We recently published 10 Firms Crashing Harder Than Wall Street. Navitas Semiconductor Corp. is one of the worst performers on Tuesday.
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. 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. 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. President and CEO Chris Allexandre.
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This article is originally published at Insider Monkey.
