Morning movers: NVTS jumps 7.1% on the Claros deal

The August 25 Morning Read covers the wider market backdrop. The delayed pre-market quotes below were captured near 05:35-05:37 ET on August 25, 2026 and checked against separate Nasdaq and TradingView snapshots; thin early trading can change quickly.

NVTS: +7.11% as Navitas moves power closer to AI chips

Navitas agreed to acquire Claros in a transaction valued at up to about $232.8 million. The package includes $216 million in cash and stock at closing, with the balance payable in stock if milestones are achieved. Claros builds vertical power-delivery and integrated voltage-regulator technology intended to shorten the path between power conversion and high-performance processors. Navitas says the deal could lift its 2030 serviceable market above $8 billion and expects closing before year-end, subject to customary conditions.

• Why it matters: power losses and heat become harder constraints as AI processors draw more current; moving voltage regulation closer to the chip targets that bottleneck.
• Objective range: the early Nasdaq tape ran from $12.36 to $13.17, with $12.23 as the prior-close reference.
• Peer read-through: the announcement keeps data-centre power and compound-semiconductor names in focus, but no peer automatically receives Navitas’s acquisition economics.
• Main risk: integration, milestone payments and the long lead time to the expected 2028-29 growth contribution can separate a good technical story from near-term financial delivery.

ASST: +5.83% as more bitcoin comes with more shares

Strive’s August 24 filing says it bought 1,110 bitcoin from August 17 through August 21 at an average $73,409 per coin, including fees and expenses. Holdings rose from 20,246 to 21,356 bitcoin. At the same time, Class A shares outstanding increased by 3,646,300, and assumed fully diluted shares rose from 89,302,926 to 92,949,226. The stock’s second-day advance therefore reflects a larger bitcoin position, but readers should track the per-share exposure rather than the headline coin total alone.

• Why it matters: the company added roughly $81.5 million of bitcoin exposure at the disclosed average cost.
• Objective range: the early Nasdaq tape ran from $20.51 to $21.46, versus a $19.73 prior close.
• What changed per share: the coin count rose, but so did the denominator used to divide that exposure across owners.
• Main risk: bitcoin direction, preferred-share funding costs and additional issuance can overwhelm company-specific operating analysis.

Also on the radar

• FLNC +7.73% at $11.70: the storage-system name had the largest liquid gain outside the two features; regular-session volume needs to confirm the early gap.
• BE +6.88% at $218.06: Bloom Energy rebounded after a sharp selloff. No fresh company filing accompanied the move by 05:37 ET, so opening volume is the next test.
• INTC +3.06% at $89.93: Intel was the highest-volume radar name; treat the bounce as a tape event until a fresh company catalyst earns attribution.
• NBIS +4.39% at $220.16: Nebius was digesting the convertible financing already covered in today’s Morning Read, so it was not duplicated as a lead story.

What to watch today

• 09:30 ET — opening auction: compare regular-session volume with the delayed gaps and the early ranges above.
• After 09:35 ET — option chains: rebuild strike-level spreads and implied volatility; aggregate Cboe totals are participation markers, not executable quotes.
• During the session — NVTS: watch whether the market holds the acquisition gap as investors separate strategic fit from payment and integration risk.
• During the session — ASST: compare the stock with bitcoin while tracking whether the higher share count changes the per-share treasury narrative.
• Wednesday, 16:00-17:00 ET: NVIDIA’s scheduled results remain the next broad AI-infrastructure test, already detailed in the Morning Read.