Navitas Semiconductor Corp's stock surged 5.04% during intraday trading on Thursday, significantly outperforming the broader market.

The rally appears to be part of a broader semiconductor sector upswing, with the SOX Index climbing 1.4%. The positive sentiment was ignited by Texas Instruments forecasting second-quarter revenue and profit above Wall Street expectations, anticipating a boost in demand for its analog chips amid the ongoing data center boom.

This optimism from a major industry player has fueled buying activity across the chip sector, lifting multiple semiconductor stocks including Navitas.