芯片法案受害者？美国碳化硅巨头被曝申请破产

Core Viewpoint - Wolfspeed, a leading manufacturer of silicon carbide chips, is preparing to file for Chapter 11 bankruptcy protection due to unresolved debt issues, despite having significant market share and major clients like Tesla [1][2]. Group 1: Financial Challenges - Wolfspeed is facing a staggering $6.5 billion in debt, with cash reserves only sufficient for five quarters of operation [2]. - The company's yield rate for its 8-inch wafer factory has been consistently below 30%, leading to a high cost of $17,000 per wafer and a drastic drop in gross margin from 32% in 2023 to 10% in 2024 [2][4]. - Since 2021, Wolfspeed has accumulated a net loss of $864 million, exacerbated by management changes, factory closures, and a 20% workforce reduction [2][4]. Group 2: Market Position and Competition - Wolfspeed holds a 33.7% market share in the global silicon carbide substrate market as of 2024, making it the top player [1]. - The company has historically been a technology leader, having started mass production of 6-inch substrates in 2011, while domestic competitors only began around 2019 [5]. - However, the rapid growth of Chinese electric vehicle manufacturers has narrowed the technological gap, increasing competition [5]. Group 3: Pricing and Profitability - The price of 6-inch silicon carbide substrates is projected to drop nearly 30% in 2024, from $1,500 per piece to $450, which pressures high-cost manufacturers like Wolfspeed [5]. - As Chinese firms ramp up production and reduce costs below $500 per substrate, Wolfspeed faces a profitability crisis [5]. Group 4: Policy and Regulatory Environment - Wolfspeed has been adversely affected by the uncertainty surrounding the U.S. CHIPS and Science Act, which was intended to provide $7.5 billion in funding for its expansion but has faced political shifts that jeopardize this support [6]. - The company's convertible bonds are trading at only 60% of their face value due to investor confidence issues stemming from these uncertainties [6]. - The conflicting U.S. semiconductor policies create challenges for Wolfspeed, as the focus on debt reduction may hinder necessary technological advancements [6][7].