65亿美元债务压顶！碳化硅巨头濒临破产，股价闪崩70%

Core Viewpoint - Wolfspeed, a US silicon carbide (SiC) chip manufacturer, is preparing to file for bankruptcy, leading to a significant drop in its stock price and market capitalization [1][4]. Financial Situation - The company is burdened with a massive debt of $6.5 billion, including a $575 million convertible bond maturing in May 2026 [3][6]. - As of the end of March, Wolfspeed's cash reserves stood at $1.3 billion [4]. - The financial difficulties are attributed to weak demand in the industrial and automotive markets, uncertainties from tariffs, and pressure from supply agreements with major clients like Renesas Electronics [4][5]. Recent Performance - In the third quarter of fiscal year 2025, the company reported a 7% year-over-year decline in revenue, amounting to $185 million, with a net loss of $2.855 billion [9]. - The adjusted loss per share was $0.72, indicating a further widening of losses compared to the previous year [9]. - Wolfspeed's revenue forecast for 2026 is $850 million, significantly below analysts' expectations of $958.7 million [10]. Strategic Moves - The company is currently negotiating a bankruptcy plan with creditors to address its heavy debt burden [7]. - Despite securing $750 million in financing led by Apollo Global Management and potential additional funding from the 2022 CHIPS Act, refinancing efforts have faced obstacles [6]. Management and Market Response - Jana Partners, a notable investment firm, sold its entire position in Wolfspeed in the first quarter of 2025, citing management failures in capital allocation, execution, and strategy as key reasons for the company's troubles [11][13]. - Analysts suggest that Wolfspeed's future likely hinges on either bankruptcy or acquisition [14].