Nano Labs Shares Surge 59% After Launching New Chip Series

Dow Jones11-23

By Ben Glickman

Shares of Nano Labs shot up after the company said it had launched its second generation of chip products focused on cryptocurrency mining.

The stock was up 59% to $6.93 in Friday trading. Shares are still down about 62% this year.

The Chinese fabless chipmaker said that certain products in its second generation V Series have nearly four times the computing power of their first-generation predecessors.

Nano Labs said the new series also had upgraded hardware configurations, better heat dissipation and greater resistance to high temperatures. The company said the new line's power efficiency made it one of the most efficient mining solutions available.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 22, 2024 15:13 ET (20:13 GMT)

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