New York, May 22, 2026, 11:07 (EDT)
Navitas Semiconductor shares surged Friday, building on gains from earlier in the week and adding to swings tied to AI data-center infrastructure trades. The stock changed hands at $28.36, up 16.33%, according to SoFi. A separate update said Navitas jumped 18.32% on Wednesday, closing at $22.99 before its PCIM 2026 power-electronics event.
AI is shifting past graphics chips, so the timing is key. Nvidia said this week its data-center revenue jumped 92% from a year ago to $75.2 billion. CEO Jensen Huang described the pace of “AI factories” expansion as “extraordinary.” The Guardian
Investors have been moving into power semiconductors, chips that handle and convert electricity for servers and data centers. Gallium nitride (GaN) and silicon carbide (SiC) are being used in chips that can switch power more quickly and waste less energy as heat compared to traditional silicon, according to a Zacks article on TradingView.
Navitas is pushing the narrative. First-quarter revenue came in at $8.6 million, up 18% from the previous quarter but still short of last year’s $14.0 million. The company guided for second-quarter revenue of about $10 million, give or take $500,000. Non-GAAP gross margin was 39.0%.
Navitas CEO Chris Allexandre said the quarter marked a “return to top-line sequential growth,” with the company shifting focus from mobile and consumer markets. CFO Tonya Stevens cited “disciplined cost management” and noted a “gradual expansion of gross margin” as the firm works to cut losses.
Navitas is taking a direct tack with its next product push. The company said it plans to demo a 20 kW 800-volt-to-6-volt board and a 10 kW 800-volt-to-50-volt system at PCIM 2026, aiming for 97.5% and 98.5% peak efficiency, respectively. Both use an 800 VDC direct-current approach, a setup getting attention for potential use in future AI data center power designs.
Breakeven is still tough. Zacks wrote in a TradingView note that Navitas may need quarterly revenue in the high-$30 millions to hit operating breakeven, which is a lot more than its current sales. That’s even if AI infrastructure revenue keeps climbing.
Navitas is facing two challenges now: showing its tech can scale, and backing up the stock’s valuation. Zacks said Navitas shares are up 222% year to date and the stock trades near 98 times forward sales. That compares to about 6.4 times for onsemi, a much bigger name in power and sensing chips.
onsemi looks like the simpler peer since it has established scale in AI power. First-quarter revenue came in at $1.513 billion, the company said. AI data-center revenue more than doubled year over year. CEO Hassane El-Khoury said that chunk jumped “more than 30% sequentially.” onsemi
Infineon is in the mix, but the sharper investor focus now is on Navitas and onsemi. Navitas is the smaller, higher-beta AI power name. Onsemi has the bigger revenue base and more customers. Zacks said it sees onsemi’s AI data-center revenue doubling year over year in 2026, with Navitas still small and unprofitable.
Navitas is facing a risk that product demos and design wins may not turn into revenue quickly enough. In its filing, the company said that customer pipeline and design win numbers are not the same as orders, backlog, or revenue forecasts. Actual results will depend on how fast customers qualify products, the timing of production, and how quickly they ramp up.
Traders are buying optionality for now. The next step for Navitas is to show it can turn 800-volt AI power boards, grid-infrastructure products and its Nvidia connections into sales. The company has to prove it can shift from a hot story to a business that pays its own way.
