Why Nvidia-Backed Navitas Semiconductor Soared Today

Shares of Navitas Semiconductor (NASDAQ: NVTS) surged higher on Tuesday, finishing the day up 11%. The gain came as the S 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) were both up 0.6%.

Positive news from ongoing trade talks between the U.S. and China is helping boost the company's stock as it continues its massive run-up following the revelation of its partnership with Nvidia.

U.S. and Chinese officials are in London attempting to reach a more permanent resolution to the trade war that was put on pause last month. Commerce Secretary Howard Lutnick said on Tuesday that the discussions were "going well" and that the representatives were "spending lots of time together" attempting to reach a deal.

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Source Fool.com