U.S. markets closed
  • S&P 500

    3,585.62
    -54.85 (-1.51%)
     
  • Dow 30

    28,725.51
    -500.10 (-1.71%)
     
  • Nasdaq

    10,575.62
    -161.89 (-1.51%)
     
  • Russell 2000

    1,664.72
    -10.21 (-0.61%)
     
  • Crude Oil

    79.74
    -1.49 (-1.83%)
     
  • Gold

    1,668.30
    -0.30 (-0.02%)
     
  • Silver

    19.01
    +0.30 (+1.62%)
     
  • EUR/USD

    0.9801
    -0.0018 (-0.19%)
     
  • 10-Yr Bond

    3.8040
    +0.0570 (+1.52%)
     
  • GBP/USD

    1.1166
    +0.0043 (+0.38%)
     
  • USD/JPY

    144.7200
    +0.2770 (+0.19%)
     
  • BTC-USD

    19,312.26
    -460.37 (-2.33%)
     
  • CMC Crypto 200

    443.49
    +0.06 (+0.01%)
     
  • FTSE 100

    6,893.81
    +12.22 (+0.18%)
     
  • Nikkei 225

    25,937.21
    -484.84 (-1.83%)
     

US Chips Act Draws Investments; Wolfspeed To Build New US Factory To Tap Ballooning EV Demand

·1 min read
  • Wolfspeed, Inc (NYSE: WOLFlooks to build a new, state-of-the-art, multi-billion-dollar Materials manufacturing facility in Chatham County, North Carolina.

  • The investment will likely generate a more than 10x increase from Wolfspeed's current silicon carbide production capacity on its Durham campus.

  • The facility will primarily produce 200mm silicon carbide wafers to supply Wolfspeed's Mohawk Valley Fab.

  • The first phase of the factory, slated for 2024, would have an investment of about $2 billion, and the total investment could reach $5 billion, Reuters reports citing Wolfspeed CTO John Palmour said.

  • Silicon carbide power chips gained traction with electric car makers as they can handle high voltages and are more power efficient.

  • Wolfspeed said industry analysts estimate these types of power chips will make up more than 20% of the power semiconductor market by 2027, up from only 5% today.

  • The factory, due for completion in 2030, will be the largest silicon carbide materials facility in the world, it said.

  • "It's actually going to enable eventually about a 13-times increase in our silicon carbide wafer making capacity," Palmour said.

  • Wolfspeed would apply for a federal government grant linked to the recently passed Chips and Science Act.

  • Micron Technology, Inc (NASDAQ: MUearmarked $40 billion through the decade's end to build leading-edge memory manufacturing in multiple phases in the U.S., likely to create up to 40,000 new American jobs.

  • Price Action: WOLF shares traded higher by 2.60% at $114.18 on the last check Friday.

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.