Semtech is surging as investors continue to digest the company's strong fiscal second-quarter results reported on August 25, which featured a double beat on revenue and earnings per share alongside an upbeat third-quarter outlook. The rally is further supported by positive sentiment surrounding the company's 1.6T data center growth and the broader long-term forecast for cellular and non-3GPP LPWA IoT module shipments to reach 1.32 billion units by 2030. Additionally, the stock is benefiting from institutional momentum following an overnight disclosure that Atreides Management LP acquired a new stake in the company during the second quarter.