Wolfspeed, a silicon carbide chipmaker, is filing for Chapter 11 bankruptcy due to financial struggles.

Wolfspeed, a semiconductor company focusing on silicon carbide chips for the automotive and industrial sectors, is preparing to file for Chapter 11 bankruptcy due to financial strain from weak demand and tariff uncertainties. The company has rejected out-of-court restructuring proposals and is moving forward with bankruptcy supported by its creditors. Wolfspeed's shares dropped over 57% following the report.