SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Chen Hsiang-Wen (Last) (First) (Middle) MONET CAPITAL, LLC 2450 SCOTT BLVD., SUITE 303 (Street) SANTA CLARA CA 95050 (City) (State) (Zip)	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)
	3. Date of Earliest Transaction (Month/Day/Year) 04/03/2007
	4. If Amendment, Date of 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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/03/2007		C		500,000	A	(1)	754,375(2)	D
Common Stock	04/03/2007		C		100,000	A	(1)	854,375(2)	I	By Monet Capital Fund S, LP(3)
Common Stock	04/03/2007		C		100,000	A	(1)	954,375(2)	I	By TEFA Capital, Inc.(3)
Common Stock	04/03/2007		C		263,334	A	(4)	1,217,709(2)	I	By Monet Capital Fund 1, LP(3)
Common Stock	04/03/2007		C		263,333	A	(4)	1,481,042(2)	I	By TEFA Capital, Inc.(3)
Common Stock	04/03/2007		C		200,000	A	(4)	1,681,042(2)	I	By Monet Capital Fund S, LP(3)

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series B Preferred Stock	(1)	04/03/2007		C			500,000	(1)	(1)	Common Stock	500,000	$0	0	D
Series B Preferred Stock	(1)	04/03/2007		C			100,000	(1)	(1)	Common Stock	100,000	$0	0	I	By Monet Capital Fund S, LP(3)
Series B Preferred Stock	(1)	04/03/2007		C			100,000	(1)	(1)	Common Stock	100,000	$0	0	I	By TEFA Capital, Inc.(3)
Series D Preferred Stock	(4)	04/03/2007		C			263,334	(4)	(4)	Common Stock	263,334	$0	0	I	By Monet Capital Fund 1, LP(3)
Series D Preferred Stock	(4)	04/03/2007		C			263,333	(4)	(4)	Common Stock	263,333	$0	0	I	By TEFA Capital, Inc.(3)
Series D Preferred Stock	(4)	04/03/2007		C			200,000	(4)	(4)	Common Stock	200,000	$0	0	I	By Monet Capital Fund S, LP(3)

Explanation of Responses:

1. The Series B Preferred Stock converted into GSI Technology, Inc. common stock on a 1-for-1 basis and had no expiration date.

2. The total amount of securities beneficially owned following the reported transactions is 1,681,042 which includes 754,375 securities owned directly, 300,000 securities owned by Monet Capital Fund S, LP, 363,333 owned by TEFA Capital, Inc. and 263,334 securities owned by Monet Capital Fund 1, LP.

3. Dr. Chen is managing director of Monet Capital, LLC and has an equity interest in Monet Capital Fund S, LP, Monet Capital Fund 1, LP and TEFA Capital, Inc. Dr. Chen disclaims beneficial ownership of these securities held by Mondet Capital Fund S, LP, Monet Capital Fund 1, LP and TEFA Capital, Inc. 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.

4. The Series D Preferred Stock converted into GSI Technology, Inc. common stock on a 1-for-1 basis and had no expiration date.

Remarks:

	Caroline Y. Wu	04/05/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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