SEALSQ Corp (NASDAQ:LAES) shares are surging Wednesday after the company announced a partnership with IC'ALPS to accelerate the development of secure Application Specific Integrated Circuits (ASICs). Here's what you need to know.

What To Know: The collaboration will leverage IC'ALPS' expertise in ASIC design alongside SEALSQ's experience in security technology and manufacturing. This partnership aims to meet the growing demand for customized, high-security chips, including post-quantum solutions like SEALSQ's QVault TPM, and is expected to release initial samples in the first quarter of 2025.

"This partnership showcases how mid-sized high-tech companies can unite their expertise to fast-track the development of cutting-edge products that not only meet market demands but rival the capabilities of larger corporations. By combining agility with innovation, we are setting a benchmark for excellence in the competitive global semiconductor industry," added Jean Pierre Enguent, CTO of SEALSQ.

ASICs are integral to industries such as telecommunications, automotive, IoT and healthcare due to their high performance, lower power consumption and adaptability. The global ASIC market is projected to grow from $21.53 billion in 2024 to $36.8 billion by 2032, at a compound annual growth rate of 6.9%.

This move aligns with SEALSQ's broader strategy to expand its presence in the evolving semiconductor market and address increasing security needs in advanced applications.

"Drawing on our experience, we adapted our methods to meet SEALSQ's rigorous security standards. This partnership underlines our commitment to supporting our customers in the development of their products," said Lucille Engels, COO of IC'ALPS.

LAES Price Action: SEALSQ shares were up 90.8% at $1.08 at the time of writing, according to Benzinga Pro.

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