U.S. power chip maker Wolfspeed’s silicon carbide 200mm wafer is seen on display at Wolfspeed’s Mohawk Valley Fab in Marcy, New York, U.S., April 2022.Courtesy of Wolfspeed/Handout via REUTERS/File Photo
(Reuters) - Wolfspeed's shares lost half their value on Friday, hitting their lowest level since 1998, as funding through a Joe Biden-era legislation that promised subsidies for chip making in the United States remains uncertain.
Wolfspeed is waiting on about $750 million in federal funding under the U.S. CHIPS Act, the 2022 bipartisan law which promised $52.7 billion in subsidies for domestic semiconductor chips manufacturing and production.
