Shares of Navitas Semiconductor charged 7.6% higher Tuesday and gained another 3.5% in premarket trading, just weeks after a partnership with Nvidia saw the stock more than double in value.

The latest gains for Navitas came on the heels of a collaboration with BrightLoop Converters, a French power electronics company, in support of its latest series of hydrogen fuel-cell chargers specialized for agricultural transportation equipment.

Navitas has been publicly traded since 2021 but now is edging into the public eye. The stock rose triple-digits last month after Nvidia selected Navitas to collaborate on its 800 V HVDC architecture. Navitas saw its largest-ever same-day percentage increase on May 22, surging 164%.

CEO Gene Sheridan, at Baird's annual tech conference on Tuesday, suggested the partnership with Nvidia is a stepping stone.

"Everybody talks about NVIDIA, but data center and AI is not just about NVIDIA," Sheridan said. "I think all the hyperscalers are going to move to these really high voltages."

Navitas manufactures chips using two types of semiconducting materials, silicon carbide and gallium nitride. Nvidia said it plans to adopt both in its pursuit of cost-effective, reliable power delivery for artificial-intelligence workloads.

"I think the trend is clear," Sheridan said. "The opportunity is much bigger than Nvidia themselves, and frankly, it's bigger than even data centers."

Navitas remains up 226% since markets closed on May 21, according to Dow Jones Market Data. Shares have gained 74% this year.

The stock rallied on May 27 after Navitas filed a prospectus for an at-the-market program with the Securities and Exchange Commission. The company plans to sell up to $50 million in common stock as it extends its runway ahead of the release of the 800 V HVDC systems in 2027.