Navitas Semiconductor (NVTS) went up about 25% today. There were no new financials released, but Indian chip company Cyient announced seven new products using Navitas' GaN technology for AI data centers and power applications. The company has been pivoting from mobile chargers to AI data center chips, which has hurt their recent earnings. Revenue dropped 39% last quarter. The market seems to view this new partnership as a sign that their transition strategy is starting to work. The big move was likely amplified by short covering. Short interest was at 28% of the public float recently. The company is now sitting at a $5.4 billion market cap, which is 135 times trailing sales, and we still don't know the actual financial impact of the new deal.