Navitas Semiconductor Corp's stock fell sharply by 5.19% in pre-market trading on Tuesday, as the broader semiconductor sector experienced significant declines.

The drop was part of a widespread selloff affecting multiple chip stocks during the pre-market session. Companies including ARM, SOXL, Microchip, Marvell, Arteris, AMD, Broadcom, Intel, TSMC, ASML, and Qualcomm all saw declines ranging from 2% to 6%.