The Novonix Ltd (ASX: NVX) share price is taking off on Wednesday despite the company's silence.
The battery technology and materials stock is joined in the green by many of its S&P/ASX 200 Index (ASX: XJO) tech peers.
At the time of writing, the Novonix share price is $2.26, 4.63% higher than its previous close.
For context, the ASX 200 is currently up 1.56%.
So, what's helping to boost the ASX 200 technology giant's stock higher today? Let's take a look.
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Novonix share price takes off on Wednesday
It's a brilliant day for the S&P/ASX 200 Information Technology Index (ASX: XIJ) and the Novonix share price is riding the hype.
The tech sector is leaping 4% at the time of writing, with Novonix's stock trading in the middle of the pack.
Out in front is the share price of Megaport Ltd (ASX: MP1) following the release of the company's latest quarterly update. It's currently up 19%. Megaport's revenue for the June quarter was 10% higher than that of the prior comparable period, coming in at $30.6 million.
The tech sector's strong performance also comes on the back of an equally good session on the tech-heavy NASDAQ index overnight.
The NASDAQ Composite lifted 3.11% on Tuesday, marking its best session in close to four weeks.
Sadly, the Novonix share price has a long way to go before it can break even. The stock is currently trading 75% lower than it was at the start of 2022. It has also slipped 13% since this time last year.
