Why are Weebit Nano shares jumping on Monday?

This tech share is having a positive start to the week. But why?

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Weebit Nano Ltd (ASX: WBT) shares are on the move on Monday morning.

At the time of writing, the memory technology company's shares are up 4% to $4.08.

Why are Weebit Nano shares rising?

Investors have been buying the company's shares on Monday after it released an update on its Resistive Random-Access Memory (ReRAM) IP module.

According to the release, its technology realisation partner SkyWater Technology (NASDAQ: SKYT) has fully qualified the ReRAM IP module in its 130nm CMOS (S130) process at temperatures of up to 125 degrees Celsius. This is the temperature specified for Grade-1 automotive applications.

Management highlights that this qualification means that Weebit ReRAM IP is now ready for production tapeout at SkyWater.

It also notes that such qualification demonstrates the quality and repeatability of Weebit's embedded ReRAM IP for applications requiring high-temperature reliability. This includes various industrial, Internet of Things, and aerospace products, as well as many automotive components, which must be qualified for operation at 125 degrees Celsius in applications that have lifetimes in excess of 10 years.

Weebit Nano's CEO, Coby Hanoch, commented:

SkyWater has customers across the industrial, automotive and aerospace domains who require support for a wide range of temperatures in their products. Weebit ReRAM is ideal for such applications as it performs well at high temperatures and offers added benefits in terms of simplicity, power efficiency, tolerance to electromagnetic fields, and other advantages. We are continuing to progress our discussions with potential customers who we anticipate will adopt Weebit ReRAM in 2024 and beyond.

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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