A $1.1 million agreement has been granted to GSIS Technology Inc. for the development of an artificial intelligence apparatus for the Department of Air Force, as revealed by the company on Wednesday.
The AI device is designated for in-flight search and rescue operations, subject identification, moving-target indication, and alteration detection. Under the terms of the contract, GSI will leverage its AI-centric Gemini Associative Processing System to design solutions for the U.S. Air Force Research Laboratory.
On Wednesday, the S&P 500 index experienced a 0.3% decline, while GSI shares plummeted by 4.5%.
In the previous year, the Sunnyvale-based company sparked significant interest akin to a meme frenzy among Reddit users.
Established in 1995, GSI Technology specializes in crafting storage solutions for the networking and telecommunications industries. The company prides itself on being a key provider of SRAM (stable random-access memory) semiconductor products. However, it is GSI Technology’s strides in AI processor technology that have garnered attention.
Investors have been closely monitoring lesser-known AI-focused entities like GSI, despite the presence of industry giants such as Nvidia Corp. (NVDA) and Palantir Technologies Inc.
As a result, GSI Technology’s stock witnessed a remarkable 44.3% surge over the past year, outperforming the S&P 500’s 22.7% increase.
