Zinger Key Points
- Wolfspeed stock gains by over 7% on Tuesday.
- The move is attributed to the announcement of the expansion and extension of an existing agreement with Infineon.
- Feel unsure about the market’s next move? Copy trade alerts from Matt Maley—a Wall Street veteran who consistently finds profits in volatile markets. Claim your 7-day free trial now.
Wolfspeed, Inc. WOLF shares are trading higher on Tuesday after the company and Infineon Technologies AG IFNNF announced the expansion and extension of their existing long-term 150mm silicon carbide wafer supply agreement.
What To Know: The extension was announced early Tuesday morning, sending shares of Wolfspeed higher by over 7% during market hours. The agreement was originally signed in February 2018, with the extended partnership including a multi-year capacity reservation agreement.
Jochen Hanebeck, CEO of Infineon Technologies, said, "As the demand for silicon carbide devices continues to increase, we are following a multi-source strategy to secure access to a high-quality, global and long-term supply base of 150mm and 200mm SiC wafers. Our prolonged partnership with Wolfspeed further strengthens Infineon's supply chain resilience for the coming years."
Related Link: IBM Q4 Earnings Preview: AI Focus, Strategic Shift, Partnerships And More
WOLF Price Action: Shares of Wolfspeed were up 6.37% at $36.88 at the time of publication, according to Benzinga Pro.
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