Why is the Weebit Nano share price rocketing 23% higher?

Weebit Nano shares are on fire on Wednesday…

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Key points

  • Weebit Nano shares are rocketing higher on Wednesday
  • This is despite there being no announcements out of the semiconductor company
  • The company's appearance at an industry event could be the driver of these gains

The Weebit Nano Ltd (ASX: WBT) share price has been rocketing higher on Wednesday.

In morning trade, the semiconductor company's shares are up 23% to $2.80.

Though, despite this gain, the Weebit Nano share price is still down by almost 40% from its February high.

Why is the Weebit Nano share price rocketing higher?

Investors have been bidding the Weebit Nano share price higher today despite there being no news out of the semiconductor company.

However, it is worth noting that the company has been active at an industry event this week.

This could mean that Weebit Nano has caught the eye of some investors during its presentations on Monday and Tuesday.

What is the event?

Earlier this month, Weebit Nano revealed that it will be participating in the 14th International Memory Workshop (IMW) 2022 in Dresden, Germany.

The release notes that IMW is the premier international forum for technologists to share and learn about new developments in memory technology.

At the event, Weebit Nano's Chief Scientist Gabriel Molas was due to outline test results of Weebit ReRAM in 28nm. This was to include details about the technology's endurance and reliability at high temperatures.

It is possible this presentation went well and has piqued interest in the company.

Though, time will tell if Weebit Nano's technology, and that of rival BrainChip Holdings Ltd (ASX: BRN), will ultimately amount to anything. But given the competition from world class, global semiconductor companies that are spending billions on research and development activities each year, I would be very surprised if they do.

For that reason, I would suggest investors approach BrainChip and Weebit Nano with extreme caution.

Motley Fool contributor James Mickleboro 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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