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Why Navitas Semiconductor Stock Jumped on Tuesday

TheMotleyFool

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Why Navitas Semiconductor Stock Jumped on TuesdayPhoto, wide shot, wide-angle lens, Software company, sunset photo at golden hour, photo by Marc Adamus: https://img.theapi.app/temp/9d624ad0-0157-4808-b12c-caf136345180.png

Shares of Navitas Semiconductor (NASDAQ:NVTS) surged higher on Tuesday. The stock rose as much as 23.1% and was up 15.6% as of 12:22 p.m. EDT.

The tech stock's gain follows news that the company is aiming to partner with smartphone giant Xiaomi. At Xiaomi's recent Portfolio Demo Day, Navitas showed off its next-generation semiconductor technology, which the company says offers more power and faster charging in a smaller size and weight than legacy competition. The technology is referred to as Gallium nitride (GaN).

Image source: Getty Images.

Source Fool.com

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