Why Wolfspeed Shares Are Popping Today
Portfolio Pulse from Lekha Gupta
Wolfspeed Inc's shares are trading higher by around 15% after it disclosed a 10-year silicon carbide wafer supply deal with Renesas Electronics Corporation. The deal includes a $2 billion deposit by Renesas and will support the adoption of silicon carbide across automotive, industrial, and energy markets. The deposit is expected to aid Wolfspeed's ongoing capacity construction projects, such as creating the world's largest silicon carbide materials factory in North Carolina.
July 05, 2023 | 10:56 am
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Wolfspeed's shares are trading higher after a 10-year supply deal with Renesas Electronics. The deal includes a $2 billion deposit by Renesas, aiding Wolfspeed's capacity construction projects.
The 10-year supply deal with Renesas Electronics and the $2 billion deposit by Renesas are positive news for Wolfspeed, which is likely to boost its stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Last month, Wolfspeed received $1.25 billion in secured note financing from an investment group led by Apollo Global Management Inc.
Apollo Global Management's financing to Wolfspeed is mentioned in the article, but it's unclear how this will impact its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Renesas Electronics Corporation has entered into a 10-year supply deal with Wolfspeed, including a $2 billion deposit.
The 10-year supply deal with Wolfspeed is a strategic move for Renesas Electronics, but it's unclear how this will impact its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Renesas Electronics Corporation has entered into a 10-year supply deal with Wolfspeed, including a $2 billion deposit.
The 10-year supply deal with Wolfspeed is a strategic move for Renesas Electronics, but it's unclear how this will impact its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80