Navitas Semiconductor Corp (NVTS) saw its stock price plummet 5.12% in pre-market trading on Wednesday, continuing the downward trend observed in the broader semiconductor sector. This decline follows a significant 24-hour drop of 5.46% on Tuesday, highlighting the growing pressure on chip manufacturers in the current market environment.

The sell-off appears to be industry-wide rather than specific to Navitas. Other prominent chip stocks, including SOXL, ON Semi, Microchip, and Marvell, also experienced declines of around 2% in overnight trading. STMicroelectronics faced a similar fate with a drop of over 1%, further emphasizing the sector-wide nature of this downturn.

While the exact reasons for the chip stock decline remain unclear, market watchers speculate that it could be due to broader market conditions, ongoing supply chain issues, or shifting demand in the tech sector. As the situation unfolds, investors and analysts will be closely monitoring chip stocks, including Navitas Semiconductor, for signs of recovery or potential further decline in the coming trading sessions.