Why Navitas Semiconductor Stock Surged Today
Navitas Semiconductor (NASDAQ: NVTS) stock posted a day of big gains in Tuesday's trading. The company's share price climbed 6.1% in the daily session amid the backdrop of a 0.4% decline for the S 500 and a 0.1% gain for the Nasdaq Composite. The stock had been up as much as 10.7% in the session before ceding some ground.
News that Nvidia will receive licensing approval to sell its H20 artificial intelligence (AI) processor in China helped spur bullish momentum for Navitas and other chip stocks today. Navitas stock is up roughly 259% over the last three months, with most of the stock's gains stemming from an announcement that the company had partnered with Nvidia.
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