Key Highlights

● The U.S. Army selected Navitas under its ALATTIS program to develop next-generation 10 kV silicon-carbide power semiconductors.

● The stock popped early on Tuesday, September 29, 2026, but pared most of its gains and traded near $11.96.

● The value of the Army work was not given in the reports that were reviewed.

● Chip stocks had a good day, with Applied Materials rallying hard, Arm surging and Marvell climbing.

Navitas Semiconductor Corporation (NASDAQ:NVTS) popped early on Tuesday, September 29, 2026, after a report said it had been selected by the U.S. Army to develop next-generation 10 kV silicon-carbide power semiconductors under the ALATTIS program. Headlines showed a big jump before and around the open, but the stock later pared most of its gains and was trading at $11.96, only modestly higher.

The Army Program

The 10 kV refers to 10 kilovolts, or 10,000 volts, a very high voltage rating for a power chip. High-voltage power semiconductors are used to switch and convert electricity efficiently. In military settings they can be used in vehicles, mobile power systems and other equipment that must handle large amounts of electricity in a compact package, and chips that handle higher voltages can shrink equipment and reduce energy losses. The value of the Army work was not given in the reports that were reviewed.

What Navitas Does

Navitas designs power semiconductors made from two advanced materials, gallium nitride, or GaN, and silicon carbide, or SiC. Both can handle higher voltages, frequencies and temperatures than traditional silicon, making them more efficient for power conversion. Its chips are used in fast chargers, electric vehicles, solar systems and, increasingly, AI data centers, where power efficiency has become a major concern.

Why the Gains Faded

Stocks that jump sharply at the open on news can see profit-taking as early buyers lock in gains, though no specific reason for the fade was reported. Chip stocks overall had a good day: the semiconductor ETF SMH rose, the U.S. chip index climbed, Applied Materials rallied hard, Arm surged and Marvell climbed.

The Broader Market

The Nasdaq-100 edged higher to 30,339.33 on the chip rally, even as the S&P 500 slipped 12.85 points to 7,670.84 and the Dow Jones Industrial Average fell 131.59 points to 51,349.92. The Nasdaq Composite ended nearly flat at 26,797.54. Rising long-term Treasury yields were the main weight on the market, with the 30-year at its highest level since 2002 and the 10-year near a two-decade high.

Data and Fed Signals

The Conference Board's consumer confidence index fell to 81.9 in September from 88.6 in August, its lowest reading since 2014 and below the 89.2 forecast. August Job Openings slipped to 7.079 million, below forecasts and the lowest since March. It was the fifth loss in six sessions for the three major indexes. New York Fed President John Williams said there is no need for urgency after the central bank's September meeting, and odds of an October rate hike fell to roughly a coin flip.