Here's why this ASX tech stock has rocketed 500% in a month

The 4DS Memory Ltd (ASX: 4DS) share price is rising again on Tuesday.

In morning trade, the ASX tech stock is up 3% to 18 cents.

This means that 4DS shares are now up 500% since this time last month.

Why is this ASX tech stock on fire right now?

Investors have been scrambling to buy 4DS shares since it announced that it had finally successfully incorporated its resistive random-access memory (ReRAM) cells into the imec megabit array.

In addition, its analysis has validated that 4DS interface switching ReRAM technology is transferable from fab to fab and has demonstrated consistent read and write speeds equivalent to dynamic random-access memory (DRAM).

The company has previously highlighted that the high-density high-volume memory segment is currently dominated by DRAM (a US$95 billion market) and NAND Flash (a US$56 billion market).

'A turning point'

Commenting on the achievement, interim executive chairman, David McAuliffe, said:

These megabit array results are a turning point for the Company and will now shape the Board's strategic planning over the coming months. I would like to congratulate both the 4DS and imec teams on achieving this milestone and thank shareholders for their continued support.

This sentiment was echoed by the ASX tech stock's chief technology officer, Ting Yen, who commented:

We are very pleased with our imec collaboration and their comprehensive engineering support that made this significant achievement possible. We would like to thank imec for keeping a focussed engineering and fab effort throughout the fabrication of this megabit array and completing on schedule. These significant and robust results validate 4DS' optimization strategy and the decision to establish a duplicate of imec's custom testing hardware and software for the megabit array at the 4DS Fremont facility.

Time will tell if this is another Brainchip Holdings Ltd (ASX: BRN) meme stock or a company with substance. But investors may want to approach with caution, particularly after such a strong gain this month.