Wolfspeed (WOLF, Financial) has experienced significant gains over the past four trading sessions, rising by 68%. The stock continued its upward trend, gaining an additional 16.16%, reaching $16.03. This surge follows the announcement of a preliminary memorandum of terms with the U.S. Department of Commerce.
Under the CHIPS and Science Act, Wolfspeed is set to receive up to $7.5 billion in funding from the U.S. Department of Commerce. This financial assistance is aimed at supporting the construction of the John Palmour Silicon Carbide Manufacturing Center in Siler City, North Carolina. Additionally, the funds will facilitate the expansion of Wolfspeed's existing silicon carbide device manufacturing facility in Marcy, New York.
