Navitas Semiconductor Corp's stock surged 8.35% in pre-market trading, extending its recent strong performance in the semiconductor sector.

The rally comes as recently announced policies explicitly support the research, development, and application of third-generation semiconductor power devices, including gallium nitride (GaN) and silicon carbide (SiC) technologies. Navitas Semiconductor, as the only publicly listed company globally purely focused on these third-generation semiconductor power devices, stands as a direct beneficiary of these policy directives. The company has shipped over 300 million related devices with applications across AI data centers, electric vehicle chargers, and solar energy systems.

Additionally, chip stocks broadly advanced following the U.S. announcement of an indefinite ceasefire extension with Iran, which reduced geopolitical tensions and boosted investor sentiment across the semiconductor sector. The improved market environment contributed to the positive momentum for Navitas Semiconductor and other technology companies.