Core Viewpoint - Wolfspeed, a pioneer in the semiconductor industry, has filed for bankruptcy due to overwhelming debt and inability to adapt to market changes, particularly the rise of Chinese competitors [3][22]. Group 1: Company Background - Wolfspeed was once the largest manufacturer of silicon carbide (SiC) substrates, with a peak market value of $16.5 billion (approximately 120 billion RMB) [3]. - The company originated from Cree Research, founded in 1987, and became a leader in the LED market before transitioning to SiC technology [8][12]. - Wolfspeed's market share in SiC substrates was as high as 80% in the past, but it has significantly declined to 33.7% by 2024 due to increased competition from Chinese firms [16]. Group 2: Financial Struggles - As of March, Wolfspeed had approximately $1.33 billion in cash reserves but faced $6.5 billion in debt, leading to severe liquidity issues [20]. - The company has reported net losses for ten consecutive years, with losses escalating from $280 million in FY 2018 to $864 million in FY 2024 [21]. - In May 2025, Wolfspeed's stock plummeted by 57%, resulting in a market value loss exceeding $1 billion [21]. Group 3: Market Dynamics - The demand for SiC semiconductors surged in sectors like electric vehicles and renewable energy, with over 60% of the demand coming from the EV market [20]. - Despite the high demand, Wolfspeed's expansion efforts did not yield the expected orders, particularly as the EV market faced a slowdown [20]. - The company's strategy of aggressive capacity expansion did not align with market realities, leading to underutilization of its new facilities [22][23]. Group 4: Competitive Landscape - Chinese competitors have leveraged their mature manufacturing capabilities to challenge Wolfspeed, which failed to adequately address the Chinese market's dynamics [3][24]. - Other global players, such as STMicroelectronics and Infineon, have pursued vertical integration and partnerships with Chinese firms, further intensifying competition [17].

以下文章来源于投资界 ，作者刘博 投资界 . 清科创业旗下创业与投资资讯平台 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 内容转载自微信公众号 「投资界」（ID: pedaily2012 ），作者： 刘博 ，发布日期：2 025-05-24 令人唏嘘。 据《华尔街日报》报道，美国碳化硅晶圆龙头Wolfspeed即将申请破产。消息一出，公司股价周 三在一夜之间暴跌60%，位列美股跌幅榜榜首。 Wolfspeed，这是一个全球半导体圈都并不陌生的名字。创立于上世纪80年代末，Wolfspeed堪 称是第三代半导体碳化硅的先驱者，2021年市值一度高达165亿美元（约合人民币1200亿）。 直至中国同行的崛起，打破了Wolfspeed的好日子——来自中国的碳化硅公司凭借成熟的制造产 业链，令Wolfspeed面临着技术滞后与成本高昂的尴尬局面，最终败走市场。 Wolfspeed的倒下，某种程度上也是一缕缩影。 01 全球碳化硅鼻祖崛起史 市值曾1200亿 这原本是一个极具硅谷色彩的创业神话。 时间要追 ...

令人唏嘘。 报道 I 投资界PEdaily 据《华尔街日报》报道，美国碳化硅晶圆龙头Wolfs pe e d即将申请破产。消息一出，公司股价周三在一夜之间暴跌60%，位列美股跌幅 榜榜首。 Wolfs pe e d，这是一个全球半导体圈都并不陌生的名字。创立于上世纪80年代末，Wolfs pe e d堪称是第三代半导体碳化硅的先驱者， 2021年市值一度高达165亿美元（约合人民币12 00亿）。 这原本是一个极具硅谷色彩的创业神话。 时间要追溯到19 87年，在美国北卡罗来纳州立大学旁边的一家餐厅里，五位该校毕业生和另一位年轻人，共同创立Wolfs pe e d的前身 ——Cr e e。当时他们的处境十分窘迫，以至于联合创始人Ne a l Hunt e r和Eri c Hunt e r刷爆了信用卡，还申请了第二笔抵押贷款，以便 他们可以雇用另一位创始人J ohn Edmo nd成为首位员工。 创业初衷源自于在校期间，这几位年轻人就尝试基于碳化硅材料特性，让半导体在更高工作温度和功率水平下运行，这也让他们看到 了利用碳化硅生产蓝光LED的机会。于是在198 9年，Cr e e推出首款基于碳化硅的蓝光LED，并 ...