Navitas Semiconductor Corp's stock surged 7.58% during pre-market trading on Wednesday, as the broader chip sector showed signs of recovery.

The pre-market rally follows a reported rebound in chip and storage shares during overnight trading sessions. Industry analysts point to a broader recovery trend within the semiconductor space after recent declines, with several major chipmakers showing positive momentum.

While specific company announcements weren't cited in recent market reports, the coordinated movement across multiple semiconductor stocks suggests investors are responding to improving sector sentiment and technical buying following the previous session's weakness.