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Wolfspeed, a semiconductor manufacturer, is pivoting from its focus on electric vehicles to expand into defense, aerospace, and data centers. The company, which emerged from bankruptcy, has closed its Durham factory and laid off one-third of its workforce to save $200 million annually.

Its Chatham County plant remains largely inactive due to low demand. Wolfspeed is also investing in new 300mm silicon carbide wafers, aiming for applications beyond power devices. The company's stock fell 10% following disappointing earnings and lowered revenue guidance.