昔日碳化硅巨头，如今破产在即

Core Viewpoint - Wolfspeed, a semiconductor supplier, is preparing to file for bankruptcy protection due to a debt crisis, leading to a stock price drop of over 60% and record short option trading activity [1][3]. Company Overview - Wolfspeed was once a leading player in the silicon carbide (SiC) market, known for having the world's first 8-inch SiC wafer factory [4]. - Originally a division of Cree, Wolfspeed focused on third-generation compound semiconductors, initially commercializing technology for the LED market [5]. - In 2017, Cree strategically shifted its focus to the Wolfspeed division, which was officially renamed in October 2021 to concentrate on the development and innovation of third-generation compound semiconductors [6]. Market Dynamics - The demand for silicon carbide semiconductors has been significantly driven by the electric vehicle (EV) sector, which accounts for over 60% of the current SiC demand [6]. - However, recent slowdowns in the EV market in Europe and the U.S. have led to delays in orders for automotive-grade semiconductors, impacting Wolfspeed's business [7]. Financial Performance - Wolfspeed has expressed concerns about its ongoing viability, predicting annual revenue to fall below expectations, with a forecast of $850 million for 2026, significantly lower than analysts' expectations of $958.7 million [1]. - The company has faced severe financial challenges, including a 90% drop in stock price since its peak during the pandemic, leading to layoffs and factory closures [7]. Management Issues - Investment firm Jana Partners has criticized Wolfspeed's management for missteps in capital allocation, execution, and strategy, contributing to the company's ongoing operational difficulties and stock price decline [8].