On the Couch with Coby Hanoch (Weebit Nano): The Memory Boom Behind AI

In this episode of On the Couch, Henry Jennings speaks with Coby Hanoch, CEO of Weebit Nano (ASX: WBT), about the surge in memory demand driven by AI.

They discuss the difference between embedded and discrete memory, recent commercial progress, and where ReRAM fits in the next phase of semiconductor growth.

A clear look at what is driving the sector – and what comes next.

—

Marcus Today – Daily Market Insights

Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.

If you'd like to go further:

Start a free 14-day trial of Marcus Today
http://bit.ly/mt-trial-podcast

Join Marcus Today
Use code MTPODCAST for 10% off
http://bit.ly/mt-join-podcast-offer

MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast

Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast

—

Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

Transcript

This is an abbreviated transcript of the podcast.

On the Couch – Henry Jennings with Coby Hanoch (Weebit Nano)

Henry

Well, welcome to another episode of On the Couch with myself, Henry Jennings from Marcus Today. In this episode, I'm really happy to be joined by Coby Hanoch from Weebit Nano.

Happy in more than one sense, because obviously times are tough in Israel, and Coby, at the moment, is, as he said to me, a refugee in South Africa with his mum. So I'm really delighted he could spare the time today to talk to us about what's going on in storage chips and RAM, especially DRAM, which has been a big performer in recent months.

So welcome, Coby. Thanks very much for coming on again.

Now, many of you will know Coby from previous podcasts, but I have to say, you don’t look like you’ve got 45 years’ worth of experience. You still look very young. You’re obviously doing something right.

Coby is a very experienced professional in semiconductor-related industries, previously CEO at Packet Light Networks, and has held VP worldwide sales roles across a variety of companies. He holds a Bachelor of Science in system design from the Israel Institute of Technology.

As always, this is general advice only, so please do your own research and consult your financial adviser regarding any ideas or insights.

Firstly, Coby, it’s good that you’re somewhere safe. I hope your family is safe as well. It can’t be easy running a company in Israel at any time, but especially now.

Coby

Yeah, it’s definitely a challenge. Unfortunately, we’re used to these challenges. Since October 7, and really since the day I was born, we’ve been dealing with them.

Weebit, like the rest of the industry, is set up for this. Employees are mostly working from home. Most have shelter rooms, so they can focus on work and move to safety when needed.

Our lab is in a shelter room itself, so staff working there are protected. It’s not a normal situation, but we’ve implemented business continuity plans and procedures for operating under these conditions.

I can clearly say it’s not affecting our work. If anything, the Israeli industry is extremely focused on delivering and meeting expectations, even more so during times like these.

Henry

Good to hear, and I hope everyone stays safe.

Now, Coby, it’s fair to say Weebit Nano has had a strong run since we last spoke about a year ago. There’s been a lot happening. We’ve even heard terms like “RAMageddon” with shortages in memory.

What’s happening in the memory market at the moment?

Coby

Well, I think you’ve heard of AI.

AI is the kind of thing where no matter how much memory you throw at it, it just needs more. Demand is enormous.

But to be precise, there are two main memory markets:

• Discrete memory – standalone memory chips (what Micron, SK Hynix, etc. produce) 
• Embedded memory – integrated within chips 

Most headlines focus on discrete memory. Weebit is focused on embedded memory, which also has very strong demand, particularly from AI chips.

So demand is strong across both areas, but embedded memory, where we operate, is seeing significant growth.

Henry

Your share price has reflected that, moving from around $2 to close to $5.

What’s been driving that in the Weebit world?

Coby

We’ve hit several important milestones across three areas: technical, commercial, and financial.

Technically, the key milestone was achieving AEC-Q100 qualification. That demonstrated our memory can operate for 10 years at 150°C, which is extremely demanding. It proved our technology is production-ready.

Commercially, we signed major agreements:

•  Onsemi 
•  Texas Instruments 

These are significant not just financially, but because they validate our technology in the market.

We also signed our first product companies, which is important because it starts the path to royalties — the key revenue stream for an IP business.

Financially, we’ve seen increasing cash inflows and rising revenue. Overall, we’re in a strong position and very bullish.

Henry

On Texas Instruments, what’s the next step toward commercialisation and royalties?

Coby

Typically, it’s about a two-year process:

1.  Technology transfer 
2.  Test chip production 
3.  Validation 
4.  Qualification 
5.  Mass production 

We’re currently in that process with TI. Their involvement also brings strong signalling value — when a company like TI adopts your tech, others take notice.

Henry

You’ve guided to around $10 million in FY26 revenue. What needs to happen to achieve that?

Coby

Execution is key.

We recognise revenue conservatively, spreading it over project duration rather than booking upfront. That leads to smoother, more consistent growth.

We need to:

•  Continue executing existing agreements 
•  Bring in new customers 
•  Progress projects toward production 

Henry

How close are product companies to meaningful revenue?

Coby

Similar timeline — roughly two years:

•  ~1 year design phase 
•  Prototype and testing 
•  Move to mass production 

We’re progressing initial customers and signing new ones, while supporting manufacturing partners like DB HiTek toward production.

Henry

Technology feels fast, but this process sounds slow.

Coby

It’s a misconception.

Semiconductor manufacturing is extremely complex:

•  Fabs are 100,000x cleaner than operating theatres 
•  Cost tens of billions 
•  Production cycles take 4–6 months 

Once your technology is embedded, though, it stays for decades. That’s the key — hard to get in, but once you’re in, you’re in for a very long time.

Henry

Let’s talk about your memory technology and its role in AI.

Coby

First, clarification — we focus on ReRAM, not DRAM.

ReRAM is:

•  Non-volatile 
•  Faster 
•  Lower power 
•  Cheaper than flash 

It has broad applications:

•  Automotive (high temperature tolerance) 
•  IoT (low power) 
•  Medical devices (long battery life) 

In AI, it’s especially valuable because:

•  Works at advanced nodes (<22nm) 
•  Enables single-chip solutions (vs two-chip with flash) 
•  Instant boot, better security, lower cost 

The big opportunity is in-memory compute:

•  Traditional computing wastes power moving data 
•  AI workloads (matrix multiplication) can be done in memory 
•  This is faster and far more efficient 

We’ve been working on this for years and expect our first customer in this space soon.

Henry

You’ve got ~$83 million cash. How’s the runway?

Coby

2025 expenses were ~$35m, with ~$20m cash inflow.

Costs will rise as we scale, but so will revenue. Overall, we’re confident in our position.

Henry

Big picture — is AI ultimately good or dangerous?

Coby

Like any major invention, it’s both.

It can:

•  Dramatically improve productivity 
•  Become an essential tool 

But it can also be misused. It will depend on how we regulate and control it.

Henry

Career advice — what should young people focus on?

Coby

AI will replace many routine tasks, including coding.

Fields like semiconductor manufacturing — complex, experimental, deeply technical — are harder to automate.

More broadly:

•  Skills that are hard to learn quickly 
•  Hands-on and specialised roles 

Those are safer paths.

Henry

Final question — what does success look like in the next year?

Coby

Three areas:

1. Commercial – more customers, more revenue 
2. Financial – stronger cash inflows 
3. Technology – continue improving and become the clear leader in ReRAM 

We want Weebit to be the obvious choice when companies need ReRAM.

Henry

Coby, thanks very much for your time. Stay safe, and best of luck for the year ahead.