12% to $2.26.<\/p>\n
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.<\/p>\n
Lets take a look at why shares in the next generation computer memory technology are defying the ASX sell-off today.<\/p>\n
Following the companys latest announcement, investors are fighting to get a hold of Weebit Nano shares.<\/p>\n
According to theupdate, the company advised it has released its demonstration chips to the SkyWaters production fab.<\/p>\n
Based in the United States, SkyWater is a pure-play silicon foundry that specialises in advanced engineering and manufacturing services.<\/p>\n
The demonstration chips are embedded with Weebit Nanos Resistive Random-Access Memory (ReRAM) technology.<\/p>\n
ReRAM is over 1000 times faster and uses 1000 times less power than traditional storage options like flash. <\/p>\n
Notably, this is the first time the company transferred its ReRAM technology to an outside party for testing and prototyping.<\/p>\n
Weebit Nano stated that this marks a significant milestone towards commercialisation into the semiconductor market.<\/p>\n
Due to the technologys ultra-low power consumption and ability to integrate easily, this has sparked interest among SkyWaters customers.<\/p>\n
In particular, this would be well suited for analogue, power management, automotive, Internet of Things (IoT), and medical applications.<\/p>\n
Weebit Nano CEO, Coby Hanoch commented:<\/p>\n
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.<\/p>\n
Were in discussions with early-adopter customers looking to leverage our faster, more efficient memory technology to increase their competitiveness in the market.<\/p>\n
A volatile 2022 has led the Weebit Nano share price to sink 20% for the period.<\/p>\n
However, when looking at the past 12 months, its shares are up 30%.<\/p>\n
Based on todays price, Weebit Nano presides amarket capitalisationof approximately $380.79 million. <\/p>\n
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Why is the Weebit Nano share price charging 5% higher today? - The Motley Fool Australia<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Image source: Getty Images 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 Continue reading