What is driving the Weebit Nano share price to surge higher on Monday?

August 02, 2023 07:17 AM AEST | By Team Kalkine Media

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What is driving the Weebit Nano share price to surge higher on Monday? — Image source: shutterstock.com

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Weebit Nano Ltd (ASX:WBT), one of the best ASX technology stocks is off to a strong start this month, with its share price surging by 3% to reach $6.37 in morning trade. The semiconductor company's shares have been in demand after the release of an update on its Resistive Random-Access Memory (ReRAM) technology.

In the recent update, Weebit Nano announced that its ReRAM module has been fully qualified up to 125 degrees Celsius, meeting the temperature specifications for automotive grade one non-volatile memories (NVMs). The qualification process was conducted based on JEDEC industry standards for NVMs. This significant achievement highlights the potential of Weebit ReRAM for utilization in microcontrollers and other automotive components, as well as in high-temperature industrial and internet of things (IoT) applications.

Notably, chips designed for consumer and industrial applications typically require qualification for up to 10 years at temperatures between zero and 85 degrees Celsius. In contrast, advanced automotive components have much stricter requirements, necessitating qualification at higher temperatures for 10 years or longer with zero failures.

Weebit Nano's ReRAM technology excelled in the entire set of qualification tests at 125 degrees Celsius for 10 years retention, demonstrating its quality and repeatability. This achievement enhances the appeal of ASX WBT's embedded ReRAM IP for applications that demand high-temperature reliability.

Coby Hanoch, the CEO of Weebit Nano, expressed optimism about the ongoing process of extending ReRAM's qualification to even higher temperatures, longer retention, and higher endurance levels. The company's discussions with Tier-1 foundries and semiconductor firms have shown increased interest in Weebit's ReRAM for automotive and industrial applications.

Additionally, Weebit Nano released a presentation outlining its technology's commercialization plans. The company aims to generate its first revenue in the current calendar year. Looking ahead, Weebit is targeting the embedded emerging NVM market, which is anticipated to reach $2.7 billion by 2028. ReRAM is expected to account for over a third of this market.

With its share price up approximately 140% over the past 12 months, Weebit Nano's advancements in ReRAM technology and its strategic focus on commercialization have certainly captured investors' attention. As the semiconductor industry continues to evolve, Weebit Nano's innovative solutions and growth prospects position it well for further success in the future.

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