Navitas Semiconductor Corp (NASDAQ:NVTS) stock is trading lower on Friday. The drop comes as traders lock in profits following a massive 266% year-to-date rally, alongside emerging concerns regarding stock dilution.
Nasdaq futures are down 0.97% while S&P 500 futures have shed 0.39%.
Something went wrong.
Heavy Profit-Taking After Massive AI Rally
The semiconductor company experienced a meteoric rise earlier this year, heavily driven by its high-profile collaboration with NVIDIA Corp MGX ecosystem to accelerate next-generation 800 VDC AI infrastructure. However, following a 266% year-to-date surge, investors are aggressively taking profits on Friday, putting downward pressure on the equity.
