GSI Technology Inc. has been awarded a $1.1 million contract to develop an artificial intelligence chip for the US Department of the Air Force, the company announced Wednesday.
The chip will be used by the Air Force for in-aircraft search and rescue, object detection, moving target indicator and change detection, GSI GSIT,
He said. The technology also uses SSIM (Structural Similarity Index Scale) as an “image search” to find local landmarks that a drone or aircraft is flying near in order to determine general location, the company told MarketWatch. As part of the deal, GSI will create algorithms for the US Air Force Research Laboratory using the company's Gemini associative processing unit, targeting the artificial intelligence market.
GSI shares ended Wednesday's session down 4.1%, outpacing the S&P 500's 0.8% decline.
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The Sunnyvale, California-based company created a meme-like buzz last year, attracting the attention of users posting on Reddit.
Founded in 1995, GSI Technology designs and develops memory products for the communications and networking industries. The company describes itself as a leading provider of static random access memory, or SRAM, and semiconductor products. But it's GSI Technology's efforts around AI processor technology that have attracted attention.
While companies like Nvidia Corp. NVDA,
Palantir Technologies PLTR,
Microsoft Corporation (MSFT),
AI companies have cemented themselves as AI players in the eyes of Wall Street, and investors have also been keeping an eye on lesser-known AI-related companies like GSI.
Related: GSI technology targets AI, drone and satellite opportunities with the Gemini-II processor
Against this backdrop, GSI Technology stock has risen 44.9% in the past 12 months, outpacing the S&P 500's gain of 22.1% in that time.
