SiTime Corp's stock plummeted 6.59% intraday, as investors engaged in profit-taking following a substantial recent rally, compounded by broad weakness across the semiconductor sector.

The decline follows a surge of over 22% earlier this month after the company reported first-quarter results that significantly exceeded expectations, with adjusted earnings per share of $1.44 against a consensus estimate of $1.16 and revenue of $113.6 million representing 88.4% year-over-year growth. The positive momentum was further supported by the announcement of an acquisition of Renesas Electronics' timing business, targeting the energy-efficient clock chip market for AI data centers, which led UBS to raise its price target on the stock.

The selling pressure was amplified by sector-wide softness, with major semiconductor peers including Micron Technology, Intel, Advanced Micro Devices, and Qualcomm also trading lower during the session.