Why Wolfspeed Stock Is Jumping Today
(NYSE: WOLF) stock is gaining ground in Monday's trading. The company's share price was up 4.1% as of 2:45 p.m. ET and had been up as much as 12.4% earlier in the daily session. Meanwhile, the S 500 index had climbed 0.5%, and the Nasdaq Composite index was up 0.1%.
The broader market is rallying today, and the semiconductor industry is seeing particularly strong bullish momentum thanks to Foxconn's recent quarterly report. Wolfspeed stock is also getting a boost from excitement surrounding the company's participation in this year's annual CES conference in Las Vegas.
Foxconn published its fourth-quarter report before the market opened this morning, and investors saw the company's results as a broadly bullish sign for the semiconductor industry. Foxconn, which is a leading technology equipment manufacturer, reported record sales in Q4 and stated that strong demand for artificial intelligence (AI) hardware was a key performance catalyst for the period. The results signaled that demand in the AI infrastructure space remains very robust and helped kick off rallies for big chip players including Nvidia and Micron that also extended to smaller players in other semiconductor fields.
Source Fool.com
Wolfspeed Inc. Stock
Based on 4 Buy predictions and 3 Sell predictions the sentiment towards Wolfspeed Inc. is rather balanced.
With a target price of 9 € there is potential for a 604.78% increase which would mean more than doubling the current price of 1.28 € for Wolfspeed Inc..
