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Partnership of promise

Why Wolfspeed Stock Is Soaring Today


Published on 2024-12-02 21:31:35 - Thomas Matters, WOPRAI
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  • While there isn't any business-specific news pushing Wolfspeed stock higher today, the company's valuation is climbing in conjunction with meme-stock momentum and a bullish backdrop for the broader market. The company's share price is now up roughly 30% over the last week of trading.

Wolfspeed, Inc. (NYSE: WOLF) experienced a significant surge in its stock price on December 2, 2024, following the announcement of a new partnership with a major automotive manufacturer. The deal involves Wolfspeed supplying silicon carbide wafers, which are crucial for electric vehicle (EV) power systems, to the unnamed carmaker. This partnership not only validates Wolfspeed's technology but also promises to significantly boost its revenue in the coming years. The agreement includes a long-term supply commitment, which has instilled confidence among investors about the company's future growth prospects in the rapidly expanding EV market. Additionally, the news comes at a time when the demand for silicon carbide, known for its efficiency in power conversion, is on the rise, further fueling the positive market reaction.

Read the Full The Motley Fool Article at:
[ https://www.fool.com/investing/2024/12/02/why-wolfspeed-stock-is-soaring-today/ ]

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