The chipmaker still has irons in the fire.Navitas Semiconductor (NVTS 1.74%), a producer of gallium nitride (GaN) and silicon carbide (SiC) chips, went public by merging with a special purpose acquisition company (SPAC) on Oct. 21, 2021. Shares started trading at $13, and the price rallied to an all-time high of $22.19 on Nov. 12, 2021.At the time, investors were dazzled by its ambitious long-term forecasts. The buying frenzy in meme stocks in late 2021 amplified those gains and inflated its valuations. But ...