10 Firms Crashing Harder Than Wall Street

7. Navitas Semiconductor Corp. (NASDAQ:NVTS)

Navitas dropped its share prices by 12.11 percent on Tuesday to close at $15.03 apiece as investors resorted to profit-taking after the previous days’ new record high.

In other news, Navitas Semiconductor Corp. (NASDAQ:NVTS) is scheduled to release the results of its third quarter financial and operating highlights after market close on November 3, to be followed by a conference call to elaborate on the results.

Last week, optimism for the company was buoyed by the launch of a new chip capable of supporting Nvidia Corp.’s 800-volt direct current (VDC) system for the next-generation artificial intelligence (AI).

Called GaNFast and GeneSic, Navitas Semiconductor Corp. (NASDAQ:NVTS) said that both technologies are capable of providing unprecedented levels of power density, efficiency, and scalability for the 800-VDC system.

“[With] the industry [moving] rapidly toward megawatt-scale AI computing platforms, the need for more efficient, scalable, and reliable power delivery becomes absolutely critical. The transition … to 800 VDC is not just evolutionary, it’s transformational,” said Navitas Semiconductor Corp. (NASDAQ:NVTS) President and CEO Chris Allexandre.