Close-up of silicon die being extracted from a semiconductor wafer and attached to a substrate

Wolfspeed surges 150% as the embattled chipmaker files for bankruptcy

The company says it aims to cut 70% of its debt while keeping operations running as usual.

7/1/25 9:10AM

Wolfspeed’s beaten-down shares more than doubled Tuesday morning after the chipmaker filed for Chapter 11 bankruptcy, marking a major move to restructure its hefty debt load amid weakening demand.

The North Carolina-based company specializes in silicon carbide and gallium nitride chips used across electric vehicles, renewable energy, aerospace, and industrial tech.

Earlier this month, Wolfspeed locked in a restructuring agreement with creditors and Renesas Electronics’ US subsidiary, unlocking $275 million in financing. The company, which had $1.3 billion in cash as of Q3, expects to emerge from bankruptcy by the end of the current quarter.

Wolfspeed plans to slash its total debt by roughly 70% (or nearly $4.6 billion) and cut its annual interest payments by about 60%. The company said in a statement that it will be “continuing to operate as usual throughout the process,” including delivering materials and paying vendors during the restructuring.

Wolfspeed shares, which topped out at about $140 a share in late 2021, are trading right around $1 now. Even with Tuesday’s run-up, they’re down about 84% year to date.

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Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority-cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming & studios, the other for its traditional cable/TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

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If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

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As tariffs take root, August new vehicle prices climb by the most in more than 2 years

According to data from Cox Automotive, 17 vehicle brands raised prices of their new vehicles by more than 3% in August.

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Netflix taps Amazon to sell streaming ads in new partnership

Starting this fall, brands will be able to access Netflix’s premium ad slots using Amazon’s buying tech.

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Bank branches are still closing at breakneck speed in the US

Institutions like Chase and Wells Fargo closed 76 locations in just six weeks over the summer, per the OCC.

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Fox and News Corp slide as investors digest $3.3 billion Murdoch succession settlement

Fox and News Corp shares dropped on Tuesday after Rupert Murdoch’s heirs agreed to a $3.3 billion settlement to resolve a long-running succession drama.

Under the deal, Prudence, Elisabeth, and James Murdoch will each receive about $1.1 billion, paid for in part by Fox selling 16.9 million Class B voting shares and News Corp selling 14.2 million shares. The stock sales will raise roughly $1.37 billion on behalf of the three heirs.

The new trust for Lachlan Murdoch will now control about 36.2% of Fox’s Class B shares and roughly 33.1% of News Corp’s stock, granting him uncontested voting authority over both companies for the next 25 years. Originally, the Murdoch trust was designed to hand over voting control of Fox and News Corp to Prudence, Elisabeth, Lachlan, and James after his death.

Investors are weighing the trade-off. Clear leadership under Lachlan may resolve conflict internally, but the share dilution, executed at a roughly 4.5% discount, means long-term investors now hold slightly less clout than before.

Both companies’ stocks were trading close to all-time highs prior to the announcement.

Wolfspeed surges 150% as the embattled chipmaker files for bankruptcy

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