Navitas Semiconductor Corp's stock soared 5.02% during the 24-hour trading period, marking a significant gain for the semiconductor company.

The rally in Navitas Semiconductor came as chip stocks broadly advanced in overnight trading following the U.S. announcement that it would extend the ceasefire with Iran indefinitely. The geopolitical development reduced tensions and boosted investor sentiment across the semiconductor sector, with multiple chip companies posting gains during the session.

Navitas Semiconductor was among the chip stocks that rallied on the news, benefiting from the improved market sentiment toward technology and semiconductor companies amid the reduced geopolitical risk.