Navitas Semiconductor Corp (NVTS) shares surged 9.23% during Thursday's trading session, outperforming the broader semiconductor sector rally triggered by Taiwan Semiconductor Manufacturing Company's (TSMC) impressive third-quarter earnings report.

TSMC, the world's largest contract chipmaker, reported a 39.1% increase in net profit for the July-September quarter, reaching T$452.3 billion ($14.76 billion). This stellar performance, driven by strong demand for semiconductors used in artificial intelligence applications, has sparked a sector-wide rally in chip stocks. TSMC's U.S.-listed shares rose 2.4% in pre-market trading, setting a positive tone for the entire industry.

While other semiconductor companies also saw significant gains, with SOXL up 3% and industry giants like Nvidia, Broadcom, and ASML gaining over 1%, Navitas Semiconductor's exceptional 9.23% jump stood out. This surge suggests that investors are particularly optimistic about Navitas' position within the booming semiconductor market, especially given the increasing demand for AI-related chips. The company's strong performance in the face of this industry-wide uplift indicates that market participants may be recognizing Navitas' potential to capitalize on the growing opportunities in the semiconductor space.