Shares of GCT Semiconductor Holding, Inc. (GCTS) were surging more than 80 percent in pre-market on Friday after the provider of 5G and 4G LTE semiconductor solutions signed a Memorandum of Understanding (MOU) with Saudi Arabian Oil Group Aramco.
The partnership aims to design and co-develop chipsets and modules tailored for LTE, 5G and the NTN spectrum in order to support the localization of wireless end-user devices and IoT manufacturing throughout Saudi Arabia, the company said in a statement.
GCT shares had closed at $5.73, down 16.47 percent on Thursday. The stock has been trading in the range of $5.00 - $56.00 in the last 52 weeks.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.