Why Is Navitas Semiconductor Stock Skyrocketing Today?
Shares of Navitas Semiconductor (NASDAQ: NVTS) are soaring on Tuesday, up 27.7% as of 2:57 p.m. ET. The jump comes as the S 500 gained 0.2% and the Nasdaq Composite lost 0.3%.
The company, which develops semiconductors using the alternative materials gallium nitride (GaN) and silicon carbide (SiC), said on Monday that it is making substantial progress in designing new chips for Nvidia. Investors were encouraged by the update to the key collaboration announced last spring, and Navitas' stock shot up after Tuesday morning's bell.
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Source Fool.com
