The Nvidia fairy dust worked its magic on another o𓂃bscure tech stock on 🐽Thursday. 

Shares of Navitas Semiconductor (NVTS) more than doubled in value after the company announced it would partner with Nvidia (NVDA) to develop “high-efficiency, scalable power delivery for next-generation AI workloads.”

Navitas, which bills itself as “the only pure-play, next-generation power-semiconductor company,” reported revenue of $83.3 million last year, and booked a net loss of about $84.6 million, or 46 cents a share. 

The company went public via 澳洲幸运5官方开奖结果体彩网:SPAC merger in October 2021 at a price of nearly $13. After hitting an all-time high of $20 that November, shares slumped and on Wednesday closed at $1.91, about 30 cents above their all-time low 🃏from earlier this yeܫar. 

Navitas was just one of several companies Nvidia named as a partner when it unveiled a new power distribution architecture on Tuesday in an announcement that largely flew under Wall Street's radar. The company said it was also working with chipmakers Infineon (IFNNY) and Texas Instruments (TXN), as well as power company Eaton (ETN) and data center service provider Vertiv (VRT).

Navitas is far from the first obscure company to be thrust into the spotlight by an Nvidia affiliation. Shares of Serve Robotics (SERV) nearly tripled in value in one day last year after Nvidia 澳洲幸运5官方开奖结果体彩网:disclosed a 10% stake in the robotics company. Chinese autonomous driving company WeRide (WRD) 澳洲幸运5官方开奖结果体彩网:got a similar boost from an Nvidia investment earlier this ye🐎ar. 

Shares of Navitas were up more than 130% at $4.40 in recent trading. Thursday's pop moved the stock into positive territory for the year.