NEW YORK, June 9, 2026, 17:06 (EDT)
Navitas Semiconductor slipped 6.6% to $22.85 on Tuesday. The power-chip stock lost ground after early gains, as traders sized up a fresh stock-selling plan and news of a board member leaving. Broader chip names were lower too. Navitas, listed on the Nasdaq, moved between $20.71 and $25.58. More than 42.5 million shares changed hands.
The move is notable as Navitas has turned into a high-beta bet on part of the artificial-intelligence buildout: power delivery. The company makes gallium nitride (GaN) and silicon carbide (SiC) power semiconductors—chips using materials that run at higher voltage and heat than standard silicon. Navitas sells into AI data centers, grid gear, and industrial electrification.
Navitas Semiconductor filed a June 8 prospectus supplement for the sale of as much as $500 million in Class A common stock via UBS Investment Bank, Morgan Stanley, and Needham & Company. This type of program can raise cash for a growth name but issuing new shares may dilute current holders.
Navitas said Monday it rolled out an isolated through-hole package for SiC MOSFETs, targeting direct-cooled thermal setups in 1,200- to 3,300-volt products. Paul Wheeler, vice president and GM of SiC, said the new design aims for “efficient thermal management with robust high-voltage isolation” and claims “power module–class performance” in a smaller footprint. Navitas Semiconductor
Navitas filed for financing just days after the company flagged its role in Nvidia’s MGX ecosystem, which is aimed at 800-volt DC AI systems. CEO Chris Allexandre called power delivery “one of the most critical challenges” as AI loads get bigger, saying Navitas is going after more power density and a smaller hardware footprint. Navitas Semiconductor
Semis got hit hard. The Philadelphia Semiconductor Index was down as much as 8.6% before cutting its loss, and the Nasdaq Composite ended down 0.98%. JonesTrading’s Michael O’Rourke called the action a “momentum unwind.” Reuters
Navitas said in a Form 8-K filed Tuesday that director Ranbir Singh quit the board, effective right away. Navitas said Singh didn’t give a reason for his departure and pointed to his earlier Schedule 13D filings. Singh joined the board in November 2024 and was chair of the Executive Steering Committee.
Navitas is still in the early part of its business rollout. The company reported first-quarter revenue of $8.6 million, down from $14.0 million a year ago but up compared to the previous quarter’s $7.3 million. Navitas posted a net loss of $33.8 million. The company ended March with $221.0 million in cash. For the second quarter, it is guiding to revenue of $10.0 million, give or take $0.5 million.
Navitas says the competitive field is crowded. In its annual report, the company named Infineon, Power Integrations and Texas Instruments as GaN competitors, while Infineon, Wolfspeed, Onsemi, Rohm, Qorvo and STMicroelectronics are SiC rivals. Navitas said many of these competitors have more financial resources.
Shares may have outpaced actual revenue at this point. Navitas has a $500 million sale capacity that might help the balance sheet, but selling at below-market prices would dilute current shareholders. The company also cautioned that the 800-volt AI system market is still unproven, and said its “design wins” don’t equal firm orders, backlog, or guaranteed revenue. GlobeNewswire
Investors keep selling a stock that’s still trading on AI-infrastructure expectations. The shares dropped Tuesday as a new product failed to counter worries about financing, questions around management, and weakness in the semiconductor market.
