Why Navitas Semiconductor Rocketed 164% in May
Shares of Navitas Semiconductor (NASDAQ: NVTS) rocketed 164.2% in May, according to data from S&P Global Market Intelligence.
Entering the month, Navitas has been a small designer of gallium nitride (GaN) and silicon carbide (SiC) chip designs. These niche chips had primarily targeted electric vehicles and electrified infrastructure. But given the recent downturns in these markets, Navitas had seen its revenue go into reverse and its bottom line continuing to lose money.
But in mid-May, Nvidia named Navitas as a key partner for Nvidia's upcoming Kyber data center infrastructure, which will be a new architecture to support Rubin-based sever racks beginning in 2027.
Source Fool.com
