As seen on the 24/7 Wall St. homepage on July 2, 2026.
GaN power chip specialist slides sharply as semiconductor stocks face renewed selling pressure in regular trading.
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Earnings split the session at the close: Airbnb's raised revenue outlook lifted it 15.1% while Trade Desk lost nearly a quarter of its value. Travel, optics and AI names carried the session; ad tech and crypto miners absorbed the damage.
Navitas is up 12.5% to $11.82 as buyers chase gallium nitride power chips, the piece of the AI data center buildout that keeps racks fed and cool. The move puts it back in the same bid as today's other AI power and networking winners.
Lucid rocketed 20.5% at the close on fresh capital momentum, while semiconductor stocks stumbled with SanDisk and Navitas both down over 11%.
Navitas beat both earnings and revenue for the seventh straight quarter as its AI infrastructure pivot accelerates, with high-power markets growing over 50% year-over-year and management guiding Q3 revenue 28% higher sequentially. Cash more than doubled to $557 million, funding an aggressive shift away from mobile toward 800V data center architectures where the company sees record bookings.
Navitas Semiconductor reports Q2 results after the bell today as power-chip demand from AI data centers and EV makers stays white-hot.
751 companies report this week with AstraZeneca and Baker Hughes leading Monday's open, flipping the calendar to Q2 results.
Lucid jumped 8.4% to lead gainers while semiconductor names crashed, with SanDisk tanking 13.4% and Navitas sliding 12% at Thursday's close.
Navitas Semiconductor shares tumbled as GaN power semiconductor demand softens, testing the sector's recent momentum.
Rivian and Netflix surge on the close while semiconductor and optical networking stocks crater, with Applied Optoelectronics down 17.35% leading the wreckage.
Travel and fintech stocks surge at the close as Expedia and Affirm lead gainers, while crypto miners and Navitas Semiconductor crater on heavy selling.
GaN and SiC power semiconductor demand concerns hit the stock as investors reassess datacenter and EV growth expectations.