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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OpenAI’s ARR reached over $20 billion in 2025, CFO says

Sam Altman’s $500 billion artificial intelligence behemoth hit a major financial milestone last year, according to a new blog post over the weekend from OpenAI CFO Sarah Friar, as the company confirmed it had hit a more than $20 billion annual revenue run rate at the end of 2025.

Elsewhere in the blog post, Friar spent time addressing the company’s shifting goals, referencing plans to “close the distance between where intelligence is advancing and how individuals, companies, and countries actually adopt and use it.” As has become customary in the AI company press release genre, the CFO was also keen to tout the unending growth of the business, writing:

“Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.”
“Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.”

And, perhaps most importantly for current backers and those keeping an eye on the private company before its rumored mega IPO:

“Revenue followed the same curve growing 3X year over year, or 10X from 2023 to 2025: $2B ARR in 2023, $6B in 2024, and $20B+ in 2025. This is never-before-seen growth at such scale.”

That latest figure has certainly set tongues in the tech world wagging, just as the company announced it would begin rolling out ads to free and ChatGPT Go users. It also puts the chatbot giant a fair way ahead of competitors like Anthropic, the company behind Claude.

OpenAI Anthropic ARR race — Sherwood News

A business that scales with the value of intelligence

“Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.”
“Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.”

And, perhaps most importantly for current backers and those keeping an eye on the private company before its rumored mega IPO:

“Revenue followed the same curve growing 3X year over year, or 10X from 2023 to 2025: $2B ARR in 2023, $6B in 2024, and $20B+ in 2025. This is never-before-seen growth at such scale.”

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