Navitas (NVTS) Climbs to All-Time High Ahead of Earnings, Strong Optimism

We recently published 10 Big Names Beating Wall Street at its Own Game. Navitas Semiconductor Corp. (NASDAQ:NVTS) is one of the best performers on Monday.

Navitas rebounded on Monday to hit a new all-time high as investors began loading positions ahead of the results of its earnings performance, supported by strong optimism for the booming semiconductor sector.

In intra-day trading, Navitas Semiconductor Corp. (NASDAQ:NVTS) surged to a 52-week high of $17.79 before paring gains to end the day just up by 16.64 percent at $17.10 apiece.

According to the firm, it is scheduled to release the results of its third quarter financial and operating highlights after market close on November 3, to be followed by a conference call to elaborate on the results.

Last week, Navitas Semiconductor Corp. (NASDAQ:NVTS) unveiled a new chip capable of supporting Nvidia Corp.’s 800-volt direct current (VDC) system for the next-generation artificial intelligence (AI).

Called GaNFast and GeneSic, Navitas Semiconductor Corp. (NASDAQ:NVTS) said that both technologies are capable of providing unprecedented levels of power density, efficiency, and scalability for the 800-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.