I saw the filing, of course. One does, when one spends entirely too much time staring at SEC documents. It’s a sort of nervous habit, like checking the expiration date on everything in the refrigerator. Capricorn Investment Group, bless their hearts, trimmed their stake in Navitas Semiconductor. 1,188,884 shares, to be precise. It’s the specificity that always gets me. Like they’re counting individual grains of sand, or the number of times my aunt has rearranged her porcelain dolls. The whole thing felt…familiar. Like a slightly disappointing plot twist in a long-running, low-budget television show.
A Small Reduction, a Larger Question
Eleven point four-four million dollars, they say. It’s a number that feels both enormous and utterly meaningless. Enough to buy a small island, I suppose, or a truly impressive collection of vintage thimbles. The fund still holds a sizable chunk, $57.07 million worth as of December 31st. It’s the kind of wealth that allows people to have entire rooms dedicated to hobbies they never actually pursue. They’ve been in on this since 2021, which, in tech years, is practically the Paleolithic era. It reminds me of a disastrous attempt to grow orchids. Lots of initial enthusiasm, a considerable investment in specialized equipment, and then… a slow, inevitable decline.
Their top holdings, as of the filing, read like a list of things I’ll never understand: Joby, PL, QS, OTF. It’s a strange alphabet soup of ambition. And then Navitas, still clinging on, making up 6.9% of their portfolio. Like a slightly embarrassing family heirloom. The stock itself, up 176.7% over the past year. Outperforming the S&P 500 by 164.91 percentage points. Impressive, certainly. But numbers, I’ve learned, are often excellent liars.
The GaN of It All
Navitas, for those of us who haven’t memorized the semiconductor industry’s family tree, designs and sells gallium nitride power integrated circuits. GaN, apparently, is the future. Or at least, a very promising present. It’s all about efficiency, compactness, and reducing the amount of heat generated by electronic devices. Which, honestly, sounds like a metaphor for a successful marriage. They serve markets in China, the United States, Taiwan, Korea, and internationally. A truly global operation. I once tried to order a replacement part for a toaster from Taiwan. It took three weeks and involved a series of increasingly frantic emails. I suspect Navitas has a more streamlined process.
Here’s a little table, for those of you who like your data neatly organized:
| Metric | Value |
|---|---|
| Price (as of market close 2026-02-13) | $8.30 |
| Market Capitalization | $1.78 billion |
| Revenue (TTM) | $45.90 million |
| Net Income (TTM) | ($116.95 million) |
A loss, naturally. It’s always the way. The dream is always more profitable than the reality.
What Does It Mean?
Capricorn selling 13% of its Navitas holdings… it’s a signal, isn’t it? Not a definitive one, of course. Funds don’t leave little notes explaining their reasoning. But it suggests they’re reassessing. Perhaps they saw the stock price spike, took some profits, and decided to protect their gains. Or maybe they’re bracing for a downturn. The AI data center market is booming, yes, but bubbles have a nasty habit of bursting. And Navitas, it turns out, is in the middle of a revenue slump. Down 45% from 2024. A significant drop. It’s like realizing your favorite sweater has a hole in the elbow. Disappointing, but not entirely unexpected.
But they’re still holding on. Still believing in this pivot towards data centers. Perhaps they see something the rest of us don’t. Or perhaps they’re just stubborn. I understand stubbornness. It’s a family trait. It’s also a remarkably effective way to avoid admitting you’ve made a mistake.
I’ll be watching, of course. Staring at the SEC filings, checking the numbers, wondering what it all means. It’s a pointless exercise, I know. But it’s better than cleaning the gutters. And it provides a certain… morbid fascination. Like watching a slow-motion train wreck. You know it’s going to happen, you just don’t know when. And, if you’re honest with yourself, you’re secretly hoping for a spectacular crash.
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2026-03-04 05:32