Why Navitas Semiconductor Rocketed Over 20% Today
Shares of Navitas Semiconductor Corporation (NASDAQ: NVTS) rocketed as much as 24.6% on Monday before settling into a 20.4% gain as of 2 p.m. EST.
There wasn't any company-specific news out of Navitas today, but there was news on the geopolitical front relating to semiconductors. Apparently, Navitas investors took the developments positively.
On Monday, the Biden administration launched an investigation into the practices of Chinese semiconductor companies in critical industries. The chips in question are mostly trailing-edge chips based on silicon carbide (SiC) and gallium nitride (GaN) materials. While these are "less advanced" than, say, AI chips, these types of semiconductors are increasingly going into critical systems in auto, industrial, medical devices, telecommunications, defense, and other critical applications.
Source Fool.com
