Why Nvidia-Backed Navitas Semiconductor Is Soaring Today
Shares of Navitas Semiconductor (NASDAQ: NVTS) are soaring on Tuesday. The company's stock jumped 15.7% as of 1:02 p.m. ET. The move comes as the S 500 (SNPINDEX: ^GSPC) gained 0.6% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) jumped 1%.
The innovative semiconductor company, which uses gallium nitride (GaN) and silicon carbide (SiC) instead of the standard silicon, announced a new partnership today, as well as presented at a prominent industry conference.
The company will partner with BrightLoop to bring its advanced chip technology to BrightLoop's latest series of hydrogen fuel-cell chargers. The charges are designed to support efficient and green power to heavy-duty agricultural transportation equipment. Given the enormous power requirements of equipment of this scale, the deal is further validation of Navitas' approach and technology.
Source Fool.com
