Wolfspeed Shares Surge on Major Federal and Private Funding Package

Wolfspeed Inc. witnessed an extraordinary surge in its share price, climbing more than 40% over a three-day period. This powerful rally was ignited by the announcement of a landmark $1.5 billion financing arrangement, which strategically blends U.S. government support with significant private capital investment. The stock catapulted from $11.38 to $15.90 as the market celebrated this transformative capital infusion.

The catalyst for this dramatic move was a dual-pronged funding revelation on October 15, 2024. The U.S. Department of Commerce committed $750 million in direct funding for Wolfspeed under the CHIPS and Science Act. In a simultaneous and equally substantial private sector move, an investor consortium led by Apollo, and including The Baupost Group, Fidelity, and Capital Group, pledged an additional $750 million. When combined with... Read more...