United Microelectronics (UMC) Touches 3-Year high on New Memory Development

We recently published 10 Stocks Breaking Records While Wall Street Bleeds. United Microelectronics Corp. (NYSE:UMC) was one of the top performers on Tuesday.

United Microelectronics jumped to a new three-year high on Tuesday, as investors took heart from the successful development of a superflash memory capable of working reliably in extreme conditions.

At intra-day trading, the stock surged to its highest price of $10.93 before trimming gains to finish the session just up by 15.91 percent at $10.78 apiece.

Truist Maintains Hold on Insperity (NSP), Lowers Price Target to $35

Photo by Karolina Grabowska from Pexels

In a statement, United Microelectronics Corp. (NYSE:UMC) said that it has completed, alongside Silicon Storage Technology (SST), the full qualification and release to production of the latter’s embedded SuperFlash Gen 4 (ESF4) with full automotive grade 1 (AG1) capability on UMC’s 28HPC+ foundry process platform.

United Microelectronics Corp. (NYSE:UMC) said that they developed the ESF4 in a bid to deliver enhanced embedded non-volatile memory (eNVM) performance and demonstrated reliability for automotive controllers while simultaneously significantly reducing the number of additional masking steps versus other foundries’ 28nm High-k/Metal-Gate Stack (HKMG) eFlash offerings.

Among the new product’s offerings include Automotive Electronics Council (AEC) Q-100 Grade 1 qualified for temperatures range of -40 to 150 degrees Celsius and reading access time of less than 12.5 nanoseconds, among others.

United Microelectronics Corp. (NYSE:UMC) encouraged customers currently manufacturing automotive controller products using foundry 40nm ESF3 AG1 platforms to upgrade to the UMC 28nm ESF4 AG1 platform.

While we acknowledge the risk and potential of UMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than UMC and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.