Why Synopsys Stock Soared Nearly 5% Higher Today

Synopsys (NASDAQ: SNPS), a company that offers electronic design automation (EDA) solutions used in the design and testing of semiconductors, had a fine Hump Day on the stock market. That's largely because it announced not one but two new cooperation agreements with powerful partners. Not surprisingly, its stock flew almost 5% higher that day.

One of the deals is with prominent artificial intelligence (AI) developer OpenAI, the company behind the enduringly popular ChatGPT model. Synopsys and OpenAI have formed a strategic partnership to develop a new model, sensibly titled GPT-Synopsys, that will use Synopsys' EDA tools to aid semiconductor design.

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