Federal Lifeline Ignites Wolfspeed’s Stock Surge

Shares of Wolfspeed (WOLF) skyrocketed more than 25% in a single trading session following a major financial announcement. The catalyst was a substantial funding package from the Biden-Harris administration, which pledged up to $750 million in support through the CHIPS and Science Act program. This federal commitment, combined with additional financing from Apollo Global Management, delivers a total capital infusion of approximately $1.5 billion to the semiconductor specialist.

This substantial financial backing arrives at a critical juncture for the Durham, North Carolina-based company. Throughout 2024, Wolfspeed has been navigating significant financial strain and operational headwinds, making this funding a timely intervention.

The federal investment is specifically earmarked for expanding Wolfspeed’s industrial silicon carbide manufacturing capabilities in North Carolina and New York. These... Read more...