Magnachip Finalizes IGBT Technology Agreement with Hyundai Mobis

MX -2.16% 012330.KS 0.00%

Magnachip Semiconductor Corporation (NYSE:MX) is one of the best NYSE penny stocks to invest in right now. On November 3, Magnachip Semiconductor Corporation announced an agreement with Hyundai Mobis Company Limited/MOBIS to use advanced and high-performance Insulated Gate Bipolar Transistor/IGBT technology.

The move is intended to facilitate the expansion of Magnachip’s business. MOBIS is a global auto parts provider focusing on mobility solutions, has been collaborating with Magnachip since 2015, which is a 10-year collaboration, to develop IGBTs specifically for traction inverters used in hybrid electric vehicles/HEVs and EVs. Under this partnership, MOBIS managed the structural design, while Magnachip provided its expertise in semiconductor process technology.

IGBTs are crucial power semiconductors that are used in high-power systems that necessitate both high voltage and high current. Due to their impact on inverter performance, their efficiency and reliability are paramount, and only a few market leaders possess the capabilities for stable mass production.

Magnachip Semiconductor Corporation (NYSE:MX) designs, manufactures, and supplies analog and mixed-signal semiconductor platform solutions for communications, the IoT, consumer, computing, industrial, and automotive applications.

While we acknowledge the potential of MX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.