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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
