The Weebit Nano Ltd (ASX: WBT) share price is rocketing in morning trade, up 15% at the time of writing.
The ASX tech share is involved in developing next-generation semiconductor memory technology. Below we take a look at its latest progress update.
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What progress did Weebit announce?
Weebit Nano's share price is gaining after the company announced it has created the "commercial integration of an oxide-based ReRAM (OxRAM) cell with an ovonic threshold switching (OTS) selector".
In an industry first, the company said this represents an important step towards commercialisation for the stand-alone memory market.
A selector enables optimised cell access within a memory chip's array. Weebit said that OTS technology is ideal for selectors in standalone (discrete) ReRAM chips for its tiny size, low energy use, high switching speed and endurance.
Weebit reported it had achieved this success, alongside development partner CEA-Leti, 3 months ahead of schedule. It reported this will enable the "implementation of 3D memory stacking and crossbar architectures" in future developments.
Commenting on the progress, Weebit's CEO Coby Hanoch said:
This achievement demonstrates our commitment to addressing the discrete memory market as part of our mid-term strategy. We see a broad range of opportunities for discrete ReRAM, from NOR flash to storage class memory, in a range of segments.
Given our 2024 target for a discrete solution, we anticipate that other opportunities will arise as well. We will continue to share our progress in meeting this mid-term goal, while we continue our near-term focus on the embedded memory module where we are making good progress.
Gabriel Molas, senior scientist at CEA-Leti, noted that creating the required OTS selector was highly complex and based on several years of research by the partnership's team.
Weebit Nano share price snapshot
Weebit Nano shares have had a stellar 12 month run, up 570% since this time last year. By comparison, the All Ordinaries Index (ASX: XAO) has gained 28% over that same time.
Year-to-date the Weebit Nano share price remains down 31%, despite today's big lift.
