Here’s why the Weebit Nano share price is rocketing 19% today

A man with a scrappy beard and wearing dark sunglasses and a beanie head covering raises a fist in happy celebration as he sits at is computer in a home environment.

A man with a scrappy beard and wearing dark sunglasses and a beanie head covering raises a fist in happy celebration as he sits at is computer in a home environment.

The Weebit Nano Ltd (ASX: WBT) share price is charging higher today, gaining 19% in early trade to $2.33.

It’s now settled at $2.22, up 13.27% on yesterday’s closing price.

Shares in the company – which develops next-generation memory technologies for the global semiconductor industry – closed yesterday at $1.96 each.

So, why are investors bidding up the ASX tech share’s price today?

A maiden public demonstration

The Weebit Nano share price is off to the races after the company reported today it will hold the first public demonstration of its ReRAM IP module.

That demonstration is intended to show the technology’s real-world capability as a “non-volatile memory (NVM) integrated into an actual subsystem”. It will take place at the three-day Leti Innovation Days event, currently underway in France.

According to the release, the interactive presentation will demonstrate its Weebit ReRAM functioning as an NVM memory block. The module will be fed live images and should retain that data while powered off, then display the data separately.

The Weebit Nano share price could also be getting a boost from the company reporting it expects its ReRAM module to publicly demonstrate its faster write speed compared to typical flash memory technology.

Commenting on the demonstration, CEO of Weebit Nano Coby Hanoch said:

This is the first time we are publicly demonstrating our ReRAM embedded in silicon, less than a year after taping out the module. The demo of our ReRAM technology represents yet another key technical milestone as we progress toward full productisation. The demo will be a great asset for use in our sales activities with potential customers.

Weebit Nano share price snapshot

Faced with fast-rising interest rates that have hit almost every growth share, the Weebit Nano share price has struggled in 2022, down 20% after factoring in today’s gains. By comparison, the All Ordinaries Index (ASX: XAO) is down 16% year-to-date.

Longer term, Weebit Nano shares are outperforming, up 44% over the past 12 months compared to an 11% loss posted by the All Ords.

The post Here’s why the Weebit Nano share price is rocketing 19% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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