Fear of CHIPS Act removal and slowing demand are taking it's toll on Wolfspeed's stock. Is there any way this doesn't continue to drop? 49% drop at the time of this post, that's rough.
*Wolfspeed's (*[*WOLF*](https://finance.yahoo.com/quote/WOLF)*) shares slumped about 48% on Friday, hitting their lowest since 1998, a day after the chipmaker appointed a new CEO amid its struggles to improve its financial position.*
*The company on Thursday named chip industry veteran Robert Feurle as its chief executive effective May 1, after it ousted top boss Gregg Lowe without cause in November.*
*Wolfspeed has been grappling with a slowdown in demand from automotive customers, which has crimped its profitability. In November, the company said it closed a 50mm device fabrication plant in Durham, North Carolina and was planning to lay off 20% of its employees.*
*Meanwhile, Wolfspeed is also waiting on about $750 million in federal funding under the U.S. CHIPS Act.*
*"Wolfspeed's CHIPS Act grant ended up being the highest-dollar CHIPS grant to not be officially awarded before Biden's exit, leaving it particularly vulnerable to being pulled under the new administration," said Brooks Idlet, senior analyst at CFRA Research.*
[https://finance.yahoo.com/news/chipmaker-wolfspeeds-shares-plunge-over-150109060.html](https://finance.yahoo.com/news/chipmaker-wolfspeeds-shares-plunge-over-150109060.html)