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&P 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. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool