Globalstar, Inc. (NYSE:GSAT), a leading provider of mobile satellite services, saw its stock soar 5.31% in intraday trading on Thursday, outperforming the broader market. While there was no specific news or event directly driving the surge, the company has been riding a wave of bullish investor sentiment and optimism surrounding its growth prospects.

One of the key factors fueling Globalstar's upward momentum is its strategic partnership with tech giant Apple. Apple has taken a 20% equity stake in Globalstar and committed a staggering $1.1 billion in funding, signaling confidence in the company's future growth and potential. This investment is expected to provide Globalstar with a solid financial cushion, allowing it to pay down debt and expand its services.

Furthermore, Globalstar's competitive advantage in the Low-Earth Orbit (LEO) communications market, thanks to its spectrum licenses for L-band and S-band frequencies, has attracted the attention of institutional investors. Major firms like JPMorgan and Fidelity have increased their stakes in the company, recognizing its potential for growth and diversification in the rapidly evolving satellite communications industry.