Reported 3 days ago
Chipmaker Wolfspeed's shares plummeted nearly 48% to their lowest point since 1998 after appointing a new CEO, Robert Feurle, amid ongoing struggles with declining demand from automotive clients. The company's profitability has suffered, leading to layoffs and plant closures, while uncertainty looms over potential federal funding under the CHIPS Act. This situation has resulted in a significant decrease in stock value, which has fallen over 59% this year.
Source: YAHOO