The All Ordinaries Index (ASX: XAO) is off to a rough start this year, having fallen 1.35% right now. But not all shares on the ASX's iconic index are suffering.
The Weebit Nano Ltd (ASX: WBT) share price is rocketing 6.15% higher today on exciting news of the company's next-generation memory technology. The All Ords tech share is currently swapping hands for $3.45.
So, what's got the market excited about the Weebit Nano share price on the first trading day of 2023? Let's take a look.
Why this All Ords tech share is surging on Tuesday
The Weebit Nano share price is taking off after the company announced it's released its first 22-nanometre (nm) demonstration chip to manufacturing – a process known as having been taped-out.
The demo chips integrate the company's embedded resistive random-access memory (ReRAM) module in an advanced 22nm fully depleted silicon on insulator (FD-SOI) process technology.
22nm is one of the industry's most common process nodes. It's also too small to allow the use of embedded flash.
Weebit Nano's demo chip aims to fill the resulting gap, offering a low-power, cost-effective embedded non-volatile memory solution able to withstand harsh environments.
Commenting on the news driving the All Ords tech share higher today, CEO Coby Hanoch said:
We are continuing to accelerate Weebit's path towards more advanced geometries to meet a clear market need in applications such as microcontrollers, IoT [internet of things], 5G, edge AI [artificial intelligence], and automotive.
There is increased interest from companies looking to use our ReRAM to create exciting new products in these areas.
The company worked with partners CEA-Leti and CEA-List to scale its ReRAM technology to 22nm.
Weebit Nano share price outperforms tech sector
Today's gain is just the latest for the Weebit Nano share price. It's managed to dodge the carnage felt by the broader tech sector over the last 12 months.
The stock is currently 20% higher than it was this time last year. Meanwhile, the S&P/ASX All Technology Index (ASX: XTX) has tumbled 35%.
