Navitas Semiconductor Corp (NASDAQ:NVTS) shares are rising Tuesday morning after the company provided a progress update on its development of 800 VDC voltage power devices.
- NVTS stock is challenging resistance. See the market dynamics here.
What Happened: Navitas announced progress in its development of advanced medium and high 800 VDC voltage gallium nitride (GaN) and GeneSiC silicon carbide (SiC) power devices, which are designed to enable NVIDIA Corp’s (NASDAQ:NVDA) 800 VDC power architecture for next-generation AI factory computing platforms.
Navitas noted that traditional enterprise and cloud data centers are no longer able to meet the multi-megawatt rack densities required by the latest accelerated computing platforms. 800 VDC power distribution provides higher efficiency, scalable infrastructure, global classification alignment and simplified power distribution compared to traditional data centers.
“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,” said Chris Allexandre, president and CEO of Navitas.
Navitas Semiconductor is due to report financial results for the third quarter on Nov. 3. Analysts expect the company to report a loss of 5 cents per share and revenue of $10 million, according to estimates from Benzinga Pro.
NVTS Analysis: Navitas Semiconductor stock shows strong momentum with a recent price jump of $3.13, indicating bullish sentiment. Volume is impressive at more than 11 million shares, suggesting robust interest in the move.
Support is well-defined at $10.00, aligning with recent lows, while resistance sits at $13.50, a key level to watch as it has capped previous attempts to push higher. The RSI is calculated at 75.20, indicating that the stock is in overbought territory, which could lead to a pullback.
The MACD shows a bullish crossover, but the lines are starting to converge, hinting at potential weakening momentum. Navitas maintains a strong momentum score of 98.55, according to Benzinga Edge rankings.
NVTS Price Action: Navitas shares were up 19.76% at $11.94 at the time of publication on Tuesday, according to Benzinga Pro.
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