Navitas Semiconductor is experiencing strong growth in GaN business, attracting investment from tech giants.

Navitas Semiconductor NVTS is driving innovation in GaN technologies, with its GaN business growing significantly. The GaN semiconductor device market is projected to grow at a compound annual rate of 6.1% from 2023 to 2028. Leading tech firms like NVIDIA NVDA and Tesla TSLA are investing in GaN for fast chargers and electric vehicles.

Navitas is experiencing strong growth in its GaN business across various sectors, with over 180 design wins in the Mobile & Consumer segment. Strategic partnerships with Transsion and Jio highlight its expansion into emerging markets. New 80 – 120V GaN devices are set to target the 48V DC-DC converter market in 2025.

Power Integrations POWI is seeing strong momentum in its GaN business, contributing to total revenue growth. Its GaN portfolio includes devices rated at 900V, 1250V, and 1700V, giving it an advantage in high-voltage applications. STMicroelectronics STM is actively expanding its GaN technology through collaborations to fast-track its GaN power roadmap.

Navitas’ stock has surged 79.3% year to date, outperforming the industry and S&P 500. The stock trades at a forward 12-month P/S of 15.0X, higher than the industry average. The Zacks Consensus Estimate for NVTS’ loss per share has decreased over the past 60 days. NVTS stock currently carries a Zacks Rank #3 (Hold).

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Read more at Nasdaq: Navitas’ GaN Power ICs Gaining Traction: What’s Fueling It?