If you invested in S&P/ASX 300 Index (ASX: XKO) tech stock Weebit Nano Ltd (ASX: WBT) at the end of October, hats off to you!

On 31 October, shares in the advanced semiconductor memory technology producer closed trading for $2.03. At the time of writing in afternoon trade today, shares are up 21.6%, swapping hands for $3.32 apiece.

That sees the Weebit Nano share price up 63.6% so far in November.

Boom!

So, what's driving investor interest in this surging ASX 300 tech stock?

Why is the ASX 300 tech stock leaping higher?

The latest price-sensitive news from Weebit Nanon was released on 30 October, when the company reported its first quarter (Q1 FY 2025) results.

The ASX 300 tech stock didn't earn any cash receipts and burned through $5.5 million of cash over the quarter. But the company said with $57 million of cash in the bank as at 30 September, it was "well-funded for technical and commercialisation activities".

Weebit Nano's core product is its Resistive RAM (ReRAM).

So, just what is ReRAM?

According to the company:

ReRAM addresses the growing need for significantly higher performance and lower power memory solutions in a range of new electronic products such as Internet of Things (IoT) devices, smartphones, robotics, autonomous vehicles, 5G communications and artificial intelligence.

While the first quarter of the new financial year didn't bring in any cash receipts for the ASX 300 tech stock, Weebit CEO Coby Hanoch sounded a positive note on the outlook.

"Weebit continues to make significant progress, on both the commercial and technical fronts," he said.

With a nod to the marketing delays, Hanoch added:

Whilst completing our next commercial agreement is taking longer than we would like, I can assure shareholders that we are engaged with over 20 leading foundries, integrated device manufacturers (IDMs) and product companies, and the evaluations and negotiations are progressing well.

The company also noted that it had been granted nine new patents related to its ReRAM technology, "further protecting the significant research and development achieved so far".

Could this also be throwing up tailwinds?

Atop its promising commercial pipeline, the ASX 300 tech stock may be catching tailwinds in November from the broader outperformance of the tech sector.

Since the closing bell on 31 October, the ASX 300 is up 0.9%, while the S&P/ASX All Technology Index (ASX: XTX) has surged seven times that much, up 6.3%.

Some of that outperformance, for both Weebit Nano and many other tech stocks, looks to be due to ongoing enthusiasm over the growth potential offered by the rapid advancements in artificial intelligence (AI).

And ASX 300 tech stock Weebit Nano may also be enjoying a boost from the so-called Trump trade.

Tesla Inc (NASDAQ: TSLA) founder Elon Musk is a huge supporter of the US president-elect. And Musk's passion for driving technological innovation to new and ever-faster heights is well known.

Which brings us back to Weebit Nano's focus on "Internet of Things (IoT) devices, smartphones, robotics, autonomous vehicles, 5G communications and artificial intelligence".

Weebit Nano shares remain down 15% over 12 months.