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Wolfspeed Stock Plunges on CHIPS Act Funding Concerns

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Wolfspeed shares lost nearly half their value Friday as comments by the semiconductor firm's outgoing interim Executive Chairman brought concerns about whether it will secure federal funding for its expansion efforts.
Wolfspeed, a company specializing in silicon carbide chips, experienced a significant drop in its stock price, falling over 18% after it was reported that the company might not receive the expected funding from the CHIPS and Science Act. This act aims to boost domestic semiconductor production in the U.S. The concerns arose after Wolfspeed's CEO, Gregg Lowe, mentioned in an interview that the company had not yet received any funds from the $52 billion allocated for semiconductor manufacturing. This uncertainty about government support, combined with the company's high capital expenditure needs for expanding its production capacity, led investors to sell off shares, reflecting broader market concerns about the sustainability and funding of U.S. semiconductor initiatives.

Read the Full Investopedia Article at:
[ https://www.msn.com/en-us/money/markets/wolfspeed-stock-plunges-on-chips-act-funding-concerns/ar-AA1BR00y ]