: Wolfspeed stock moves up sharply on $2 bln payment for wafers

Wolfspeed Inc. WOLF stock is up 15.4% in premarket trades on Wednesday after the silicon carbide materials specialist said it executed a $2 billion deposit from Renesas Electronics Corp JP:6723 for a 10-year supply of its silicon carbide bare and epitaxial wafers. The deal will, “pave the way for Renesas to scale production of silicon carbide power semiconductors starting in 2025,” Renesas said.

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