This Chipmaker Jumps Over 16% After Nvidia Rival Signs $750M Deal Under Biden's CHIPS And Science Act
Portfolio Pulse from Pooja Rajkumari
Wolfspeed Inc. (NYSE:WOLF) saw its stock jump over 16% after signing a $750 million funding deal with the U.S. Department of Commerce under the CHIPS and Science Act. This funding, along with additional financing from a consortium, aims to boost Wolfspeed's silicon carbide production in the U.S.
October 15, 2024 | 10:04 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Wolfspeed Inc. (NYSE:WOLF) experienced a significant stock price increase of over 16% following a $750 million funding agreement with the U.S. Department of Commerce under the CHIPS and Science Act. This funding, along with additional financing from a consortium, will support Wolfspeed's expansion of silicon carbide manufacturing in the U.S.
The $750 million funding deal under the CHIPS Act is a significant boost for Wolfspeed, enhancing its capacity to produce silicon carbide, a key component in various high-tech applications. This news has positively impacted the stock price, reflecting investor confidence in Wolfspeed's growth prospects.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100