这只美芯片股，突然“腰斩”！啥情况？

Core Viewpoint - Wolfspeed, a silicon carbide chip manufacturer, experienced a significant stock price drop of 51.86%, reducing its market capitalization to $400 million, down from a peak of over $16.4 billion in November 2021 [1][3][5]. Group 1: Stock Performance - On a recent trading day, Wolfspeed's stock opened at $3.34, reached a high of $3.52, and a low of $2.54, ultimately closing at $2.59, marking a 51.86% decline [4]. - The stock's trading volume was 176 million shares, with a turnover rate of 113.44% [4]. - Year-to-date, Wolfspeed's stock has fallen over 61%, with the latest price at $2.59 per share [8]. Group 2: Company Challenges - Wolfspeed announced a leadership change, appointing Robert Feurle as CEO, effective May 1, to address operational inefficiencies criticized by analysts [5]. - The company reported a continuous yield below 30% at its North Carolina 8-inch wafer plant, significantly lower than the industry benchmark of 70% [5]. - Customer losses have been severe, with Tesla shifting to ON Semiconductor, resulting in a $900 million contract loss, and Volkswagen pausing an order that accounted for 15% of revenue [5]. Group 3: Market and Legislative Context - Wolfspeed is awaiting approximately $750 million in federal funding under the CHIPS and Science Act, which is crucial for its expansion in silicon carbide semiconductor manufacturing [7][8]. - The company faces uncertainty regarding the CHIPS Act funding, especially with political changes that may affect the allocation of these funds [8]. - The CEO emphasized the importance of not overly relying on government subsidies while managing the company, indicating ongoing constructive communication with the government [7]. Group 4: Financial Health and Debt Concerns - Wolfspeed is under pressure with $2.3 billion in convertible debt maturing in 2026, with cash reserves sufficient for only five quarters of operation [5]. - The company's market share in silicon carbide has dropped from 32% to 19%, raising concerns about its competitive position [5]. - There is a high short interest in the stock, with approximately 32.5% of the float being shorted, indicating market expectations of further declines [9].