Citi says Wolfspeed government funding ‘might not be too far off’

Citi says U.S government funding for Wolfspeed (WOLF) “may arrive sooner rather than later. Reports over the weekend pointed to the U.S. ramping its funding as part of the Chips Act, the analyst tells investors in a research note. The firm says that while Intel (INTC) is expected to receive the lion’s share of the funding, there are signs that Wolfspeed’s turn “might not be too far off.” It notes the company cited the Chips Act as an opportunity to optimize its capital structure.