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AI Summary: Navitas' unprofitable status and potential delays in GaN adoption due to silicon incumbent entrenchment pose risks to the thesis.

GaN has been 'the next silicon killer' for at least a decade. The physics argument is real but adoption curves in infrastructure are brutally slow. NVTS is burning cash and FPLSF is essentially illiquid. The thesis might be right on a 10-year horizon but that's not a trade, that's a donation.