June 11 (Bloomberg) -- Mellanox Technologies Ltd. surged to the highest level on record as the Israeli supplier of technology used to transfer and store data said its adapter silicon was selected by Intel Corp.
Shares of Mellanox, based in Yokneam Elit, Israel, jumped 3.9 percent to 254.5 shekels, or the equivalent of $65.72, at the close in Israel. That was the highest price since the company’s offering in 2007. The Nasdaq-traded stock rose 5.1 percent to $64.81 by 10:27 a.m. in New York after earlier gaining as much as 11 percent to the highest price on record.
Mellanox’s ConnectX-3 FDR InfiniBand adapter silicon has been selected by Intel for use in their I/O Expansion Modules and half-width server boards, the company said in a statement distributed today. The adapter will allow Intel to deliver higher performance and application efficiency, and to reduce the consumption of power, Mellanox said in the statement.
Mellanox said last week its technologies were chosen for use by a Chinese developer and an undisclosed U.S.-based stock exchange.
To contact the reporter on this story: David Wainer in Tel Aviv at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com