Why Navitas Semiconductor Stock Is Skyrocketing Today

Navitas Semiconductor (NASDAQ: NVTS) stock is posting big gains in Wednesday's trading despite bearish pressures for the broader market. The company's share price was up 22.5% as of 1:30 p.m. ET despite the S 500 being down 0.7% and the Nasdaq Composite being down 0.5%.

While rising oil costs and bond yields are weighing on the broader market today, Navitas's valuation is surging thanks to news that the company's tech is being featured by Nvidia at events in Taipei, Taiwan. Navitas stock is now up 346% year to date as of this writing.

Image source: Getty Images.

Source Fool.com