Silicon Investor - Wolf speed

[teevee] I noticed I-Pulse won a $250 million grant from DOE. Interestingly, they appear ...

teevee — 6/28/2026 7:09:48 AM

I noticed I-Pulse won a $250 million grant from DOE. Interestingly, they appear to be working with Wolfspeed on SiC semiconductors for their I=Pulse system.

Wolfspeed to develop and commercialize cutting-edge, high-temperature, high-current, high-voltage solid-state switches.
Mining and Rare Earths: Turning Energy into Yield
Traditional mining and mineral processing consume as much as 3-4% of global electricity and approximately 15% of global emissions. Mechanical rock grinding is one of the most energy-hungry steps. Traditional mechanical spark-gap switches in pulsed-power rock crushers wear out frequently, forcing operators to budget for downtime, maintenance, and lost production. High-voltage SiC enables mining organizations to transition from mechanical grinding systems to pulse-power rock fracturing systems that use ~80% less energy while delivering higher yield. In addition, SiC pulse-power systems offer extremely long operating lifetimes, more precise control, and higher metal recovery per ton of ore, especially important for critical rare earth deposits.

https://www.wolfspeed.com/knowledge-center/article/how-high-voltage-silicon-carbide-is-redefining-critical-power/

[zax] Opened a small position today. Speculative.

zax — 6/24/2026 11:46:27 AM

[teevee] i won't be surprised if WOLF market cap goes up to match replacement value of th...

teevee — 5/13/2026 1:58:42 PM

i won't be surprised if WOLF market cap goes up to match replacement value of the new facilities, or about $7 billion. With about 59 million shares fully diluted, target price would be about $140/share.

[slacker711] A few big substacks have started pushing Wolf as a big beneficiary of 800V AI bu...

slacker711 — 5/13/2026 10:37:28 AM

A few big substacks have started pushing Wolf as a big beneficiary of 800V AI build out.

and there just aren't that many shares available in the new company.

[Sam] WOLF just got a plug on CNBC. Up over 15% now, over 50% in the last month. Short...

Sam — 5/13/2026 10:26:40 AM

WOLF just got a plug on CNBC. Up over 15% now, over 50% in the last month.
Short squeeze, they ask?

[Ron] Wolfspeed, Inc. Q3 2026 Earnings Call Summary finance.yahoo.com

Ron — 5/7/2026 11:20:03 AM

[slacker711] The company doesn't appear to be making much progress. It appears that they are ...

slacker711 — 5/6/2026 3:07:07 PM

The company doesn't appear to be making much progress. It appears that they are selling SiC at basically the cost of production (~4% gross margins if you take out the underutilization charge). They are projecting flat QoQ revenues which are still well under quarterly revenues in the past.

A rising tide lifts all boats and maybe they get the 300mm SiC interposer for CoWoS, but it doesn't seem like the company has figured out how to manufacture at high yields yet.

[teevee] After listening to quarterly presentation and looking at financials, market sent...

teevee — 5/6/2026 1:55:15 PM

After listening to quarterly presentation and looking at financials, market sentiment on WOLF appears to have changed from "show me the money" to "forward looking", believing that WOLF will be able to meet and deliver into 300mm growing demand and market

[slacker711] Thanks, I had missed that. This opportunity is really right up their alley in t...

slacker711 — 4/23/2026 11:32:20 AM

Thanks, I had missed that.

This opportunity is really right up their alley in terms of expertise and experience. I hope they can execute and take advantage of it.

[EvanG] Wolfspeed CTO had interview recently and discussed it. Video and transcript at t...

EvanG — 4/23/2026 10:48:25 AM

Wolfspeed CTO had interview recently and discussed it. Video and transcript at this link. Timeline could still be far out, everyone seems to have rushed out 300mm announcements. But it could take years to perfect.

powerelectronicsnews.com

[teevee] Wolfspeed is actively positioning itself to supply the silicon-carbide (SiC) waf...

teevee — 4/23/2026 9:53:09 AM

Wolfspeed is actively positioning itself to supply the silicon-carbide (SiC) wafer material that would enable SiC interposers for later NVIDIA Rubin variants (and other next-gen AI/HPC GPUs).While Wolfspeed does not yet manufacture finished interposers (that step would be handled by TSMC or OSAT partners via TSVs, RDL, micro-bumps, etc.), they are the global leader in large-diameter SiC wafers and have explicitly targeted this exact use case. Their March 10, 2026 announcement directly addresses the thermal challenges NVIDIA is facing with massive multi-die Rubin packages.Wolfspeed’s SiC Platform for AI Packaging

300 mm SiC wafers as the key enabler: Wolfspeed achieved a major milestone in January 2026 by producing single-crystal 300 mm SiC wafers. This diameter matches industry-standard semiconductor tooling and allows fabrication of much larger interposers than traditional 150–200 mm SiC wafers.
Conceptual SiC interposer demo: They publicly demonstrated a large 100 mm × 100 mm interposer substrate made possible by their 300 mm wafers. They also released a simplified rendering of a next-generation HPC heterogeneous package using a SiC interposer (GPU compute dies + HBM stacks on SiC for superior heat spreading).
Core advantages for Rubin-like designs:
- Thermal conductivity: 370–490 W/m·K (roughly 3× better than silicon) ? dramatically better lateral/vertical heat dissipation under sustained high-power AI workloads.
- Mechanical robustness: High stiffness and thermal stability to support massive package sizes, multi-chiplet assemblies, and many HBM stacks without warping.
- Electrical benefits: High resistivity enables denser routing, lower-loss signals, and simplified power delivery/isolation.

These directly solve the warping and thermal bottlenecks reported in very large CoWoS-L packages for Rubin Ultra and future variants.Timeline and Rubin Fit

First-gen Rubin (2026): Expected to stay with traditional silicon interposers (CoWoS-L), as TSMC/NVIDIA are still maturing SiC processing.
Later Rubin variants: SiC interposers become viable once manufacturing is de-risked. Wolfspeed’s roadmap explicitly targets “by the end of this decade” as a foundational material for hybrid SiC–silicon advanced packaging. This aligns perfectly with NVIDIA’s push (via TSMC) for SiC in post-2026 Rubin evolutions or successors when heat densities exceed silicon limits.

Wolfspeed is already running an ongoing partner evaluation program with foundries, OSATs (e.g., TSMC), system architects, and research institutions to test feasibility, reliability, and integration. No public contract with TSMC/NVIDIA has been announced yet, but their language (“engaging AI ecosystem partners”) and conceptual package renderings are clearly aimed at exactly this market. Why Wolfspeed Is the Leading Candidate

They dominate high-quality, large-area SiC wafer production (far ahead of most competitors on 300 mm scale).
TSMC has been inviting global SiC suppliers to jointly develop interposer tech; Wolfspeed’s 300 mm breakthrough and explicit AI/HPC focus make them a natural fit (alongside players like GlobalWafers for regional supply).
Industry commentary already links Wolfspeed’s SiC push to NVIDIA’s Rubin SiC interposer roadmap.

In short: Wolfspeed cannot supply finished SiC interposers today, but they are the most credible supplier of the critical SiC wafer substrates that would make them possible — and they have deliberately designed their latest platform around the exact thermal/power challenges of later Rubin processors. If TSMC successfully qualifies SiC interposer processing, Wolfspeed is positioned to be a primary materials provider. This is still in the evaluation/conceptual phase, but the momentum is clear and matches NVIDIA’s known roadmap.

The key to this is whether or not WOLF can deliver volume to meet market demand.

[slacker711] We haven't heard much about SiC and CoWoS since then but it does seem to make se...

slacker711 — 4/23/2026 9:06:45 AM

We haven't heard much about SiC and CoWoS since then but it does seem to make sense that SiCs heat dissipation/ structural rigidness would help as power requirements and size scale for AI compute. There are rumors of warping with Rubin Ultra so maybe we'll hear more as the year progresses?

[Lou Weed] Very, very interesting. If anyone has the funding for this adoption, it's defini...

Lou Weed — 4/22/2026 9:59:00 PM

Very, very interesting. If anyone has the funding for this adoption, it's definitely Nvidia. They could buy WOLF from Jensen's petty cash account alone! Another one to watch is Coherent, who still have the former II-VI materials business. Coherent already have a partnership with Nvidia in optics.....

[EvanG] Over the past year there has been talk of SiC wafers being applied for applicati...

EvanG — 4/22/2026 9:29:49 PM

Over the past year there has been talk of SiC wafers being applied for applications beyond SiC/GaN devices. Rumors about SiC wafers being used for the CoWoS interposer layer. Just a rumor so far. But at least one manufacturer is saying that reaction bonded SiC/diamond will be adopted for heat sinks next year so the large heat loads are starting to cause drastic changes.

digitimes.com

[X]

Nvidia to Replace Silicon with Silicon Carbide (SiC) in CoWoS Interposer for Rubin Processors – Accelerating R&D with TSMC (Taiwanese Media)

• To improve performance, Nvidia is pushing to replace the current silicon interposer material in the CoWoS advanced packaging process…
— Jukan (@jukan05) September 5, 2025

[/X]

[slacker711] In theory, they are a pure play on the DC data center build since any SiC/GaN co...

slacker711 — 4/22/2026 7:54:05 AM

In theory, they are a pure play on the DC data center build since any SiC/GaN component shortage would benefit their pricing across the board.

In reality, you have to be able to manufacture with good yields to really benefit from that.

We'll see whether they've figured out the manufacturing part yet.

[Ron] WOLF quite a climber lately, along with the semiconductor sector. Earnings are M...

Ron — 4/21/2026 10:05:50 AM

WOLF quite a climber lately, along with the semiconductor sector. Earnings are May 8th...

[Lou Weed] IMO the real hurdle is the Chinese Materials suppliers (Sanan, Tanke Blue etc.)....

Lou Weed — 2/8/2026 9:29:05 AM

IMO the real hurdle is the Chinese Materials suppliers (Sanan, Tanke Blue etc.). I still talk with former colleagues in the industry who are telling me that their quality has improved dramatically the last couple years and they're driving pricing down the rabbit hole. Wash, rinse, repeat. For a one trick pony like Wolfspeed, that's a huge hurdle. Time will tell but the only buying I'll be doing on this stock will be for quick scalp day trades or very short-term swings.

[Ron] I had a number of friends who worked for CREE at various times. I hope they can...

Ron — 2/6/2026 11:18:22 PM

I had a number of friends who worked for CREE at various times.
I hope they can pull this off. That's a big, expensive plant sitting mostly idle.

[Lou Weed] I worked there way back in the day. JP was my boss....and the best I ever had. ...

Lou Weed — 2/6/2026 5:09:34 PM

I worked there way back in the day. JP was my boss....and the best I ever had. A true gentleman and one of the smartest (and nicest) guys I have ever met. So sad to see what Lowe & his cohorts have done to this once great entity. F***ing vampire......should be ashamed of himself. But we all know he isn't......

Anyhoo, I hope they can rise from the ashes......

IMO, they need to focus on building capacity for the 200mm before talking 300mm. Are we seeing deja vu all over again?!?

[Ron] [bluesky] Four months removed from bankruptcy, the North Carolina chipmaker has...

Ron — 2/6/2026 9:22:56 AM

[bluesky]

Four months removed from bankruptcy, the North Carolina chipmaker has new plans and a massive dormant factory.
— The News & Observer (@newsobserver.com) 2026-02-06T14:20:13.850Z

[/bluesky]

[Ron] Wolfspeed, the Durham-based maker of semiconductors, has received $698.6 milli...

Ron — 12/4/2025 4:29:47 PM

Wolfspeed, the Durham-based maker of semiconductors, has received $698.6 million in federal tax refunds from the Internal Revenue Service under a program established to boost domestic chip manufacturing, the company said Thursday.
wral.com

[Ron] Sharp drop after earnings tradingview.com

Ron — 11/7/2025 1:30:59 PM

[teevee] the market has spoken this morning. Forward guidance not encouraging.

teevee — 10/30/2025 9:55:25 AM

[teevee] will new management be able to demonstrate a pathway to achieve a 10% return on ...

teevee — 10/28/2025 2:55:41 PM

will new management be able to demonstrate a pathway to achieve a 10% return on the $5 billion replacement cost for their new facilities? We shall soon find out in the Oct 29th first quarter earnings release and call, or will they ask for more patience from shareholders? $5 or $50 on the way to $200 over a few years?

[teevee] statistics has institutions holding 267% of the share capitalization, yet states...

teevee — 10/20/2025 1:33:34 PM

statistics has institutions holding 267% of the share capitalization, yet states the short position at 3.3M.
I don't understand. What is the actual short position?

Upcoming first quarter report post emerging from Chapter 11 should provide interesting insights.
$5 or $50?

[slacker711] I don't think that the short position numbers reflect the new restructured share...

slacker711 — 10/9/2025 10:50:46 AM

I don't think that the short position numbers reflect the new restructured shares.

That being said, there's a 25% rate on WOLF shares right now and the retail float is likely very low. So yes, the stock could moon.

It would be nice if the company could figure out how to manufacture SiC at a decent yield this time so they could have real profits underlying the shares.

[Ron] Yep...

Ron — 10/9/2025 10:32:46 AM

[teevee] looks like a game stop situation. Look at the short position versus share capita...

teevee — 10/8/2025 8:44:59 PM

looks like a game stop situation. Look at the short position versus share capitalization

finance.yahoo.com

[teevee] old share capitalization now 1,306,920 shares. New share capitalization is 25, 8...

teevee — 9/30/2025 9:58:32 AM

old share capitalization now 1,306,920 shares. New share capitalization is 25, 840,000 shares. Debtors received 24,533,080 shares Old shareholders received 5.33% of new shares. For debtors who took 24,533,080 shares for $5 billion in debt, they need $203.81 to get their money back. I doubt they will be selling any time soon so the new WOLF shares have a long way to go. The stock is tightly held with a very small float so I expect the share price will continue to dramatically rise.

[Ron] For now, it looks like it's being played as a short squeeze. Staying completely...

Ron — 9/29/2025 7:09:33 PM

For now, it looks like it's being played as a short squeeze. Staying completely away from this mess.

[teevee] old stock was cancelled today. Will be interesting to see how the trades are dea...

teevee — 9/29/2025 6:11:09 PM

old stock was cancelled today. Will be interesting to see how the trades are dealth with because those who sold, sold cancelled shares.

Conversion is .008352 new shares for each old share (about 119.732 old shares for 1 new share) and the old share capitalization of about 156.48 million shares is now about 25.84 million shares.

If the asset value of the company is equal to replacement value less, then the company is worth about $5 billion or about $193/ new share.

If the metrics are tied to existing cash flow, sales etc, the shares will be worth considerably less.

[Ron] This kind of behavior seems 'bubblish' to me...

Ron — 9/29/2025 1:32:01 PM

[Sam] This is what caused a "surge" in the stock price? What is wrong with people?! S...

Sam — 9/29/2025 1:20:19 PM

This is what caused a "surge" in the stock price? What is wrong with people?!

Shareholders will receive new common stock in the reorganized company. However, the restructuring involves significant dilution, with current shareholders set to receive only 3-5% of the new equity as creditors take majority ownership.

The massive debt reduction sparked speculative trading, fueling the dramatic price surge amid several trading halts Monday morning.

[teevee] assuming shareholders receive about 5% of new equity, I estimate the new share c...

teevee — 9/29/2025 1:19:35 PM

assuming shareholders receive about 5% of new equity, I estimate the new share capitalization will be about 3.129 billion shares. Wish I would have caught the early moring trading. I expect the stock will open much much lower.

[Ron] Finally we get some news: Wolfspeed Inc (NYSE: WOLF) shares are surging Monday...

Ron — 9/29/2025 1:11:02 PM

Finally we get some news:

Wolfspeed Inc (NYSE: WOLF) shares are surging Monday afternoon after the company announced a reorganization plan, with shareholders receiving substituted new common stock. The stock surged as much as 1,450% following news of its Chapter 11 restructuring and corporate changes. Here’s what investors need to know.

What To Know: Wolfspeed’s court-approved plan will slash its debt by 70%, from $6.5 billion to $2 billion, and cut interest payments by about 60%. As part of the process, Wolfspeed will reincorporate from North Carolina to Delaware.

In connection with these changes, the New York Stock Exchange suspended trading of the “old” Wolfspeed common stock on Monday. Wolfspeed’s “old” common stock is set to be delisted on Oct. 10.

Shareholders will receive new common stock in the reorganized company. However, the restructuring involves significant dilution, with current shareholders set to receive only 3-5% of the new equity as creditors take majority ownership.

The massive debt reduction sparked speculative trading, fueling the dramatic price surge amid several trading halts Monday morning.
--------
Just watching... I miss CREE

[Lou Weed] My old friend JP would be turning in his grave with what's happened here. Hubri...

Lou Weed — 9/29/2025 12:21:20 PM

My old friend JP would be turning in his grave with what's happened here. Hubris is a thing....

[Ron] Reorganization: Shifting incorporation to Delaware...and what is this, a reverse...

Ron — 9/29/2025 12:14:03 PM

Reorganization: Shifting incorporation to Delaware...and what is this, a reverse stock split?

finance.yahoo.com

[Ron] Reorganization announcement: finance.yahoo.com

Ron — 9/9/2025 10:39:26 PM

[Ron] Wolfspeed stock moves higher with the hiring of a new CEO finance.yahoo.com

Ron — 7/8/2025 9:45:08 AM

[Ron] Durham chipmaker Wolfspeed files for bankruptcy protection, seeking to reduce de...

Ron — 6/30/2025 8:32:28 PM

Durham chipmaker Wolfspeed files for bankruptcy protection, seeking to reduce debt, wral.com

[Ron] Creditors to gain control of Wolfspeed under bankruptcy plan, company says wral....

Ron — 6/22/2025 10:29:25 PM

Creditors to gain control of Wolfspeed under bankruptcy plan, company says
wral.com

[Ron] Durham-based chipmaker Wolfspeed, which has been working to pay down debt and cu...

Ron — 6/20/2025 9:37:04 AM

Durham-based chipmaker Wolfspeed, which has been working to pay down debt and cut costs amid softer demand for semiconductors, appears to be edging closer to filing for bankruptcy protection. wral.com

[Sam] Market Chatter: Wolfspeed to Be Taken Over by Creditors Via Prepackaged Bankrupt...

Sam — 6/18/2025 10:42:04 AM

Market Chatter: Wolfspeed to Be Taken Over by Creditors Via Prepackaged Bankruptcy Deal

MT NEWSWIRES 10:29 AM ET 6/18/2025

WOLF	1.325	+0.075 (+6%)
APO	134.3422	+1.9822 (+1.4976%)
QUOTES AS OF 10:42:22 AM ET 06/18/2025

Symbol Last Price Change

10:29 AM EDT, 06/18/2025 (MT Newswires) -- Wolfspeed's(WOLF) creditors, including Apollo Global Management(APO) , will take over the company as part of a deal that will speed up a Chapter 11 bankruptcy process, Bloomberg reported Tuesday, citing people familiar with the plan.

The chipmaker will imminently disclose a prepackaged bankruptcy arrangement and then ask creditors to vote on it, followed by a Chapter 11 bankruptcy filing, the people reportedly said.

Shareholders can potentially recover about 5% in the proposed deal, the report said, citing one of the people.

Wolfspeed (WOLF) declined and Apollo did not immediately respond to MT Newswires' request for comment.

Shares of Wolfspeed(WOLF) were up 7.3% while Apollo shares were up 1.3% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 1.34, Change: +0.09, Percent Change: +7.28

[Lou Weed] << Also, no one else is growing 200 mm SiC crystals.>> Coherent (formerly II-V...

Lou Weed — 5/22/2025 8:22:40 AM

<< Also, no one else is growing 200 mm SiC crystals.>>

Coherent (formerly II-VI Inc.) are also providing 200mm substrate and epi wafer......

[teevee] The Chapter 11 is a staged Chapter 11 by Wolfspeed and the large creditors. This...

teevee — 5/21/2025 10:27:48 PM

The Chapter 11 is a staged Chapter 11 by Wolfspeed and the large creditors. This is necessary so that WOLF remains compliant with criteria for CHIPS ACT eligibility. I suspect being offside on loan covenants is what got in the way of restructuring debt due in 2026 and 2028. No doubt equity will get hurt in some way, but I don't think it will be wiped out. WOLF's process is largely proprietary. If creditors took the company, they couldn't operate it; and a significant portion of WOLF's business is classified as it provides SiC semiconductors to the military. For national security reasons alone, WOLF can't go down because the US military can't rely on the EU and China for its SiC semiconductors. Also, no one else is growing 200 mm SiC crystals. I expect this Chapter 11 will be a unique and most interesting one once we get to see some details. Like everyone else, I am deeply under water on my cost base on WOLF stock that I hold. It is so close to zero, I would rather hold than sell it for salvage. It may be an interesting speculation to buy the stock down here, however, at this time, I don't want to throw good money after bad.

[Lou Weed] A real shame to see this. I worked there many years ago and it was one of the b...

Lou Weed — 5/21/2025 8:42:13 AM

A real shame to see this. I worked there many years ago and it was one of the best stints of my career. John Palmour was the best boss I ever had....a brilliant and very fair man. Lowe made some very risky and ill-timed decisions and walked away with millions more in his bank account. I find it strange that they bring in a new CEO right before this.....something about the whole thing seems a little fishy to me.

Another question is how does this change the SiC materials marketplace? I know the Chinese as of late have been coming on strong with good quality stuff and lower pricing. Probably one of the big factors in this demise.......

There's also the strategic importance of this business to the Govt. This was the main reason Infineon were shut out of their proposed acquisition a few years back. A lot still to unfold IMHO......

[Ron] Shares of Wolfspeed, Inc. (WOLF), a manufacturer of wide bandgap semiconductor...

Ron — 5/20/2025 11:22:13 PM

Shares of Wolfspeed, Inc. (WOLF), a manufacturer of wide bandgap semiconductors, plummeted in Tuesday’s after-hours session amid reports of a Chapter 11 bankruptcy filing.

By late Tuesday, the 24-hour message volume on the Wolfspeed stream on Stocktwits jumped over 352%.

A Wall Street Journal report, citing people familiar with the matter, said the Durham, North Carolina-based company was eyeing a prepackaged bankruptcy filing within weeks. According to the report, most of the company’s creditors will likely support the proceedings.

stocktwits.com

[slacker711] A sad ending. They had the right technology, at the right time, for the right m...

slacker711 — 5/20/2025 5:08:45 PM

A sad ending. They had the right technology, at the right time, for the right markets.

and management still managed to screw it up. This was my worst investment on a scale of conviction vs. outcome.

wsj.com

https://x.com/AliciaMcElhaney/status/1924932621693260241

https://x.com/AliciaMcElhaney/status/1924932621693260241

[ynotgoal] Creditors offer US chipmaker $600mn refinancing to avert bankruptcy ft.com Juni...

ynotgoal — 5/13/2025 5:29:47 PM

Creditors offer US chipmaker $600mn refinancing to avert bankruptcy
ft.com

Junior creditors of Wolfspeed Inc., a strategically sensitive US chipmaker, have offered rescue financing to the struggling company to pre-empt a potential bankruptcy filing. They are concerned the company may choose the bankruptcy option too quickly when it holds a large cash buffer.

Wolfspeed currently shoulders $6.5bn in total debt including a $1.5bn senior secured loan held by a group led by Apollo Global Management. The senior lender group controls the ability for Wolfspeed to sell any additional secured debt.

According to multiple people briefed on negotiations, the company is grappling with the dilemma between narrowly solving the immediate 2026 maturity using what may be higher cost debt against a wider bankruptcy where its debt load could be deeply slashed, leaving equity shareholders zeroed out.

[EvanG] 8-K disclosing the confidential report for the debt negotiations was the interes...

EvanG — 5/9/2025 4:05:42 PM

8-K disclosing the confidential report for the debt negotiations was the interesting thing for me.

Revenue projections in these type of things tend to be conservative but they broke it out material revenue expecting a drop next fiscal year as 150mm material demand is weak. They think it will be more than offset with device revenue growing 46%.
200mm is at 350um thickness as opposed to previous 500um. I have heard hints at this. If yields at 350um are good that should remove cost concerns with 200mm.
Debt proposal labeled as 4/30/2025 would add some dilution.

sec.gov