Edgar Filing: GSI TECHNOLOGY INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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3235-0287

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Chen Hsiang-Wen

2. Issuer Name and Ticker or Trading Symbol
GSI TECHNOLOGY INC [GSIT]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

MONET CAPITAL, LLC, 3466 EDWARD AVENUE

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2007

(Street)

SANTA CLARA, CA 95054

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/14/2007		S		200,000	D	$ 12.8	0	I	By Monet Capital Fund S, LP ⁽¹⁾
Common Stock	11/14/2007		S		263,334	D	$ 12.8	100,000	I	By Monet Capital Fund 1, LP ⁽¹⁾
Common Stock	12/06/2007		S		100,000	D	$ 10.96	0	I	By Monet Capital Fund 1, LP ⁽¹⁾
Common Stock	11/14/2007		P		4,877	A	$ 12.8	4,877	I	By HSIANG-WEN CHEN and PI-YUN HSU CHEN 1999 TRUST EST. 4/23/99 ⁽²⁾
Common Stock	11/14/2007		P		24,666	A	$ 12.8	29,543	I	By HSIANG-WEN CHEN and PI-YUN HSU CHEN 1999 TRUST EST. 4/23/99 ⁽²⁾
Common Stock	12/06/2007		P		1,852	A	$ 10.96	31,395	I	By HSIANG-WEN CHEN and PI-YUN HSU CHEN 1999 TRUST EST. 4/23/99 ⁽²⁾
Common Stock								754,375	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Chen Hsiang-Wen MONET CAPITAL, LLC 3466 EDWARD AVENUE SANTA CLARA, CA 95054	X

Signatures

/s/ Hsiang-Wen Chen		01/02/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Dr. Chen is managing director of Monet Capital, LLC and has an equity interest in Monet Capital Fund S, LP and Monet Capital Fund 1, LP. Dr. Chen disclaims beneficial ownership of these securities held by Monet Capital Fund S, LP and Monet Capital Fund 1, LP except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed to be an admission of beneficial ownership of all the reported shares for purposes of Section 16 or for any other purpose.
(2)	The reporting person and his spouse, Pi-Yun Hsu Chen, are the trustees of the trust.

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