Why Navitas Semiconductor Rallied Today

Shares of small-cap power semiconductor designer Navitas Semiconductor (NASDAQ: NVTS) rallied on Monday, up 24.5% during the day's trading.

While Navitas didn't release any financial information today, a news report on a new product partnership in India was enough to send the stock flying higher.

For those unaware, Navitas has been engaged in a business transformation for over a year now. Initially a designer of power-related semiconductor chips for the mobile phone charging market, Navitas has embarked on transforming its power chip expertise into the production of gallium nitride (GaN) and silicon carbide (SiC) chips for AI data centers.

Source Fool.com