Navitas Semiconductor Corp (NVTS) experienced a significant 24-hour plunge of 5.46% on Tuesday, as part of a wider downturn in the semiconductor sector. The stock's decline reflects growing pressure on chip manufacturers in the current market environment.

The sell-off was not isolated to Navitas, as several other prominent chip stocks also saw declines in overnight trading. Notable companies affected include SOXL, ON Semi, Microchip, and Marvell, all of which dropped around 2%. STMicroelectronics also faced a decline of over 1%, indicating a sector-wide trend rather than company-specific issues.

While the exact reasons for the chip stock decline were not explicitly stated, the movement suggests potential concerns about the semiconductor industry's near-term prospects. Investors may be reacting to broader market conditions, supply chain issues, or shifting demand in the tech sector. As the situation develops, market watchers will be closely monitoring chip stocks for signs of recovery or further decline.