The Weebit Nano Ltd (ASX: WBT) share price leapt 7.6% higher in morning trade. 

The ASX tech share, which develops advanced memory technologies for the global semiconductor industry, closed yesterday trading at $7.07. In earlier trade, shares were changing hands for $7.61.

As we head into the lunch hour there looks to have been some profit-taking going on, with the Weebit Nano share price currently up 4%.

This comes on the back of commercialisation news for one of the company’s core products.

What did the ASX tech share report?

The Weebit Nano share price is marching higher after the company reported on the commercial availability of its resistive RAM (ReRAM) IP.

ReRAM is available in SkyWater Technology’s (NASDAQ: SKYT) 130nm CMOS (S130) process. SkyWater’s customers can now integrate Weebit’s non-volatile memory (NVM) in their system-on-chip (SoC) designs.

The company says its ReRAM enables faster semiconductor designs at a lower cost. It also highlighted that ReRAM is more reliable and energy efficient than those using flash or other emerging NVMs.

Commenting on the progress that’s sending the Weebit share price higher today, CEO Coby Hanoch said:

Our valuable partnership with SkyWater has enabled us to bring this first Weebit ReRAM product to market. Our teams have worked tirelessly towards commercialisation of the technology, with our ReRAM IP now commercially available for customers to design their products in SkyWater’s US foundry.

ReRAM is no longer the technology of the future – it is here now.

Looking ahead at the next steps, Hanoch said, “We are now working with a number of potential customers to map the technology’s advantages to their specific design requirements.”

SkyWater CTO Steve Kosier added, “Weebit’s technology has excellent reliability even at high temperatures, and is tolerant to radiation and electro-magnetic fields, making it a great fit for many of our customers’ demanding target markets.”

Weebit will demonstrate its S130 ReRAM IP module in Nuremberg, Germany at Embedded World 2023 on 14-16 March.

Weebit to enter ASX 300

Also likely adding some tailwinds for the Weebit share price is the stock’s upcoming inclusion in the S&P/ASX 300 Index (ASX: XKO). That’s part of the S&P Dow Jones Indices March 2023
quarterly rebalance, announced on Friday.

Being included in the ASX 300 means that more fund managers, often limited to larger-cap stocks, will be able to invest in the company.

Weebit Nano share price snapshot

As you can see in the chart below, the Weebit Nano share price is up a whopping 126% so far in 2023. Over the past 12 months, the ASX tech share has rocketed 172%.

The post Weebit Nano share price just surged 7% on product commercialisation news appeared first on The Motley Fool Australia.

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More reading

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• 3 ASX All Ords shares making moves today following earnings, one up 16%
• ASX tech share Weebit Nano has surged 90% in 2023. What’s going on?

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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