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Why Navitas Soared 20% Today

TheMotleyFool

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Why Navitas Soared 20% TodayPhoto, wide shot, wide-angle lens, Cleaning service, Midday, harsh overhead sunlight, directional sunlightt, photo by Marc Adamus: https://img.theapi.app/temp/66ee0081-ae60-418d-bd6e-b521f7433841.png

Shares of Navitas Semiconductor Corp. (NASDAQ: NVTS) rallied 22.3% on Thursday, as of 3:00 p.m. ET.

Navitas is a small-cap chip designer that specializes in power-efficient designs for electric vehicles, electric infrastructure, and artificial intelligence (AI) data centers.

With the severe slowdown in EV and electrical infrastructure spending this year, Navitas' stock had been hurt. However, some new product announcements on Thursday caused shares to bounce back big.

Source Fool.com