Navitas (NVTS) Jumps to All-Time High on Launch of Chip to Support Next-Gen AI

We recently published 10 Stocks Stealing Today’s Spotlight; 5 on All-Time Highs. Navitas Semiconductor Corp. (NASDAQ:NVTS) is one of the best performers on Wednesday.

Navitas rallied for a 5th straight day on Wednesday to jump to a new all-time high as investor sentiment was bolstered by the launch of a new semiconductor capable of supporting Nvidia Corp.’s 800-volt direct current (VDC) system for the next-generation artificial intelligence (AI).

In intra-day trading, the stock climbed to its highest price of $15.43 before trimming gains to end the session just up by 20.60 percent at $15.16 apiece.

In a statement earlier this week, Navitas Semiconductor Corp. (NASDAQ:NVTS) unveiled its GaNFast and GeneSic technologies, both capable of providing unprecedented levels of power density, efficiency, and scalability for the 800-volt direct current (VDC) system.

“As NVIDIA drives transformation in AI infrastructure, we’re proud to support this shift with advanced GaN and SiC power solutions that enable the efficiency, scalability, and reliability required by next-generation data centers,” Navitas Semiconductor Corp. (NASDAQ:NVTS) President and CEO Chris Allexandre said.

“[With] the industry [moving] rapidly toward megawatt-scale AI computing platforms, the need for more efficient, scalable, and reliable power delivery becomes absolutely critical. The transition … to 800 VDC is not just evolutionary, it’s transformational,” he added.

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Disclosure: None. This article is originally published at Insider Monkey.