Weebit Nano Ltd (ASX: WBT) shares are having another huge session on Thursday.
The semiconductor technology stock is up 13.64% to $6.83 at the time of writing.
Earlier today, it climbed as high as $6.94. The last time Weebit Nano shares traded at that level was in June 2023.
The move caps off a powerful run for shareholders. The stock is now up almost 70% this month and more than 300% over the past year.
So, what has investors piling back into this ASX tech stock?
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Why Weebit Nano shares are hot again
Weebit Nano has been gaining attention because of progress with its semiconductor memory technology.
The company develops ReRAM, which stands for Resistive Random-Access Memory.
This type of memory is designed to keep data without power, while using less energy than some existing memory technologies.
Its technology gives investors exposure to several high-growth markets, including AI, connected devices, cars, robotics, and industrial automation.
That gives the stock exposure to several high-growth technology markets.
Investors have also been watching the company's move from development towards commercial use.
Earlier this month, Weebit Nano said two product customers had successfully taped-out chip designs using its ReRAM module.
Tape-out means a chip design has been released to manufacturing.
One of those customers has already produced a functional prototype.
Both customers are now expected to continue testing before any move into broader production.
The rally is back on track
The speed of the rally has also been difficult to miss.
Weebit Nano shares were trading as low as $3.87 in late April. Less than a month later, they have now traded as high as $6.94.
The company also recently completed a strongly supported share purchase plan (SPP), raising about $15 million from eligible shareholders.
But the share price did not rally straight away after that update.
Weebit Nano closed at $6.80 last Thursday, then fell for 3 straight sessions. The stock dropped 5% on Monday, 1.39% on Tuesday, and 5.65% on Wednesday to finish at $6.01.
Today's rebound suggests investors are looking beyond the recent capital raising and focusing again on the company's commercial progress.
Foolish bottom line
Weebit Nano remains a high-risk tech stock, but investors are clearly chasing its momentum again.
The business is still at the stage where customer milestones and commercial progress can move the share price quickly.
But the next test is whether this recent progress can eventually turn into meaningful commercial revenue.
