CNK - Why Is GCT Semiconductor (GCTS) Stock Up 60% Today?
2024-04-05 11:14:27 ET
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GCT Semiconductor (NYSE: GCTS ) stock is climbing higher on Friday after the chipmaker announced a deal with Aramco for 5G and 4G semiconductor ecosystems.
According to a press release from the company, this deal will bolster Aramco’s 5G and 4G ecosystems in Saudi Arabia. The goal here is to increase the performance of its “mission-critical and public safety networks.”
GCT Semiconductor CEO John Schlaefer said the following about the Memorandum of Understanding ( MOU ) signed with Aramco:
“We look forward to working with Aramco and leveraging our advanced 4G and 5G capabilities with future-focused AI-driven modem features to help develop the local ecosystem and provide reliable and fast communication for their key applications in Saudi Arabia and the broader region.”
A focus of this collaboration will be chipsets and modules for LTE, 5G and the NTN spectrum. This will allow for the “localization of wireless end-user devices and IoT manufacturing” in Saudi Arabia.
How This Affects GCTS Stock
GCTS stock is experiencing heavy trading on Friday following its deal with Armaco. That has more than 23 million shares changing hands today. To put that in perspective, this is well above its daily average trading volume of 177,00 shares.
GCTS stock is up 60.4% as of Friday morning but still down 13.4% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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