Shares of Wolfspeed Inc. (WOLF) soared 5.01% in intraday trading on Friday, outperforming the broader market. The stock's rally came after the U.S. Commerce Department announced a preliminary deal with German auto supplier Bosch for up to $225 million in subsidies to build silicon carbide (SiC) power semiconductors in California.
The news signaled growing government support and investment in the SiC industry, which is crucial for electric vehicles and boosting energy efficiency. SiC chips are key components that utilize less energy and are critical for enhancing the performance and range of electric vehicles.
Wolfspeed, a leading manufacturer of SiC chips, stands to benefit from the rising demand for these semiconductors as the electric vehicle market continues to expand. The company had previously secured a preliminary agreement with the Commerce Department for $750 million in grants for its new SiC wafer manufacturing plant in North Carolina.
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