15 AI News Investors Should Not Miss

12. Wolfspeed, Inc. (NYSE:WOLF)

Number of Hedge Fund Holders: 29

Wolfspeed, Inc. (NYSE:WOLF) is an American developer and manufacturer of wide-bandgap semiconductors that focuses on silicon carbide and gallium nitride materials, as well as devices for power and radio frequency applications. It makes chips using silicon carbide, a material that is more energy-efficient than the standard silicon. Wolfspeed, Inc. devices are used for industrial uses, renewable energy systems, and artificial intelligence applications.

On October 15, Wolfspeed, Inc. (NYSE:WOLF) announced a $750M in proposed funding from US CHIPS and Science Act in order to support the company’s North Carolina expansion as well as catalyze New York expansion. The EV and AI chipmaker stated that the proposed funding would underpin “a first-of-its-kind 200mm silicon carbide manufacturing footprint in upstate New York and central North Carolina.”

Moreover, Wolfspeed, Inc. (NYSE:WOLF) also secured $750 million in fresh financing from Apollo, Fidelity, and other firms. According to the company, the combined $1.5 billion in investments will help it boost domestic production of silicon carbide for electric vehicles (EVs), artificial intelligence (AI) data centers, and battery storage systems. On Tuesday, October 15, analysts at Morgan Stanley kept an “Equal Weight” rating on the shares and raised their price target on the company’s stock from $10 to $15.