Up 211% in a year, why are Weebit Nano shares rocketing another 12% today?

ASX investors are piling into Weebit Nano shares again on Monday. But why?

Weebit Nano Ltd (ASX: WBT) shares are storming higher today.

Shares in the S&P/ASX 300 Index (ASX: XKO) tech stock – which specialises in semiconductor memory technology – closed Friday trading for $4.16. In late morning trade on Monday, shares are changing hands for $4.66 apiece, up 12.0%.

For some context, the ASX 300 is down 0.1% at this same time.

Taking a step back, Weebit Nano shares have smashed the benchmark over the past year, up 161.8% compared to the 6.9% 12-month gains posted by the ASX 300.

And investors who bought shares at the one-year lows of $1.50 each on 23 June will now be sitting on gains of 210.7%. That's enough to turn a $10,000 investment into $31,067.

In one year!

Here's what's piquing ASX investor interest again today.

A graphic showing a businessman running up a white upwards rising arrow symbolising the soaring Magellan share price today

Image source: Getty Images

Weebit Nano shares surge on manufacturing progress

Weebit Nano shares are off to the races after the company announced that two of its customers have successfully released manufacturing (taped-out) chip designs intended for eventual mass production. Those chip designs integrate Weebit's ReRAM module.

The ASX 300 tech stock said that one of the customers has already manufactured a functional prototype.

Weebit Nano reported that Overlord Labs has integrated its ReRAM technology into the design of its next-generation smart battery management system.

According to the release, Overlord Labs' chip design was recently taped-out at DB HiTek. The company noted that, once manufactured and shipped, this will deliver advantages in power consumption, cost, and overall performance for high-volume applications.

Both customers plan to continue further testing. Weebit Nanon noted this is likely to take 12 to 18 months. After the chips pass these tests, the customers can then move their products to mass production.

What did management say?

Commenting on the commercial progress helping boost Weebit Nano shares today, CEO Coby Hanoch said:

A first commercial product incorporating our ReRAM, and passing initial functional tests, is a significant achievement for Weebit Nano, marking an important step towards mass production.

In addition, the tape-out by Overlord shows the great coordination between Overlord, DB HiTek and Weebit.

Looking ahead, Hanoch added:

Our ReRAM IP is currently being embedded in the design of several next-generation applications under agreements with multiple product companies, and we expect more will tape-out this calendar year.

Discussions with additional potential product customers are advancing, driven by growing demand for faster, lower power and better performing embedded non-volatile memory and increased availability through foundries and Integrated Device Manufacturers (IDMs).

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.

More on Technology Shares

Work colleagues discussing finance charts and graphs on a laptop computer and tablet in their office.
Technology Shares

Down 60%, is this ASX growth share now too cheap to ignore?

The shares have fallen hard, but the company itself is still expanding what it can offer customers.

Read more »

Technology written in orange in tech sector financial diagram.
ASX Share Market News

Tech shares shine while ASX 200 plunges to 4-month low

Technology was the surprise performer, rising 7.34%, during a topsy-turvy week for the local bourse.

Read more »

woman working on tablet
Technology Shares

Zip vs Megaport: Which ASX tech share is the better buy?

Zip and Megaport couldn’t be more different — here’s which I’d pick as the top tech buy this month.

Read more »

A young man looks like he his thinking holding his hand to his chin and gazing off to the side amid a backdrop of hand drawn lightbulbs that are lit up on a chalkboard.
Technology Shares

By October 2027, $5,000 invested in Xero shares could turn into…

Guess where Xero shares could be this time next year!

Read more »

Couple on their laptop in their home kitchen.
Technology Shares

Should I buy WiseTech Global shares in October?

I run through the forecasts to see how attractive the shares really are as we enter a new month.

Read more »

A young investor working on his ASX shares portfolio on his laptop.
Technology Shares

Codan vs Xero: Which ASX tech stock is the better buy in October?

Here’s which ASX tech giant I’d choose in October.

Read more »

Woman looking at her computer and pondering something.
Technology Shares

Should I buy DroneShield shares after its big US news?

I take a closer look at whether the latest US win strengthens the case for buying the shares.

Read more »

Army man holding a drone while the army woman holds the remote control.
Technology Shares

Could Europe become the next big market for EOS?

EOS is eyeing a bigger European opportunity.

Read more »