Wolfspeed, Inc.

Wolfspeed is the silicon-carbide (SiC) semiconductor specialist that emerged from a prepackaged Chapter 11 reorganization in September 2025, with fresh-start accounting now in place — and the equity has 2.7x'd YTD as the post-restructure story finds a new audience in AI-data-center power.

• The recovery is showing in the right places, not the income statement: Q3 revenue was $150M, still down 19% YoY (EV demand has not snapped back), with gross margin at -27% and operating margin -69% — but the FY27 consensus is for $670M revenue with much lower losses, which only works if the GE Aerospace SiC partnership (high-voltage defense) and the new Gen 5 lowest-RDS(ON) MOSFETs convert to design wins fast.
• The bull narrative just expanded: NVIDIA's push toward 800V HVDC for next-gen AI data centers explicitly favors SiC, with WOLF named alongside Infineon and NVTS as the supply base — that broadens the addressable market beyond EVs and reduces single-customer risk that haunted the pre-bankruptcy story.
• The capital structure is still post-restructure fragile: 24M shares filed for resale on June 9 (S-1 for selling stockholders), debt-to-equity at 1.78, beta at 7.97 — that's an extreme-volatility setup, and today's 7.6% drop on no fundamental news is a reminder that this is a thin-float restructured equity that moves on flow, not just news.

The August 19 fiscal-Q4 print is the next test — needs visible GE Aerospace SiC bookings AND a credible FY27 revenue trajectory toward $670M. Any continued automotive softness compounded by execution slippage, and the 300% breakout gives back hard; a clean print with confirmed AI-power-rail traction, and the turnaround becomes the multi-year compound the bulls are betting on.