Navitas Semiconductor Corp (NVTS) experienced a significant 5.54% plunge in after-hours trading on Thursday, following an extraordinary rally during regular trading hours. The stock had soared by over 150% earlier in the day after announcing a major partnership with Nvidia (NVDA) for advanced data center power technology.
The partnership, revealed overnight, involves Navitas' technology being chosen by Nvidia for its 800V high-voltage direct current (HVDC) architecture to support Kyber rack-scale systems powering Nvidia's graphics processing units. This collaboration sparked intense investor interest, driving Navitas' stock to more than double in value during the regular trading session, with shares surging as much as 175%.
The after-hours decline of 5.54% suggests a potential correction or profit-taking by investors following the day's extraordinary gains. Despite this dip, Navitas Semiconductor remains significantly up from its previous closing price, reflecting the market's overall positive reaction to the Nvidia partnership announcement. The volatile price movement underscores the high investor sensitivity to news in the semiconductor sector, particularly involving collaborations with industry leaders like Nvidia.
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