Wolfspeed said it maintains what it called a constructive dialogue with the White House and the Commerce Department to secure federal funding.
Friday is looking like a lousy day to own stock in Wolfspeed (WOLF -47.49%) -- and nobody seems to know why.
Wolfspeed's shares slumped about 48% on Friday, hitting their lowest since 1998, a day after the chipmaker appointed a new CEO amid its struggles to improve its financial position.
Chipmaker Wolfspeed said on Thursday it appointed industry veteran Robert Feurle as its CEO, months after its board ousted former top boss Gregg Lowe.
Wolfspeed has hired Robert Feurle as the electric-vehicle chip maker's new chief executive, effective May 1.
Wolfspeed (WOLF -2.48%) is yet another company feeling the impacts of the slower-than-expected expansion of the EV industry.
WOLF suffers from softness in the industrial and energy markets, as well as widening losses and a cautious outlook.
Wolfspeed (WOLF -3.91%) and IonQ (IONQ -16.77%) aren't generally considered artificial intelligence (AI) stocks. Wolfspeed is a leading manufacturer of silicon carbide (SiC) chips, which are often associated with electric vehicle (EV) powertrains.
Wolfspeed (WOLF -8.56%), a producer of silicon carbide (SiC) chips, was once a red-hot semiconductor stock. Its shares surged to a record high of $141.87 on Nov. 16, 2021, clocking in a near-470% gain over the previous five years.
Elliott Investment Management made several portfolio moves in the fourth quarter, closing multiple options positions and shaking up the activist firm's technology exposure.
Shares of electric vehicle (EV) stocks were on the rise Thursday, including Rivian (RIVN 5.93%) and EV-related power chipmakers Wolfspeed (WOLF 16.56%) and Indie Semiconductor (INDI 5.65%). These stocks were up 5.7%, 14.9%, and 5.1%, respectively, as of 1:30 p.m.
Semiconductor stocks are a hot area to invest in thanks to the emergence of new industries, such as electric vehicles (EVs), renewable energy, and artificial intelligence. Consequently, many of these stocks experienced skyrocketing share prices, making it hard to find bargains in this sector.